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Uganda Names Export Crude Blend Pearl Sweet As Oil Industry Moves Toward Production
Uganda has named its export crude blend “Pearl Sweet”, giving the country’s emerging oil industry a commercial identity as it prepares to enter international energy markets.
President Yoweri Kaguta Museveni unveiled the name on Wednesday at the Kingfisher Development Area in western Uganda.
The crude will be marketed as an identifiable grade, allowing refiners, traders and other industry participants to distinguish its origin and characteristics.
“Pearl” refers to Uganda’s long-standing description as the “Pearl of Africa”, while “Sweet” refers to the crude’s relatively low sulphur content, a characteristic that can make it attractive to refiners.
The blend is classified as medium-light, with an API gravity of between 28 and 31 degrees, according to officials. Higher API gravity generally indicates a lighter crude that can yield a greater proportion of lighter petroleum products, although the commercial value of a crude also depends on factors including sulphur content and market conditions.
Speaking at the naming ceremony, Museveni said Uganda had sought to develop its oil industry in a way that would maximise domestic economic benefits.
“What you sow is what you reap,” Museveni said, referring to the government’s strategy to develop the country’s oil industry domestically.
He said refining crude oil locally would support the economy and help protect the environment, adding that Uganda had prohibited gas flaring.
“Oil is a finite resource, and its benefit must be for future generations,” Museveni said.
Uganda’s petroleum resources could significantly transform the economy if managed strategically and linked to industrial development, he said.
“The petroleum industry would push us very far,” Museveni said, referring to a planned refinery that is expected to produce fuel for vehicles, aviation fuel and other petroleum products.
“So, what is happening here is not a joke. It will have a lot of implications,” he added.
Museveni said Uganda’s oil resources should not be viewed solely as an export commodity but as an opportunity to develop industries and strengthen the country’s productive capacity.
Uganda has confirmed about 6.5 billion barrels of oil resources in the Lake Albert region, of which about 1.65 billion barrels are estimated to be recoverable, according to government figures.
Museveni said only about 40% of Lake Albert had been explored.
“The 6.5 billion barrels of oil that were confirmed only cover 40% of Lake Albert. We still have 60% to explore,” he said.
Museveni thanked oil-sector partners including TotalEnergies and CNOOC for their contribution to Uganda’s petroleum development. He praised CNOOC for the pace of its work and urged other partners to accelerate their activities.
“I want to thank CNOOC here because they have moved very fast. I want the others to also work very fast,” he said.
The president also reiterated that Uganda would not flare associated gas from the Kingfisher field. Instead, the gas will be used to generate electricity and produce liquefied petroleum gas (LPG) for cooking, he said.
“Here, we said no to flaring gas. We shall be using the gas to generate electricity, up to 80 megawatts at Kingfisher alone,” Museveni said.
“The other gas will be condensed and turned into liquefied petroleum gas for cooking,” he added.
Energy and Mineral Development Minister Monica Musenero Masanza said the naming of Pearl Sweet marked an important step as Uganda prepares to begin oil production.
“Uganda’s oil journey is anchored on efficiency, responsibility and ensuring that our resources create lasting value for Ugandans,” she said.
The Petroleum Authority of Uganda (PAU) Chairperson Lynda Biribonwa said Uganda’s oil resources should be used to develop skills, enterprises, infrastructure and technology, while supporting industrialisation and energy security.
Uganda National Oil Company (UNOC) Chief Executive Proscovia Nabbanja said the new name would help establish the crude as a recognisable traded grade and support the company in building relationships with refiners and traders.
The Chinese ambassador to Uganda, Wu Guangrong, reaffirmed China’s commitment to bilateral cooperation with Uganda, including in oil and gas, trade, infrastructure and investment.
He said cooperation should extend beyond resource extraction to include capacity building, employment, local content and industrial development.
Crude from the Tilenga and Kingfisher projects will be combined at the Kabaale Shared Facilities in Hoima before being transported through the East African Crude Oil Pipeline (EACOP), a 1,443-km heated export pipeline to Tanzania’s Tanga port.
The Lake Albert development is centred on the Tilenga and Kingfisher projects. Tilenga, operated by TotalEnergies EP Uganda, is designed to reach peak production of about 190,000 barrels per day.
Ghana: Petroleum Tanker Drivers Suspend Strike, Give Government One Month To Fix Roads
Ghana’s National Petroleum Tanker Drivers Union has suspended a two-day sit-down strike and given the government one month to demonstrate progress towards repairing roads serving key petroleum depots across the country.
The drivers resumed loading on Friday following interventions by the Ghana Chamber of Bulk Oil Distributors (CBOD) and the Chamber of Oil Marketing Companies (COMAC).
The union had issued a two-week ultimatum to the government to address deteriorating road conditions before beginning the strike on Wednesday, Sept. 2.
The action disrupted tanker operations at key loading points, including the Tema industrial area, as drivers protested road conditions on routes used to transport petroleum products across Ghana.
In a statement on Thursday, the union specifically cited the road from the Valco Roundabout in Tema to Kpone Junction, as well as roads within the Takoradi and Buipe depot enclaves.
The union described the roads as critical economic corridors and said their deteriorating condition posed serious safety and health risks to drivers, workers and other road users.
The union said activities facilitated by the roads generate about 300 million Ghana cedis ($X million) in tax revenue for the government each week, underscoring the economic importance of the affected routes.
Despite suspending the strike, the drivers said their demands remained unchanged and called on the government to take immediate steps to accelerate the rehabilitation and completion of the affected roads.
The union has given the government one month to demonstrate what it called “visible and measurable progress”, warning that failure to do so could trigger a return to industrial action.
“Should Government fail to demonstrate visible and measurable progress within the one-month period, the Unions will be compelled to resume industrial action, including a prolonged sit-down strike,” the statement said.
The suspension provides temporary relief for petroleum haulage operators and businesses dependent on fuel supplies, but puts pressure on the government to address the road conditions before the deadline expires.
Africa Needs More Than $200 bln Annually In Energy Investment By 2030, IPPG Chairman
Africa needs more than $200 billion in annual energy investment by 2030 to develop its oil and gas resources, expand electricity generation and distribution and grow clean energy, the chairman of the Independent Petroleum Producers Group (IPPG), Adegbite Falade, said.
Speaking at the recently concluded Africa Oil Week (AOW) 2026 in Accra, Ghana, Falade said Africa currently attracts just over half of the investment it requires.
“Africa, which accounts for about one-fifth of the world’s population, attracts only about three per cent of global energy investment,” he said.
“If Africa is to secure its energy future in an era of international capital retreat, we must look inward and build our own institutional and financial resilience,” Falade said.
He identified the Africa Energy Bank (AEB) as critical to closing the financing gap, saying its establishment by the African Petroleum Producers Organisation (APPO) and Afreximbank was an important step towards financing Africa’s energy future.
“The AEB is purpose-built to bridge the upstream and midstream financing gap left by traditional global financiers,” Falade said.
“This is Africa’s clearest statement yet that we intend to finance our own hydrocarbon future, rather than wait indefinitely for others to do so,” he added.
Falade urged African producers to develop bankable projects and actively originate high-impact investments that can attract financing.
“It is imperative African producers actively originate high-impact, bankable projects,” he said.
He also called for increased investment in gas infrastructure.
“Today, natural gas already generates around 40 per cent of this continent’s electricity,” Falade said, noting that Africa has less than 50,000 km of oil and gas trunk pipelines, compared with more than 200,000 km in Europe.
“Reserves without pipelines are simply stranded molecules benefiting no one,” he said.
Meanwhile, former APPO Secretary-General Omar Farouk said the AEB is expected to commence operations in October 2026.
“All hurdles have been overcome and I can confidently say that the bank has come close to starting operations,” Farouk said.
Ghana Gas Plans 278-km Tema-Takoradi Pipeline, Seeks Investors
Ghana National Gas Company Limited (Ghana Gas) plans to construct a 278-km, 20-inch-diameter bi-directional gas pipeline linking Tema and Takoradi to strengthen the country’s gas supply security.
Deputy Chief Executive Officer Dr. Robert Kofi Lartey disclosed the plan at Africa Oil Week 2026 in Accra, describing the project as a major investment opportunity.
The pipeline would allow gas to flow in both directions, from the western to the eastern corridor and vice versa, giving Ghana greater flexibility in meeting demand across the country, Lartey said.
“It is one of the major infrastructure projects we are looking forward to constructing to guarantee security of gas supply,” he said.
Ghana Gas also plans to install a backup compressor to complement its existing main compressor at the Atuabo Gas Processing Plant.
The company currently loses about 60 million standard cubic feet per day (mmscfd) of gas when the main compressor trips or is taken offline for maintenance, Lartey said.
The company also plans to commercialise gas currently being flared, which would generate additional revenue and help reduce Ghana’s carbon emissions, he said.
On downstream logistics, Ghana Gas is seeking investors to automate its gas loading gantry, increase the number of loading arms and expand storage capacity.
The investment would help ensure uninterrupted operations in the event of strikes by transport companies, Lartey said.
“We are also going to add to the storage capability so that in the event that the companies go on strike we would not be threatened to shut down the facility,” he said.
Financing
Ghana Gas is seeking investors under Engineering, Procurement, Construction and Financing (EPC+F) arrangements, with possible models including Build, Co-own, Cooperate and Transfer (BCCOT) and Build, Own, Operate and Transfer (BOOT), Lartey said.
While government policy may not permit outright private ownership of strategic gas infrastructure, investors could co-own projects with Ghana Gas and transfer their interests to the company after an agreed period, he said.
Local expertise
Lartey said Ghana Gas has been fully operated by Ghanaian engineers and technicians since 2014, after Sinopec handed over operations following two years and three months of post-commissioning operations.
“We operate this facility purely as Ghanaian engineers and technicians, from top to bottom. So we have so much expertise,” he said.
Ghana: PETROSOL Engages Dealers To Drive Service Excellence And Business Growth
PETROSOL Platinum Energy PLC, a leading oil marketing company, has held a national engagement with its dealers and business partners in Kumasi as part of efforts to strengthen partnerships, improve station-level performance and enhance customer experience across its retail network.
The engagement provided an opportunity for the company’s senior leadership team and dealers to review business performance, operational activities and developments across PETROSOL service stations, while discussing the company’s strategic direction and growth priorities.
It also allowed dealers to provide direct feedback on areas that are working well, challenges requiring attention and new initiatives that could improve the performance of individual service stations and strengthen the PETROSOL brand.
Speaking at the engagement, Chief Executive Officer of PETROSOL Platinum Energy PLC, Michael Bozumbil, expressed appreciation to dealers for their continued commitment and contribution to the growth of the business.
He described the dealers as important partners in PETROSOL’s growth and assured them that management valued their support.
“Our dealers are an integral part of the PETROSOL family. Your commitment and partnership have contributed significantly to our growth, and we deeply appreciate the confidence you continue to take in the business,” he said.
Bozumbil said PETROSOL would continue to take measures to protect dealers’ investments and strengthen the sustainability of their businesses, particularly amid fluctuations in fuel prices.
He said the company was planning major maintenance works and the replacement of fuel dispensing pumps at stations where necessary to improve operational efficiency, reduce service delays and enhance the quality and speed of service delivery.
Bozumbil also urged dealers to maintain high standards of operational compliance, saying every interaction with a customer contributes to the reputation and perception of the PETROSOL brand.
He encouraged dealers to adhere to the company’s operational standards and ensure customers consistently receive safe, efficient and professional service.
Delivering value beyond fuel
The Head of Marketing at PETROSOL Platinum Energy PLC, Philip Boamah Assampong, reaffirmed the company’s commitment to delivering value beyond fuel sales.
He said PETROSOL was exploring initiatives to improve customer engagement and loyalty, including value-added services and incentive packages for loyal customers.
“The future of the retail business requires brands to go beyond simply selling fuel and create meaningful experiences and additional value for customers,” he said.
“Our ambition is to ensure that every PETROSOL station becomes more than just a place to buy fuel. We want to create an experience that gives customers a reason to choose PETROSOL, return to PETROSOL and recommend PETROSOL.”
Assampong said the company would continue to strengthen engagement with dealers, customers and other stakeholders to ensure feedback from the field was translated into practical solutions.
Turning feedback into solutions
PETROSOL said the dealers’ engagement formed part of its broader 360-degree stakeholder engagement strategy aimed at maintaining continuous communication among management, dealers, employees and customers.
The company said feedback from the engagements would be used to identify operational gaps, develop solutions and improve service delivery across its network.
The initiative is expected to support PETROSOL’s efforts to strengthen its market position while ensuring customers across Ghana receive consistent service quality at its stations.
As PETROSOL continues its growth and transformation, management reiterated its commitment to working closely with dealers and business partners to strengthen its retail network, protect investments, improve operational efficiency and deliver greater value to customers.
He said the company was planning major maintenance works and the replacement of fuel dispensing pumps at stations where necessary to improve operational efficiency, reduce service delays and enhance the quality and speed of service delivery.
Bozumbil also urged dealers to maintain high standards of operational compliance, saying every interaction with a customer contributes to the reputation and perception of the PETROSOL brand.
He encouraged dealers to adhere to the company’s operational standards and ensure customers consistently receive safe, efficient and professional service.
Delivering value beyond fuel
The Head of Marketing at PETROSOL Platinum Energy PLC, Philip Boamah Assampong, reaffirmed the company’s commitment to delivering value beyond fuel sales.
He said PETROSOL was exploring initiatives to improve customer engagement and loyalty, including value-added services and incentive packages for loyal customers.
“The future of the retail business requires brands to go beyond simply selling fuel and create meaningful experiences and additional value for customers,” he said.
“Our ambition is to ensure that every PETROSOL station becomes more than just a place to buy fuel. We want to create an experience that gives customers a reason to choose PETROSOL, return to PETROSOL and recommend PETROSOL.”
Assampong said the company would continue to strengthen engagement with dealers, customers and other stakeholders to ensure feedback from the field was translated into practical solutions.
Turning feedback into solutions
PETROSOL said the dealers’ engagement formed part of its broader 360-degree stakeholder engagement strategy aimed at maintaining continuous communication among management, dealers, employees and customers.
The company said feedback from the engagements would be used to identify operational gaps, develop solutions and improve service delivery across its network.
The initiative is expected to support PETROSOL’s efforts to strengthen its market position while ensuring customers across Ghana receive consistent service quality at its stations.
As PETROSOL continues its growth and transformation, management reiterated its commitment to working closely with dealers and business partners to strengthen its retail network, protect investments, improve operational efficiency and deliver greater value to customers. Ghana’s $60 Bln Petroleum Hub Not Dependent Solely On Local Crude, PHDC CEO Says
Ghana’s planned $60 billion petroleum hub does not need to be established in an area with readily available feedstock, the chief executive of the Petroleum Hub Development Corporation (PHDC), Dr. Toni Aubynn, said.
Aubynn was responding to concerns over the availability of feedstock, a key requirement for the development of the petroleum hub.
Speaking on the second day of Africa Oil Week 2026 in Accra, Aubynn said while feedstock was critical to the project, it should not be the determining factor in establishing a petroleum hub.
“You don’t need to have feedstock before you establish a petroleum hub. Otherwise Singapore would never have done it. Singapore doesn’t have a drop of oil, but it has a hub. When you go to Rotterdam, Rotterdam doesn’t have a drop of crude petroleum,” he said.
Aubynn said establishing a petroleum hub was ultimately an economic decision that required investors to assess a range of factors, including infrastructure, market access and other conditions necessary for business.
“You balance your factors of production and realise the red carpet and all the opportunities that are in Ghana. Then you come. And you’ll be supported fully by the hub which has been established to do exactly that,” he said.
Aubynn said the PHDC was engaging the Ghana National Petroleum Corporation (GNPC) on potential future crude oil supplies for the proposed petroleum hub in Jomoro, in Ghana’s Western Region.
“We are engaging GNPC for supply. As you know, GNPC is the national oil company; they have the mandate to supply crude, so we are engaging them,” he said.
Aubynn said the hub could also source crude from other oil-producing countries if the economics were viable.
“You can source from Nigeria, from Angola, from anywhere. The key thing is that economics must work and Ghana provides that environment,” he said.
About the Petroleum Hub Project
The Petroleum Hub Project will be located in Jomoro, in Ghana’s Western Region. The hub will comprise three refineries with a total capacity of 900,000 barrels per stream day (BPSD) and five petrochemical plants with a minimum capacity of 90,000 BPSD. Storage tanks with a cumulative capacity of 10 million cubic meters and at least two jetties to support import and export activities.
The project is poised to position Ghana as a leading petroleum and petrochemical hub in Africa, enhancing regional energy security and economic integration.
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.