ExxonMobil Guyana Ltd. and BM Offshore completed the transaction related to the FPSO Prosperity, ahead of the maximum lease term, which would have expired next November.
The acquisitions of Eni’s Nigerian Agip Oil Company Ltd. by Oando and those of Equinor by Project Odinmim Investments Ltd. were announced at an industry event Wednesday in Abuja. The prices weren’t disclosed.
In financial terms, Ghana received 840.7 million dollars in the first half of the year as against 540 million dollars in the same period last year.
Four major oil companies currently operate in the country, contributing to this revenue stream, which is monitored and reported by the Public Interest and Accountability Committee (PIAC) as part of the Annual Budget Funding Amount (ABFA) from petroleum revenue.
Oil prices fell on Monday after China’s fiscal stimulus measures, announced at the National People’s Congress, failed to meet investor expectations, suggesting limited support for fuel demand.
OPEC Secretary General Haitham Al Ghais who said this while delivering a keynote address at the ongoing African Energy Week in Cape Town, South Africa, said African producers will play a central role in meeting rising demand.
According to StanChart, much of the negative sentiment that has dominated oil markets over the past three months can be chalked up to misapprehensions about the tapering mechanism for the voluntary cuts made by eight OPEC+ countries.
Citi analysts have forecast that Brent crude would average $60 per barrel next year driven lower by the energy policies of the incoming U.S. administration.
The revenues from oil for the state were also impacted by the government subsidy paid to local refiners.
The company made this known in reaction to a claim by the marketers that the refinery’s prices are higher than other suppliers, making it difficult for independent marketers to buy from it.