Oil markets have largely ignored Trump’s threats to impose 100% secondary tariffs on any country that buys Russian exports, with prices dropping significantly on Tuesday morning. U.S. President Donald Trump’s threat to choke off Russia’s oil revenue via secondary sanctions would deal a hammer blow to Moscow’s finances, but markets are betting that the risk...
Category: Oil and Gas
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BP-Eni Joint Venture Finds Gas Offshore Angola
Azule Energy, a joint venture firm between BP and Eni, has made a gas discovery at the Gajajeira-01 exploration well, located offshore in the Lower Congo Basin, Republic of Angola. The well was spudded on April 1, 2025 in a water depth of 95 meters, approximately 60 kilometers off the coast. It encountered gas- and...
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Oil steadies near three-week high on signs of tighter supplyBy Enes TunagurJuly 14, 20251:54 PM GMTUpdated 3 hours ago
LONDON, July 14 (Reuters) – Oil prices steadied on Monday, holding close to their highest level in three weeks, as investors eyed further U.S. sanctions on Russia that may affect global supplies, while tariff uncertainty weighed.Brent crude futures rose 16 cents, or 0.2%, to $70.52 a barrel by 1326 GMT, while U.S. West Texas Intermediate...
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Ghana Boosts Gas Supply Following Major ENI Infrastructure Upgrade
Ghana’s Ministry of Energy and Green Transition has announced a successful upgrade to ENI’s gas infrastructure, resulting in an increase in gas output from 245 million standard cubic feet per day (MMscfd) to 270 MMscfd. The Ministry hailed the development as a major step toward strengthening the country’s energy security and advancing its sustainable power...
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Transport Operators Reject GH₵1 Fuel Levy, Demand Immediate Suspension and Transparent Dialogue
The Coalition of Commercial Transport Operators, representing over 90% of commercial drivers nationwide, has strongly opposed the recently announced GH₵1 levy on every litre of fuel purchased. In a press statement, the Coalition described the levy as “retrogressive and insensitive,” criticising its implementation without proper consultation with key stakeholders in the transport sector. They argue...
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NNPC Considers Refinery Divestment Amid Mounting Losses and Failed Revamps
Nigeria’s state oil giant, the Nigerian National Petroleum Company (NNPC) Limited, is exploring the option of offloading its long-troubled refineries, despite billions of dollars already sunk into multiple rehabilitation efforts with little success to show. The Group Chief Executive Officer of NNPCL, Bayo Ojulari, disclosed the development during the 9th OPEC International Seminar in Vienna,...
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World oil market may be tighter than it looks, IEA says
VIENNA, July 11 (Reuters) – The world oil market may be tighter than it appears despite a supply and demand balance pointing to a surplus, the International Energy Agency said on Friday, as refineries ramp up processing to meet summer travel demand. The IEA, which advises industrialised countries, expects global supply to rise by 2.1...
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PIAC’s operations crippled, as gov’t withdraws direct oil revenue funding
The Public Interest and Accountability Committee (PIAC), the statutory body mandated to monitor petroleum revenue management, has seen its operations stall after the government scrapped its dedicated share of petroleum revenue funding. Seven months into 2025, PIAC has conducted only one regional engagement in the Ashanti Region and two oil-funded project inspections in the Northern...
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Ghana’s Star Oil Emerges as Market Leader in Petroleum Sales for First Half of 2025
ACCRA, GHANA Indigenous oil marketing company, Star Oil, has solidified its position as the top petroleum distributor in Ghana, outperforming long-standing industry leader GOIL in total product sales for the first five months of 2025. This development was revealed in the National Petroleum Authority’s (NPA) Oil Marketing Companies (OMCs) Performance Statistics for January to May...
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Mitsui & Co. Eyes Strategic Investment in Ghana’s Emerging Petroleum Hub
Japanese multinational trading and investment giant, Mitsui & Co. Ltd., has signaled strong interest in participating in Ghana’s ambitious Petroleum Hub development. A senior Mitsui delegation led by Junji Fukuoka, Managing Officer and Chief Operating Officer of the company’s Basic Materials Business Unit held high-level discussions with Dr. Toni Aubynn, Acting Chief Executive Officer of...