Nine years after the passage of L. I. 2204 and its implementation, the upstream petroleum sector has witnessed remarkable achievements as indigenous Ghanaian companies have dominated contracts issued by international oil and gas companies operating in the country.
Three international oil and gas firms have signed a memorandum of understanding (MoU) for the construction of a $5 billion floating liquefied natural gas (LNG) facility in Nigeria, The Punch newspaper said.
When Total Energies and Shell separately announced “significant” discoveries of what appears to be commercial quantities of oil and gas offshore Namibia — possibly more than 4 billion barrels of oil in total — it signaled something new for the nation: a chance to monetize its natural resources to combat energy poverty and accelerate economic growth. The offshore deposits — the nation’s largest find since independence — are at peak likely to provide Windhoek an estimated $5.6 billion annually in royalties and taxes and should help the nation double its $11 billion economy by 2040.
The upstream petroleum sector has witnessed remarkable achievements in local content, nine years after the passage of L. I.
2204 and its implementation.
In August, a study of TipRanks data showed that the Oil and Gas sector was preferred over the Green Energy sector according to several measures, including Corporate Insider Sentiment, Analyst Views, Earnings Beat, and Price Target Upgrades.
The Ghana Upstream Petroleum Chamber has expressed concern about the impact on foreign investment in Ghana as a result of the ongoing dispute between ENI and its partner VITOL on the one hand and Springfield on the other.
While the consensus opinion of the western elites may be that oil and gas is a dirty, outdated technology staggering on its last legs, the African Energy Chamber remains grounded in reality.
Floating LNG projects are becoming increasingly popular as Europe races against time to get its hands on as much natural gas as soon as possible, and developers look for cheaper and faster options to monetize gas resources. Just this month, a new floating LNG (FLNG) platform began to export gas from Mozambique to Europe, while several FLNG and floating storage regasification units (FSRUs) have already been set up in Europe, just a few months after the Russian invasion of Ukraine upended the EU’s energy policy.
Goldman Sachs has cut its oil price forecast by $10 to $100 per barrel, citing lockdowns in China that would dampen demand for the commodity.
OPEC’s de facto leader Saudi Arabia and OPEC+’s other members are discussing an oil production increase, OPEC delegates said on Monday, according to the Wall Street Journal.