Energy

An assessment of the gold-for-oil program: a position paper

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | January 9, 2024 | Comment off

The Gold for Oil (G4O) program emerged in response to the 1973 oil crisis, triggered by an oil embargo imposed by OPEC members, particularly Saudi Arabia, on nations perceived as supporting Israel in the Yom Kippur War (Birjandi, 2003). This crisis caused a global energy shortage and a surge in oil prices, prompting negotiations between oil-producing and importing countries to exchange oil for gold instead of conventional fiat currencies, allowing oil exporters to accumulate gold reserves (Falola & Genova, 2005).

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Yinson Ghana named the ‘Most Outstanding CSR Company’ by the Petroleum Commission

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | December 18, 2023 | Comment off

Yinson Ghana recently won the ‘Most Outstanding CSR Company’ award at the inaugural 2023 Local Content Conference and Exhibition ‘Awards Night’. The recognition is part of the Petroleum Commission’s effort to celebrate the achievements and contributions made by Upstream Petroleum Companies towards the Development of Local Content in Ghana. The Petroleum Commission regulates, manages and coordinates upstream petroleum activities and other support services in the petroleum sector.

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COP28 Urges Climate Justice In South Africa

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | December 14, 2023 | Comment off

On 9 December, people across the country united in local actions against oil and gas exploration and drilling off South Africa’s coastline. Multinational corporations – including Shell, QatarEnergy, Total Energies and contractors such as CGG and Searcher Seismic – are amongst the focal points of this latest public outrage. According to Liziwe McDaid, Strategic Lead at The Green Connection (one of the civil society organisations that got in on the action), “Recent decisions by government to authorise seismic surveys in the Algoa/Outeniqua Basin off the Southeast Coast of South Africa and also off the West Coast, in addition to decision to reject the environmental appeal against oil and gas exploration, from Gansbaai on the South Coast to Doring Baai on the West Coast, has been the catalyst for these actions.”

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NUPRC: Crude oil production dropped by 7% to 1.25m bpd in November

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | December 14, 2023 | Comment off

Nigeria’s oil production dropped to 1,250,299 barrels per day in November 2023.

The country’s drilling performance is contained in the latest crude oil and condensate production data of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

According to the report, production decreased by 100,274 bpd in November — a 7.42 percent plunge from the output of 1,350,573 bpd recorded in October 2023.

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Tracking Africa’s Upstream Developments in 2023

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | December 14, 2023 | Comment off

Stepping into 2024, Africa is emerging as a strong contender in the global petroleum market. Boasting crude oil reserves of approximately 125 billion barrels and natural gas reserves of roughly 620 trillion cubic feet (tcf), Africa’s oil and gas industry holds ambitious plans to deliver economic diversification, job creation and energy security through the development and monetization of these resources.

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