Chris Infotainment

Rising Surface Rental Arrears in Ghana’s Petroleum Sector Surface rental arrears in the petroleum sector have surged significantly, reaching US$2.82 million by mid-2025. This figure marks a substantial increase compared to the previous year, where arrears stood at US$439,011 during the same period. The Public Interest and Accountability Committee (PIAC) highlighted this trend in its half-year report, noting that collections had risen by 14.3 percent above the Ghana Revenue Authority’s (GRA) full-year estimate of US$755,235. By the end of June 2025, GRA collected US$863,046 in surface rentals, which is one of the five primary revenue streams from the petroleum sector. The increase was largely attributed to payments made by several companies, including Goil Upstream Limited, Springfield E&P, OPCO, and Base Energy. However, out of the 13 licensed operators, only eight made payments during the reporting period. Enforcement Measures and Defaulting Companies The PIAC reported that GR...

OPEC+ Production Increase Sparks Oil Price Gains Oil prices experienced a notable rise of approximately 1.5% on Monday, driven by the OPEC+ decision to implement a more conservative production increase than initially anticipated. This move helped alleviate concerns about an oversupply in the market. However, industry experts caution that weak global demand may limit any potential upward movement in the near future. Brent crude futures saw an increase of 91 cents, reaching $65.44 per barrel by 0315 GMT, while U.S. West Texas Intermediate (WTI) climbed 89 cents to $61.77. Tina Teng, an independent market analyst, highlighted that the price surge was largely influenced by OPEC+'s decision to adopt a smaller-than-expected production hike for the following month. "The group aimed to stabilize the recent decline in oil markets," she explained. OPEC, alongside Russia and other allied producers, announced that they will increase their output in November by 137,000 barrels per...