The fangs of the new Coronavirus, since its appearance in late 2019, have cut through all sectors of national economies leaving nothing unscathed.
For the global energy sector, it has resulted in a historic dive in oil prices, way below projections of many oil-based entities and budgets of national governments....
The economic shock experienced by most economies caused by the coronavirus (Covid-19) pandemic can have widespread and dramatic effect on investments in the energy sector. The baseline expectation for 2020 is a widespread global recession caused by prolonged restrictions on mobility and social and economic activity. With a gradual...
Yecham Property Consult in conjunction with the IFC –EDGE Program and supported by the Embassy of Denmark, hosted a virtual edition of the Ghana Green Building Summit from July 23rd to 24th July, 2020 at the head office of CalBank.
The iconic tower, which was the perfect setting to host...
The discovery of oil has often not only triggered jubilation rather but also igniting optimism for economic development in developing countries. In developing countries, where oil is produced, most of these countries are known to be oil-reliant countries. Being an oil-reliant economy indicates that oil is considered a significant...
Ghana’s oil and gas industry has made steady progress in pushing for more local content in the sourcing of goods, services and labour. However, with the outbreak of COVID-19, the industry is set to face major setbacks due to disruption caused by the Coronavirus pandemic and the collapse in...
The Public Interest Accountability Committee (PIAC) has urged the Bank of Ghana and Ministry of Finance to consider broadening the qualifying investment instruments in order to diversify Ghana Petroleum Funds (GPFs) investments in both low and high risk portfolios to maximise returns.
As it stands now, the Petroleum Revenue Management...
The Public Interest and Accountability Committee (PIAC) has urged the government to disburse oil revenues earmarked for projects, rather than accumulating it over time.
According to the Committee, which has oversight responsibility for the prudent management of the country's petroleum revenue, there are oil-funded projects that face funding challenges and...
...as 450 local workers face job losses
The country's bid to ensure that locals play a key role in the oil and gas industry is set to face major setbacks due to disruption caused by the Coronavirus pandemic and the collapse in oil prices.
The industry, over the past six years,...
So far, an estimated US$324million worth of drilling, acquisition and interpretation of seismic, geological and geophysics data projects have been postponed across the petroleum upstream sector, the National Petroleum Commission has said as the coronavirus pandemic continues to wreak havoc on the country’s oil and gas industry.
Among them is...
The International Energy Agency (IEA) bumped up its 2020 oil demand forecast last week Friday but warned that the spread of COVID-19 posed a risk to the outlook.
The Paris-based IEA raised its forecast to 92.1 million barrels per day (bpd), up 400,000 bpd from its outlook last month, citing...