The Petroleum Hub Development Corporation (PHDC) and the UK-Ghana Chamber of Commerce (UKGCC) have reaffirmed their commitment to a strategic partnership aimed at driving the successful realization of Ghana’s Petroleum Hub—an ambitious project set to transform the country into a regional energy and petrochemical powerhouse. The renewed pledge was made during a courtesy visit by...
Category: Oil and Gas
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Oil exploration drives Namibia’s foreign investment to N$13.9 billion
Ongoing oil exploration and appraisal activities have propelled Namibia’s net foreign direct investment (FDI) to N$13.9 billion in the first quarter of 2025, according to the Bank of Namibia. The surge represents a 28.8% increase from the previous quarter and a 14.5% rise year on year, underscoring the impact of sustained activity in the country’s...
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GMP expresses concern over misleading media reports based on spurious petition
Accra, Ghana – 7th July 2025 – GMP has taken note of several recent media reports that appear to be based on a petition allegedly submitted by Petraco Energies DMCC to the Economic and Organised Crime Office (EOCO). These reports repeat claims that are not only inaccurate but also misleading and damaging, creating an unfortunate...
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Springfield Refutes Petraco Allegations, Labels Claims “False and Misleading”
Springfield Exploration and Production Limited (SEP) has firmly denied allegations made by Petraco Oil Company SA, describing them as “false, unfounded, and without merit.” The accusations surfaced after Petraco filed a petition with the Economic and Organised Crime Office (EOCO), prompting widespread media attention. However, Springfield insists the matter is purely a commercial dispute currently...
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OPEC+ speeds up oil output hikes, adds 548,000 bpd in August
By Alex Lawler, Maha El Dahan, Olesya Astakhova and Ahmad Ghaddar LONDON, July 5 (Reuters) – OPEC+ agreed on Saturday to raise production by 548,000 barrels per day in August, further accelerating output increases at its first meeting since oil prices jumped – and then retreated – following Israeli and U.S. attacks on Iran. The group, which pumps about half...
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Ghana Declares Commerciality of Offshore Eban-Akoma Oil Discoveries
The Government of Ghana has officially declared significant commerciality for the Eban-Akoma oil and gas discoveries located within the Cape Three Points Block 4 (CTP-B4). This announcement follows the successful completion of the Eban-Akoma Appraisal Program, conducted in line with the Petroleum (Exploration and Production) Act, 2016 (Act 919), and the CTP-B4 Petroleum Agreement. In...