The new Act confirms that Africa is taking control of its own resources and setting the agenda for how they will be deployed.
The number of total active drilling rigs in the United States fell by 1 again this week, according to new data from Baker Hughes published on Friday. It is the third decline in as many weeks.
The Ghana Upstream Petroleum Chamber has called on the government to urgently put in strategic incentives to attract more investment in oil exploration in the country.
Declining crude oil production poses a serious threat to the economy if nothing is done to incentivise and expedite exploration, says a report by Ghana Upstream Petroleum Chamber.
Major consuming nations are using more natural gas while production in 2022 remained flat compared to 2021 levels.
The tech giants began courting oil companies several years ago, eager for business from a lucrative but technologically backward industry.
New OPEC Secretary-General Haitham Al Ghais said Wednesday that the influential producer group is not to blame for soaring inflation, pointing the finger instead at chronic underinvestment in the oil and gas industry.
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.