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Norway Seizes Russian Cruise Ship To Enforce Naftogaz’s $4.22 Billion Claim
Norway has seized a Russian commercial cruise ship off the Svalbard archipelago at the request of Ukrainian oil and gas firm Naftogaz, which is seeking enforcement of a $4.22 billion award over Russia’s asset expropriation when it annexed Crimea.
“At the request of Naftogaz Group, Norwegian authorities have seized the Russian vessel Professor Molchanov at the port of Barentsburg in Svalbard as part of global efforts to enforce the arbitral award obtained by Naftogaz and other Group companies against the Russian Federation in connection with the unlawful expropriation of their assets in Crimea, which Russia illegally annexed in 2014,” the Ukrainian company said in a statement.
In 2023, a tribunal in The Hague ordered Russia to pay Naftogaz more than $5 billion for Russia’s treaty violations and the seizure of Naftogaz assets following the Russian annexation of Crimea back in 2014.
Naftogaz and its international legal counsel Covington & Burling LLP have been tracking the Professor Molchanov vessel for months and the arbitral award has been recognized as enforceable in Norway.
The ship was finally seized off Svalbard after the seizure was ordered by the Nord-Troms and Senja District Court in Norway on 31 August, 2026. The seizure was ordered to “secure enforcement of the Russian Federation’s outstanding obligations under the arbitral award, amounting to approximately $4.22 billion plus interest and costs,” Naftogaz said.
“We will continue to pursue Russian assets around the world until the compensation awarded to Naftogaz and other Naftogaz Group companies is paid,” Naftogaz’s acting CEO Sergii Fedorenko said.
The Professor Molchanov vessel is owned by the Russian Federation and is used for commercial expedition cruises, including to Svalbard.
Under the court order of the Norwegian district court, the vessel may not leave its current location. The Governor of Svalbard is required to take the necessary measures to prevent the vessel from being moved
Togo Pilots Electronic Tracking For Petroleum Transit Cargo
Togo has launched a pilot programme to electronically track vehicles carrying petroleum products in transit to Burkina Faso, Mali and Niger, expanding its system for monitoring goods moving through the country.
The pilot, spearheaded by the Togolese Revenue Office (OTR), is aimed at strengthening oversight and improving the traceability of transit cargo, according to Togo First.
The measure is part of the Electronic System for the Monitoring and Security of Goods in Transit (SESS), which has been operational since October 2022.
For the pilot, the OTR acquired tracking devices specifically designed for vehicles transporting petroleum products. The devices are attached to trucks after key shipment and journey details have been recorded, including the planned route, type of cargo, vehicle specifications and driver information.
“A tracking device is then attached to the vehicle. The process is validated after checking that the truck is connected to the system and that the data is being transmitted properly,” said Abdou-Waliyou Kambara, an information systems engineer responsible for SESS.
Once a truck is on the road, its route is monitored from the OTR’s command centre, which operates around the clock. Officers can detect deviations from the planned route and other unusual activity.
The system is intended to improve cargo security and maintain traceability throughout the journey, which is particularly important for petroleum products because of their sensitive nature and tax value.
The pilot phase will test the system under real-world conditions, with industry stakeholders expected to participate in an assessment before any broader rollout
BP, Shell Agree Stakes In Brazil, Gulf Of America Exploration Prospects
BP and Shell have agreed terms for Shell to acquire a 50% stake in the Tupinambá exploration block in Brazil’s Santos Basin, as well as a 30% stake in five leases containing the Conifer exploration prospect in the deepwater Gulf of America Paleogene.
BP will retain a 50% interest in Tupinambá and a 70% interest in Conifer, and will remain operator of both assets.
The transactions are part of BP’s approach to capital allocation as the company seeks to simplify its portfolio and strengthen its financial position.
“Brazil and the Gulf of America are important regions for BP, and bringing together two experienced operators can help unlock the potential of both opportunities,” said Gordon Birrell, BP’s executive vice president for upstream.
“This collaboration will help strengthen our position in both as we progress exploration activity,” he added.
Completion of the Tupinambá transaction remains subject to regulatory approvals.
Eni Plans To Raise Ghana’s Sankofa Gas Output To 350 mmscf/d By 2028
Italian oil major Eni plans to increase gas production from Ghana’s Sankofa Gye-Nyame field in the Offshore Cape Three Points (OCTP) area to about 350 million standard cubic feet per day (mmscf/d) by 2028, a senior company executive said on Wednesday.
Gas production from the field has been rising, with current output at around 283 mmscf/d.
Eni operates the Sankofa field in partnership with Vitol and the Ghana National Petroleum Corporation (GNPC), the country’s national oil company.
Speaking at Ghana Day on the second day of Africa Oil Week 2026 at the Kempinski Hotel Gold Coast City in Accra, Eni Ghana Exploration and Production Limited Deputy Managing Director Baluri Kassim Bukari said the company was targeting an increase in production to about 350 mmscf/d by 2028.
“All the steps that are required to make sure that we can deliver the gas, all the construction works, have been done. So we are confident that we will achieve this goal,” Bukari said.
Ghana uses natural gas alongside other fuels to generate electricity. Higher domestic gas production could help the country reduce its reliance on more expensive liquid fuels for power generation and generate savings on fuel imports.
Ghana has already saved about $500 million by using domestically produced gas to generate electricity, Bukari said.
“This is the physical benefit to Ghana. Yesterday it was announced that because of increasing gas production, it has saved $500 million. So when we increase production, Ghana will benefit,” he said.
Ghana: BOSTenergies Declares GHS 34.2 Million First-Ever Dividend After 2025 Profit Surge
Ghana’s state-owned BOSTenergies, formerly known as Bulk Oil Storage and Transportation Company Limited (BOST), has declared a 34.2 million cedi ($3,037,738.05) dividend to the government, its sole shareholder, after a strong financial performance in 2025.
The dividend, equivalent to 5% of the company’s profit after tax, marks the first time BOSTenergies has paid a dividend since its establishment.
Board Chairman Professor Saint Kuttu said the payment was a milestone for the company, which has in recent years focused on strengthening its financial position.
“The payment of the first-ever dividend in the company’s history is therefore not just a financial achievement. It is evidence of the progress BOSTenergies has made and the value that disciplined management and responsible oversight have created,” Kuttu said at the company’s annual general meeting on Wednesday.
BOSTenergies’ revenue rose to 3.81 billion cedis in 2025 from 1.29 billion cedis a year earlier, an increase of about 195%, according to the company’s financial results.
Profit after tax increased 72% to 683.96 million cedis from 398.40 million cedis in 2024.
The company’s total equity more than doubled to 1.47 billion cedis from 677.20 million cedis, while total assets increased by 50% to 3.99 billion cedis from 2.65 billion cedis.
Kuttu said the improved financial performance had allowed the company to shift its focus from stabilising operations to expanding and diversifying its business.
BOSTenergies’ 2026 strategy will focus on improving the utilisation of its infrastructure, expanding its customer base, increasing regional trade and pursuing commercially viable partnerships, he said.
“The company will move from stabilisation to expansion, from protecting its existing position to creating new sources of income, and from relying mainly on its traditional operations to building a broader and more resilient business,” Kuttu said.
He said the company would also explore opportunities beyond its traditional petroleum storage and transportation activities, while investments would be assessed based on their commercial viability, market prospects and risk.
Operational reliability remained a key priority in 2025, with BOSTenergies managing depots, pipelines, storage tanks and loading facilities that support Ghana’s petroleum-products supply chain, Kuttu said.
The company also worked to improve the use of existing storage capacity, strengthen pipeline integrity, modernise depot operations and increase the efficiency of product transportation.
Iranian Attack On Saudi Tanker Killed Two Filipino Sailors
Saudi Arabia has condemned what it said was an Iranian attack on a Saudi-owned supertanker that killed two Filipino sailors on Monday night, according to the BBC.
Saudi national shipping company Bahri said its vessel Sidr was “involved in a security incident” while transiting the Strait of Hormuz.
Sidr was hit by projectiles north of Oman’s Musandam Peninsula, according to maritime security firms.
Bahri said the incident occurred at around 2340 local time (1940 GMT) on Monday.
“It is with profound sadness that Bahri confirms the loss of two of its Filipino seafarers as a result of the incident,” the company said, adding that it extended its condolences to the sailors’ families, loved ones and colleagues.
The Saudi foreign ministry later condemned what it described as “Iran’s targeting of the Saudi tanker (Sidr) while it was transiting the Strait of Hormuz”.
It also condemned recent Iranian attacks on Jordan, Bahrain and Kuwait and called for an end to the escalation, respect for the safety of international navigation, and protection of global energy supplies, national sovereignty and international law.
The statements came a day after maritime risk management and intelligence firms Marisk and Kpler reported that two tankers, each carrying about 2 million barrels of Saudi crude, were struck by unknown projectiles within minutes of each other while transiting outbound through the Strait of Hormuz late on Monday.
Sidr was struck by “unknown projectiles” at 1952 GMT, about 16 nautical miles (30 km) northeast of Khasab, Oman, while the Senegal Prosperity was struck by “three unknown projectiles” about 17 nautical miles east of Khasab, according to Marisks.
The UK Maritime Trade Operations agency also reported two incidents in the same area.
The South Korean-owned supertanker Senegal Prosperity was reportedly struck east of the Musandam Peninsula around the same time.
Iran has not responded to the Saudi allegation. Earlier, however, it said two tankers had caught fire after hitting mines while using an unauthorised route through the strait.
The deaths of the sailors came after the U.S. military carried out a wave of air strikes on Iran and Iranian forces targeted U.S. bases in neighbouring Arab states with missiles and drones, in their biggest exchanges of fire since July.
Iran’s health minister said on Wednesday that 18 people had been killed and 108 injured in the U.S. attacks.
Iran has accused the United States of committing a “war crime” in a strike that killed four people, including two children, at a wedding party in the southern city of Sirik.
The U.S. military said it was looking into the reports.
OPEC+ Set To Hold Oil Output Steady as Iran War Disrupts Supply
OPEC+ is likely to leave its oil production policy unchanged for October when seven of its core members meet on Sunday, Reuters reported on Wednesday, citing three sources close to the matter.
Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman are due to meet online at 11:00 GMT Sunday.
The seven producers have spent much of 2026 raising their monthly production quotas, with the September increase completing the phased rollback of 1.65 million barrels per day of supply cuts first agreed in 2023.
Much of that additional supply has failed to reach the market.
Actual production has lagged the higher quotas as the Iran war disrupted Gulf exports through the Strait of Hormuz, while the war in Ukraine has hit exports from Russia and Kazakhstan.
OPEC production rose by 1.17 million bpd in July, but output remained well below the group’s quotas.
The Iran war has also weakened OPEC+’s ability to influence the market. With Gulf exports constrained by the disruption in Hormuz, Reuters said the group’s production decisions now have less impact on prices and market share than they did before the war.
Brent crude was trading near $94 per barrel Wednesday as renewed U.S.-Iran fighting and attacks on tankers kept attention on physical supply from the Gulf rather than OPEC+ production targets.
OPEC+ still has another layer of production cuts covering most of its 21 members through the end of 2026. Attention is now turning to production baselines for 2027, which determine how individual countries’ quotas are calculated.
Dallas-based independent petroleum consulting firm DeGolyer and MacNaughton is reviewing the production capacity of most OPEC+ members and is expected to submit its findings in late September.
Iraq has pushed for a higher quota to reflect increased capacity, while the UAE left OPEC in May partly because it believed its quota failed to recognize its expanded production capacity.
Venezuela is also considering leaving the group.
Ghana: BOSTenergies Posts GHS684 million Profit After Tax In 2025
BOSTenergies, formerly known as Bulk Oil Storage and Transportation Company Limited (BOST), recorded a profit after tax of GHS683.96 million in 2025 on revenue of GHS3.81 billion, the state-owned strategic fuel stock company said after its annual general meeting on Wednesday.
The company increased its total assets by 50% to GHS3.99 billion, while shareholder equity rose to GHS1.47 billion.
Administrative expenses fell by 28% during the year, it said.
BOSTenergies said the results were driven by its commercial activities, financial management and focus on operational efficiency.
BOSTenergies said it would focus on strengthening its operations, improving efficiency and building resilience as it seeks to support Ghana’s energy security and respond to changes in the energy sector.
Managing Director Afetsi Awoonor said 2025 was a significant year for the company, citing stronger financial performance, a strengthened balance sheet and its first-ever dividend payment to the government.
“These achievements demonstrate what is possible when we combine commercial discipline, prudent financial management and operational efficiency,” Awoonor said.
Awoonor reaffirmed the company’s commitment to sustainable growth and its role in Ghana’s downstream energy sector.
“As we look ahead, our focus remains clear: strengthening our operations, driving efficiency, building resilience and creating lasting value. We will continue to play our part in ensuring Ghana’s energy security while positioning BOSTenergies for sustainable growth and long-term relevance,” he said.
Energy and Green Transition Minister John Abdulai Jinapor praised the company’s financial performance, operational efficiency and portfolio growth, and urged its board and management to build on the gains.
The minister pledged his support for the board and management and urged them to remain focused and build on the achievements made.
State Interests and Governance Authority (SIGA) Director General Michael Kpesah Whyte welcomed the company’s turnaround and its first dividend payment to the government.
He urged the board and management to maintain the momentum and deliver further value to the state.
The company said the meeting provided an opportunity to review its 2025 performance and reaffirm its focus on financial sustainability, operational efficiency, shareholder value and Ghana’s energy security.
Ghana: TOR, GOIL Explore Further Cooperation On Petroleum Products Supply
Ghana’s premier refinery, Tema Oil Refinery (TOR) and Ghana Oil Company Limited (GOIL) held a strategic meeting on Wednesday to explore further cooperation in the supply and offtake of petroleum products from the refinery, building on their existing business relationship.
TOR Managing Director Edmond Kombat told the Managing Director of GOIL and his team that the refinery had made significant progress in ramping up operations, with ongoing restart and supply processes being executed smoothly.
GOIL is one of TOR’s key offtake partners, and the two companies discussed ways to strengthen their partnership as TOR seeks to increase the supply of petroleum products to the Ghanaian market.
The discussions focused on improving petroleum products supply security, strengthening market resilience, supporting greater price stability and contributing to a more efficient downstream petroleum sector, TOR said in a statement.
The meeting also provided an opportunity to identify additional areas of cooperation as TOR pursues its reset, transformation and optimisation programme.
TOR said stronger partnerships with key industry stakeholders, including GOIL, were important to supporting Ghana’s energy security and delivering sustainable value to consumers.
The refinery resumed operations in late December 2025 following rehabilitation work undertaken by its current management.
TOR reported a net profit of 1.093 billion Ghanaian cedis in 2025.
The discussions focused on improving petroleum products supply security, strengthening market resilience, supporting greater price stability and contributing to a more efficient downstream petroleum sector, TOR said in a statement.
The meeting also provided an opportunity to identify additional areas of cooperation as TOR pursues its reset, transformation and optimisation programme.
TOR said stronger partnerships with key industry stakeholders, including GOIL, were important to supporting Ghana’s energy security and delivering sustainable value to consumers.
The refinery resumed operations in late December 2025 following rehabilitation work undertaken by its current management.
TOR reported a net profit of 1.093 billion Ghanaian cedis in 2025.
Ghana: Mahama Dissolves Boards Of BOSTenergies , GNPC, Seven Other State Institutions
Ghana’s President John Dramani Mahama has dissolved the governing boards of the Bulk Oil Storage and Transportation Company (BOST), the Ghana National Petroleum Corporation (GNPC) and seven other state institutions with immediate effect, the Presidency said on Wednesday.
The affected institutions include Prestea Sankofa Gold Limited, Volta Aluminium Company Limited (VALCO), Consolidated Bank Ghana Limited (CBG), Ghana Post Company Limited, the Road Maintenance Trust Fund, TDC Ghana Limited and the National Sports Authority (NSA).
A statement issued on Wednesday, Sept. 2, by the president’s spokesperson and minister for government communications, Felix Kwakye Ofosu, confirmed the dissolution. It did not give a reason for the decision.
The move comes as the performance of state-owned enterprises is under scrutiny following the recent release of the 2025 performance report on state-owned enterprises by the State Interests and Governance Authority (SIGA).
The relevant sector ministers have been directed to take all necessary steps, in accordance with applicable laws and the governing instruments of the institutions, to give effect to the dissolution.
The affected boards are expected to be reconstituted in due course, the Presidency said.
The latest directive follows Mahama’s earlier blanket dissolution of statutory boards, corporations, commissions and councils appointed by the previous administration, in line with the Presidential (Transition) Act, 2012 (Act 845).
As part of interim measures following that dissolution, management of the affected institutions had been directed to seek clearance from the Chief of Staff before taking major decisions.
The latest dissolution is expected to pave the way for the appointment of new governing boards in accordance with the respective laws and governing instruments of the institutions.
Mahama had previously expressed gratitude to outgoing board members for their service to the nation.
Kenya’s GDC Signs Geothermal Well-Logging Deal For Ethiopia Project
Kenya’s Geothermal Development Company (GDC) has signed an agreement with Shandong Kerui Oilfield Service Group Co. Ltd to provide well-logging and testing services for a geothermal drilling project in Ethiopia.
The agreement, signed on Monday, will see GDC deploy a multidisciplinary team of reservoir engineers, reservoir technicians, geochemists and geochemical technicians to provide specialised personnel and technical expertise for two high-temperature geothermal wells in Ethiopia’s Aluto area.
The team will conduct well logging, testing and data interpretation as part of the project, GDC said.
GDC Acting Managing Director and Chief Executive Officer Stephen Busieney described the agreement as an important milestone in the company’s commercialisation efforts.
“It is encouraging that we are signing one of our first major contracts of the financial year. This engagement will generate additional revenue for GDC while providing our staff with valuable exposure to an international geothermal project,” Busieney said.
He urged the team to ensure the successful execution of the assignment, saying securing the contract was only the first step.
“We must deliver with professionalism, determination and dedication to keep GDC’s flag flying high,” Busieney said.
George Muia, GDC’s general manager for business development and acting general manager for strategy and planning, said the agreement was the first major operationalisation of the company’s External Consultancy Policy, which provides a framework for engaging external partners and clients for GDC’s technical expertise.
“This contract is the culmination of a journey that began in September 2025 and demonstrates what can be achieved through collaboration across the organisation,” Muia said.
He said the contract was particularly significant following GDC’s reclassification as a government-owned enterprise, which places greater emphasis on commercial operations, revenue generation and financial sustainability.
“As a GOE, GDC is required to operate commercially and generate revenue. This is the first contract we are undertaking in line with this new direction,” Muia said.
GDC said it was seeking additional partners and opportunities to leverage its geothermal expertise, expand its regional presence and generate revenue.
AOW Energy Week 2026 Opens In Accra, Focuses On Africa’s Energy Future (Photos)
Africa Oil Week (AOW) 2026 opened in Accra, the capital of Ghana, on Tuesday, bringing together key players to discuss and shape Africa’s energy future.
This is the second time the continent’s premier energy conference is being held in Accra after nearly 30 years of being hosted in South Africa.
Accra has now become the permanent host of Africa Oil Week.
Delivering President John Dramani Mahama’s address, Ghana’s Chief of Staff, Dr. Julius Debrah, called for a pragmatic energy transition that harnesses both hydrocarbons and renewable energy to drive industrialisation, create jobs and deliver prosperity.
Ghana Unveils Upstream Petroleum Reforms To Attract Investment At Africa Oil Week In Accra
Ghana on Tuesday announced a series of reforms to its upstream petroleum sector aimed at attracting fresh investment, as Africa Oil Week (AOW) 2026 opened in Accra.
The measures include reducing the Ghana National Petroleum Corporation’s (GNPC) carried interest from 15% to 10%, extending petroleum agreement terms from 25 to 30 years and changing the structure of signature bonuses.
The government will replace the traditional signature bonus with a one-time payment linked to the post-discovery declaration of commerciality. It will also extend the loss-carry-forward period from five to 10 years.
Energy and Green Transition Minister Dr. John Abdulai Jinapor said the reforms were intended to make Ghana’s upstream sector more competitive and attract international investment.
Explaining the reduction in GNPC’s carried interest, Jinapor said the government would benefit more from taking a smaller share of a significantly larger investment.
Jinapor also highlighted developments in Ghana’s downstream and gas sectors, including the resumption of crude processing at the country’s refinery.
He said the government had secured major agreements involving international oil companies, including a $1.5 billion agreement with Eni and a $2 billion deal involving Tullow and its partners.
Jinapor also placed Ghana’s petroleum reforms within the broader debate over Africa’s energy transition.
With more than 600 million people on the continent lacking access to electricity and about 1 billion without access to clean cooking, he said Africa’s transition must take its development needs into account.
“For Africa, therefore, the energy transition cannot simply be about moving away from one source of energy to the other,” Jinapor said.
“It must rather be about moving our people from energy poverty to energy prosperity.”
He also cited an estimated annual saving of about $500 million from shifting Ghana’s thermal power generation towards domestic natural gas instead of relying more heavily on liquid fuels.
Jinapor pointed to the West African Gas Pipeline, which connects Ghana, Nigeria, Togo and Benin, as an example of how cross-border infrastructure can support energy security and economic development.
He also noted Ghana’s ability to export electricity to neighbouring countries, including Burkina Faso, Togo, Benin and Côte d’Ivoire.
Eni Expands Presence In Uruguay’s Offshore Sector
Italian energy company Eni has signed an agreement with MIWEN, a wholly owned subsidiary of Argentina’s YPF, and Uruguayan state oil company ANCAP to enter the OFF-5 offshore exploration block in Uruguay, following approval by Uruguayan authorities.
Eni will operate the block with a 50% stake, while MIWEN will hold the remaining 50%.
The OFF-5 block is currently in its first exploration period, with studies underway to assess its hydrocarbon potential, Eni said.
Eni will use its proprietary technologies to support exploration activities and evaluate the area’s potential, the company said.
Eni’s entry into Uruguay with MIWEN also strengthens its cooperation with YPF, with the two companies partnering on the integrated upstream and midstream Argentina LNG (ARGLNG) project.
Eni said it had also recently agreed to acquire a 40% stake in the adjacent OFF-6 block, which is operated by APA Corporation.