One concession was awarded to ADNOC and Japan’s JODCO Exploration, a subsidiary of INPEX, for Onshore Block 4, located north of Abu Dhabi City. JODCO will hold a 40% stake, and ADNOC will retain 60%. Drilling campaigns carried out on the block since 2021 have discovered multiple oil and gas reservoirs.
“This initiative is a brilliant one, and PHDC cannot do it alone. They need critical partners and one of the most crucial partners in any democratic setup is Parliament,” Bagbin stated, adding: “All government agencies must collaborate with Parliament to ensure the success of this project. Failure to do so will be to our collective detriment.” The Speaker reaffirmed his personal endorsement of the project designed to establish Ghana as West Africa’s premier downstream oil and gas center, featuring integrated refining, petrochemicals, storage, and export infrastructure to drive industrialization and job creation.
Operatives from the Office of the Special Prosecutor (OSP) and National Security have raided the Osu and Tema offices of Strategic Mobilization Ghana Limited (SML) yesterday morning, escalating a bitter dispute over revenue collection in the nation’s petroleum sector that industry sources claim is being orchestrated by entrenched oil cartels.
Speaking at a press conference in Accra on Monday, the Ranking Member on the Economy and Development Committee, Kojo Oppong Nkrumah, called on government to reconsider its recent introduction of an 8% levy on fuel and instead implement more effective long-term reforms.
“Petrofac will provide EPCM [engineering, procurement and construction management] services and oversee procurement and construction contracts to build a new inlet facility, two new gas dehydration and compression trains, each with a capacity of 420 million standard cubic feet per day, and associated infrastructure”, Petrofac said separately.
Lowering a Group of Seven-sponsored oil-price cap to $45 will require backing from the US. The price threshold, which bans G-7 service providers from transporting and dealing with crude sold above the cap, is currently set at $60. G-7 leaders will discuss the issue when they meet in Canada later this month, von der Leyen said.
Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. plan to jointly issue a tender later this year for the medium-range tankers, according to people familiar with the matter who asked not to be identified because the information isn’t yet public. The proposal could be valued at as much as $600 million, and will require delivery to start by 2028, they said.
West Texas Intermediate slipped near $65 a barrel after earlier rising as much as 1.5%. US Commerce Secretary Howard Lutnick said the negotiations had been “fruitful.” Still, the talks haven’t yielded conclusive progress and may stretch into the night. Some Canadian oil sands production that was shut down by fires is coming back online, also easing prices off of intraday highs.
OPEC estimates that global oil demand will grow by 1.3 million barrels per day in both 2025 and 2026, which is in stark contrast with the demand estimate of the International Energy Agency. The IEA sees oil demand growth this year at less than 1 million bpd. Although demand rose by 990,000 barrels daily over the first quarter, the IEA expects this to slow considerably to just 650,000 bpd over the remainder of the year.
The decision to expand ICE vehicle manufacturing seems like a departure from plans to become an all-EV maker, which GM had earlier said it wants to do by 2035. “Our plan is to only be selling EVs, light-duty EVs at that time but of course we’re going to be responsive to where the customer is at but we have a plan to do that,” CEO Mary Barra said in 2023.