Oil prices dropped more than US$2 a barrel on Tuesday, extending the previous day’s slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis.
There are some major developments in the upstream oil and gas sector which threatens the entire industry, Ghana’s potential highest forex earner.
Ghana is losing its shine as the best investment destination for oil exploration and petroleum (E&P) companies, the Chief Executive Officer of the Ghana Upstream Petroleum Chamber, David Ampofo, has said.
The US Department of the Interior (DOI) has approved a development plan allowing just three well pads for ConocoPhillips’ Willow oil project in Alaska, reduced from the originally proposed five-pad project.
According to an analysis of the government’s oil production report, excluding condensates, the nation’s oil output increased from 1,258,150 barrels per day in January 2023 to 1,306,304 barrels per day in February.
As required by the Inflation Reduction Act of 2022 (IRA), the Bureau of Ocean Energy Management (BOEM) will publish the Proposed Notice of Sale (PNOS) for an oil and gas lease sale in the Gulf of Mexico, which is scheduled to be held in September 2023.
The Energy Minister, Dr. Matthew Opoku Prempeh, has asked investors and decision makers gathered at the North Africa and Europe Energy Exhibition and Conference (NAEPEC) to explore the several opportunities in Ghana’s energy sector for the mutual benefit of both Ghana and the investors.
Oil prices fell US$4 on Monday along with equities as the collapse of Silicon Valley Bank raised fears of a fresh financial crisis, but a recovery in Chinese demand provided support.
The massive disparity between China’s enormous economy-driven energy needs and its minimal level of domestic oil and gas reserves meant that the country was the key driver of the 2000-2014 commodities ‘super-cycle’, characterised by consistently rising price trends for commodities.
Russia’s exports of oil products by sea slipped by 10.4% in February as the EU embargo and the G7 price caps on Russian fuels came into force, Reuters has estimated based on data from industry sources.