First Oil from TEN Fields off Ghana
a fair price to producers," Mahama, who is seeking re-election on Dec. 7 this year, said as he opened the valve. "Its been a long journey but a fruitful one." Oil revenue is vital as Ghana battles to meet conditions set by a three-year aid programme with the International Monetary Fund that aims to bring down inflation and the budget deficit as well as stabilise the cedi currency. Ghana was considered one of Africa's hottest investment destinations in 2014, due to its exports of gold, oil and cocoa. Since then, a fall in commodity prices and a resultant fiscal
Ghana Can Continue Production in Ivory Coast Oil Dispute
Tullow, which leads a consortium developing the "TEN" field and has already drilled the wells it needs to begin production in mid-2016. A moratorium would have denied the West African state's government revenue it needs as it seeks to restore economic stability with the help of an International Monetary Fund aid programme. Ivory Coast in February asked the Hamburg-based International Tribunal for the Law of the Sea (ITLOS) to issue a moratorium on oil activity by Ghana in the disputed area while legal hearings are held. The decision did not judge the merits of the case and the court
Ukraine Loses at Least $80 Billion Since Russia Takes Crimea
.3 billion cubic metres of gas and 44 million tonnes of oil, at around $800 million to $1.2 billion. Ukraine, where a failing economy has been further weakened by months of upheaval, desperately needs to boost revenues and hopes to stave off bankruptcy by securing an aid package from the International Monetary Fund. Petrenko said Ukraine's National Security and Defence Council backed proposed legal moves to challenge Russia's annexation of Crimea last month, which plunged relations between East and West to lows not seen since the Cold War. Washington imposed a third round of sanctions
February 2024
