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Oil drops by 3% to reflect reductions on market

Crude oil prices keep plummeting. The commodity is being traded at about 87 dollars a barrel on the international market on Monday. If this development continues coupled with the Bank of Ghana’s ability to provide enough forex at a good rate for the BDCs, fuel prices in Ghana are likely to …

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Ghana earns $6.55bn from oil in 10 years

Ghana has earned $6.55 billion in total petroleum receipts between 2011 and 2020, an ‘Assessment of the Management and Use of Ghana’s Petroleum Revenues (2011-2020) has revealed. Out of the amount, the Annual Budget Funding Amount (ABFA) has been allocated the highest amount of $2.6 billion (40 per cent) over …

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Oil rises as Russia invasion nears Ukraine capital

Oil prices rose on Friday amid investor concerns over tightening supplies as Russian’s invasion of Ukraine entered its second day. The price of Brent crude oil rose by more than 2% to $101 (£75) a barrel as fighting appeared to intensify near the Ukrainian capital, Kyiv. But stock markets in …

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Gov’t scales up protection of oil blocks

The Government of Ghana has scaled up protection of the nation’s oil blocks and other natural resources. This follows investments that are being made in the Ghana Armed Forces (GAF) to that effect. The government said these investment form part of efforts to ensure that the nation’s natural resources are …

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South Africa court blocks Shell’s oil exploration

IMAGE SOURCE,EPAImage caption, South African activists organised several protests against Shell’s seismic testing plans A South African court has halted oil giant Shell’s seismic testing for oil and gas along the country’s eastern coastline, pending a final ruling. The decision has been hailed by environmentalists who fear that the sound …

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