Norway’s Aker Energy said on Wednesday it would postpone submission of a development plan for its Pecan oilfield off Ghana amid concern the project could face sanctions over the war in Ukraine due to the involvement of Russian oil firm Lukoil.
Saudi Arabia is the OPEC member with the greatest spare capacity, at least on paper, and Aramco earlier this year announced plans to boost what it calls Maximum Sustainable Capacity from the current level of 12 million bpd to 13 million bpd by 2027.
Fuel prices on the international market have seen some marginal reductions over the past two-week period, but the sharp depreciation of the cedi on the local market will prevent a reduction on the local market.
Oil prices fell by more than US$4 a barrel on Monday on demand fears as disappointing Chinese economic data renewed global recession concerns.
Several African countries have been gradually boosting their oil and gas output over the last year, as demand for fossil fuels continues to rise.
Saudi oil giant Aramco has broken its own record with a US $48.4 billion (£29.8bn) profit for the second quarter of 2022.
An energy analyst, Dr Abdulai Darimani, has urged Africa countries tore-examine their policy regime regarding the extraction of naturalresources, especially fossil fuel.
Ecopetrol and American super-major Shell have struck gas at the Gorgon-2 appraisal well on the ultra-deepwater COL-5 block in the Colombian Caribbean, the NOC announced on Wednesday.
Organization of the Petroleum Exporting Countries (OPEC) on Thursday cut its 2022 forecast for growth in world oil demand for a third time since April, citing the economic impact of Russia’s invasion of Ukraine, high inflation and efforts to contain the coronavirus pandemic.
Ghana Gas is set to construct a 290-kilometre gas pipeline in the country.
The Majority Chief Whip, Frank Annoh-Dompreh, made the revelation in a tweet on Thursday.