Africa Oil and Gas news and related events in the sub region
Reuters – London-listed Afren (AFRE.L) said costs for its oil project in Ghana have risen by 7-8 percent due to increased regulatory charges as BP’s spill focuses government scrutiny on the safety of deepwater drilling. “They (Ghana) have imposed some regulations and they are sensible…Nobody wants to go through what BP is going through,”...
ACCRA, Thursday – As Ghana awaits the first riches from one of Africa’s top oil finds of the decade, expectations on the street are high and rising. “I believe in the oil,” said grocery vendor Grace Asantewaa from behind her meagre stall of tomatoes and chilli peppers at the Agbogbloshie market in the capital Accra. “We...
By Nasreen Seria – Ghana is considering selling its second dollar bond next year to tap investor demand as the start-up of oil production boosts economic growth and narrows the budget deficit, Deputy Finance Minister Fifi Kwetey said. The government is considering a “no-deal roadshow” as early as the fourth quarter to gauge international investors’ appetite,...
As Ghana awaits the first riches from one of Africa’s top oil finds of the decade, expectations on the street are high and rising. “I believe in the oil,” said grocery vendor Grace Asantewaa from behind her meagre stall of tomatoes and chilli peppers at the Agbogbloshie market in the capital Accra. “We are...
By Henrique Almeida, Reuters – Global ratings agencies gave oil-producing Angola a debut “B+” rating for foreign debt, the same as Nigeria, bringing the southwest African state closer to issuing international bonds. Standard and Poor’s gave Angola ratings of “B+” for long-term and “B” for short-term foreign and local currency debt, saying the decision was...
Accra, May 20, GNA – Africa Finance Corporation (AFC) and Fidelity Bank (FB) Ghana, on Thursday signed a 20-million-dollar trade finance agreement to partly-finance importation of petroleum products into the country. It was signed by Mr Edward Effah, Managing Director of FB, Ghana, and AFC’s President and Chief Executive, Mr Andrew Alli, in Accra....
By JON GAMBRELL – LAGOS, NIGERIA – Nigeria signed a $23 billion agreement with China to build three gasoline refineries and a fuel complex in the oil-rich, but gas-starved nation that imports much of its fuel, officials have announced. The deal struck by Nigeria’s state-run oil company comes as China’s resource-hungry economy manuevers its way into...
Workers of the Ghana National Petroleum Corporation (GNPC), has pledged their commitment to ensure that Ghanaians derived the maximum benefit from the operations of the Corporation. They pointed out that as a national corporation, GNPC’s fortunes were tied to the success of the country and its people and that it would not renege on...
By Stephen Cunningham – May 12 (Bloomberg) — Tullow Oil Plc audited its deepwater drilling operations in Ghana following BP Plc’s Gulf of Mexico oil spill. “We did that and are happy and comfortable with procedures and processes,” Chief Operating Officer Paul McDade said at Tullow’s annual general meeting of shareholders in London today.
Ghana has to be extremely careful in managing its oil and gas resources, making sure it does not turn into a curse, warns Professor George Ayittey, President, Free Africa Foundation, Washington DC. “It is good that we’ve discovered oil in Ghana, but the most critically important issue is how we manage that resource,” said...
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