Iran seized on Friday an oil tanker en route to Singapore after it passed the critical Strait of Hormuz in the Middle East in the first major escalation of the tensions in the region since the Iran-Israel war in June. The Marshall Islands-flagged oil tanker Talara was seized by Iranian forces in the Gulf of...
Category: Oil and Gas
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Africa won’t give up its oil and gas — and shouldn’t, argues AEC chief
Africa must embrace renewable energy and forgo exploration of its potentially lucrative gas deposits to stave off climate disaster and bring access to clean energy to the hundreds of millions who lack it, leading experts on the continent have said,” they wrote. This is hardly new. For several years now, wealthy nations and their environmental...
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2026 Budget: CEMSE proposes $100m support for TOR crude purchases
The Centre for Environmental Management and Sustainable Energy (CEMSE) is proposing to the government to allocate $100 million in the upcoming 2026 national budget to support the purchase of crude oil for the Tema Oil Refinery (TOR). The government has already announced plans to restart crude oil refining at TOR by the end of this...
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Government to Revive Tema Oil Refinery by End of 2025 to Cut $10.2bn Fuel Import Bill
The Government of Ghana has announced plans to restart crude oil refining operations at the Tema Oil Refinery (TOR) by the end of this year as part of a broader strategy to reduce the country’s annual USD 10.2 billion fuel import bill, stabilize domestic fuel prices, and conserve foreign exchange. Once operational, the refinery is...
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Welcome to the planet’s newest oil frontier
Off Brazil’s northeastern coast, where the sediment-heavy water of the vast Amazon River tips out into the Atlantic, are two very different types of treasure. The first is an ecological gem: a 3,600 square-mile deepwater coral reef discovered less than a decade ago. The second treasure puts the first in immediate danger. Billions of barrels...
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Kadijah Amoah urges Africa to tap $250bn pension assets for oil and gas growth
At a time when global appetite for oil investments is shrinking under the weight of the energy transition, Kadijah Amoah, CEO of Pecan Energies Ghana, has issued a bold call for African nations to turn inward and leverage the continent’s own wealth to fund the future of its oil and gas sector. Speaking at the...
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Crude oil to average $60 per barrel in 2026 – World Bank
Crude oil is expected to average $60 per barrel in 2026, the World Bank has revealed in its latest Commodity Markets Outlook. This will be lower than the expected $68 per barrel in 2025, and will be favourable to inflation. According to the report, prices are forecast to fall further in 2026, as oil consumption...
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UK refined oil exports to Nigeria hit £1.5bn
Refined oil accounted for more than two-thirds of the United Kingdom’s total goods exports to Nigeria in the four quarters ending June 2025, rising sharply to £1.5bn, The PUNCH reports. This is according to the latest UK–Nigeria Trade and Investment Factsheet released by the UK Department for Business and Trade. The report, based on data...
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Nigeria’s earnings from crude fall 43% despite higher output
Nigeria’s gross profit from crude oil and gas sales fell by N824.66 billion in 2024 despite an increase in production, according to a new report from the Budget Office of the Federation.Figures in the fourth-quarter Budget Implementation Report show gross profit dropped to N1.08 trillion in 2024, down from N1.90 trillion the previous year —...
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Energy Consortium Secures $50 billion to Build Africa’s Second-Largest Refinery in Nigeria
Nigeria is set to consolidate its dominance in Africa’s oil refining landscape as an international energy consortium secured over $50 billion for the construction of a 500,000-barrel-per-day refinery and a 1,471-hectare free trade zone in Ondo state.Before this project, Algeria’s Skikda Refinery, with a capacity of about 356,500 barrels per day, held the title of...