Ghana’s petroleum sector once hailed as a great pillar of economic promise following significant discoveries like the Jubilee field in 2007, is now at a crossroads. Despite its potential, the sector has witnessed a worrying exodus of international oil companies (IOCs) and a stark reduction in exploration and production activities.
Shale driller CrownRock is selling a stake in Occidental Petroleum it hopes to generate some $1.7 billion, Bloomberg has reported, citing unnamed sources.
Minister of Energy and Mineral Resources (ESDM), Arifin Tasrif, has announced that ExxonMobil is planning to conduct a joint study to explore potential oil and gas reserves in Indonesia.
Beacon Offshore Energy LLC, Houston, started oil production at the Winterfell development in the Green Canyon area of the US Gulf of Mexico.
Tourmaline Oil Corp (TSX:TOU), Canada’s largest natural gas producer, has agreed to acquire Crew Energy Inc (TSX:CR) for C$1.3 billion (US$947 million), including debt, as part of ongoing consolidation in the oil and gas sector.
With oil, gas, and liquefied natural gas (LNG) still running the global energy show as the crown jewels within the ebbs and flows in the worldwide energy demand, the European and U.S. oil majors – the UK’s duo Shell and BP, France’s TotalEnergies, and Italy’s Eni alongside U.S.-based trio: ExxonMobil, Chevron, and ConocoPhillips – have collected a staggering $31.65 billion in combined profit during the second quarter of 2024. BP, Shell, Eni, ExxonMobil, and Conoco Phillips are among the lucky ones, which beat analysts’ expectations. However, TotalEnergies and Chevron got the shorter end of the stick with their financial performance falling below forecasts.
Despite promises that it would begin petrol production between August 10 and 12, 2024, the Dangote Petroleum Refinery may postpone the roll out of Premium Motor Spirit (PMS).
Nigeria’s crude oil production in the month of July rose to 1.307 million barrels of crude oil daily according to the monthly oil market report of the Organisation of Petroleum Exporting Countries (OPEC).
In furtherance of its long-standing support to African oil and gas producing countries and development of local content in the continent, the Nigerian Content Development and Monitoring Board (NCDMB) has commenced a five-day knowledge sharing programme with the Petroleum Commission of Ghana.
Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC), Joseph Dadzie, is of the firm belief that establishing an operational presence in the Western Region would further strengthen GNPC’s position as Ghana’s foremost player in the oil and gas sector.