Crude oil futures rose in mid-morning trade in Asia Jan. 25, after a selloff the previous day, as the Pentagon put 8,500 troops on “heightened readiness” over the Ukraine tensions, and amid geopolitical tensions in the Middle East.
The oil market crash of 2020 was brutal on major oil producers, forcing global oil and gas companies to cut capex by $100B, or roughly 30%, to 13-year lows.
Estimates from the International Energy Agency (IEA) showed last week that 200 million barrels of oil were unaccounted for based on its inventory calculations and observed global stockpiles.
Oil prices bounced back on Tuesday (25 January), recovering some of the previous day’s losses, as growing tension in Eastern Europe and the Middle East fuelled concerns over possible supply disruptions.
Ghana’s state-owned oil company is progressing with plans to sell liquefied natural gas throughout West Africa after shipments of the fuel begin to flow to an import terminal this year.
The company, which started by producing 16 million standard cubic metres (mscm) of gas per day in 2015, ramped up to 90mscm/d in 2016 and now produces about 300 mscm/pd.
Africa’s oil and gas resources are a blessing for the continent’s socio-economic development, and yet production figures towards the end of 2021 represent a growing challenge.
Oil prices rose on Monday on worries about supply disruption amid rising tensions in Eastern Europe and the Middle East, which could make an already tight market even tighter, while OPEC and its allies continued to struggle to raise output.
Ghana’s oil sector investments would continue to be constrained, if it does not focus on internal resources.
The African Centre for Energy Policy (ACEP) is alleging that the Ghana National Petroleum Corporation (GNPC) is seeking to assign an interest in some of Ghana’s oil blocks to Jubilee Oil Holdings, a company registered in the Cayman Islands.