Nigeria’s electricity regulator on Monday dissolved the board of Kaduna Electricity Distribution Plc (KAEDC) over cumulative market obligations of 456.5 billion naira (equivalent of $335,230,402.04) and prolonged financial, operational and regulatory failures.
The Nigerian Electricity Regulatory Commission (NERC) said it exercised its powers under Sections 75 to 79 of the Electricity Act 2023.
KAEDC’s cumulative market obligations since its privatisation stood at about 456.5 billion naira as of May 2026, comprising 415.5 billion naira owed to Nigerian Bulk Electricity Trading Plc (NBET) and 41 billion naira owed to the Nigerian Independent System Operator (NISO), NERC said.
The company also had 14.26 billion naira in other non-market statutory and third-party obligations, the regulator said in Order No. NERC/2026/086, titled “Order on the Regulatory Intervention in Kaduna Electricity Distribution Plc Pursuant to the Electricity Act 2023“, which took effect on Monday, Aug. 10.
NERC said KAEDC’s financial position deteriorated after ASI Engineering Limited took over its operations in June 2024, with the company accumulating more than 118.6 billion naira in additional market debt between then and May 2026.
The regulator said the deterioration occurred despite government and regulatory interventions aimed at improving the company’s financial and operational performance.
“KAEDC is in a grave situation characterised by prolonged regulatory and market default, inadequate investment, weak operational and commercial performance, insufficient assets relative to liabilities, and inability to present a credible pathway to sustainable recovery,” NERC said.
The commission faulted KAEDC’s core investors for failing to provide NBET and NISO with acceptable payment bank guarantees as required under their vesting contract and the market rules governing Nigeria’s electricity supply industry.
It also said the core investor had failed to present a credible plan for settling the liabilities.
KAEDC paid 41.93% of its adjusted market invoices in 2025, resulting in a market shortfall of about 46.71 billion naira, NERC said.
The regulator attributed the poor remittance performance largely to KAEDC’s high aggregate technical, commercial and collection losses, which stood at 71.88% in 2025.
The losses meant the company could account for only about 28.2% of the electricity it received for delivery to end-use customers during the year, NERC said.
The regulator also said KAEDC failed to meet its capital investment commitments. Its actual capital expenditure in 2025 was about 2.48 billion naira, compared with a minimum requirement of 24.51 billion naira, representing about 10% of the prescribed investment level.
Meter coverage remained between 33.26% and 35.54% since ASI took over the company, despite interventions aimed at increasing metering across Nigeria’s electricity distribution companies, NERC said.
The regulator said KAEDC had received about 6.58 billion naira in regulatory derogations between January 2024 and May 2026, as well as about 53.79 billion naira in federal government interventions since July 2018.
Despite the support, the company failed to demonstrate a sustainable turnaround, NERC said.
“The continued underperformance therefore poses material risk to end-use customers, creditors, market stability and continuity of electricity service,” the commission said.
NERC said its analysis showed that KAEDC was facing severe liquidity constraints and that its commercial viability and continued participation in the electricity market posed a systemic risk to the Nigerian Electricity Supply Industry.
The regulator had previously notified KAEDC’s major shareholders and Afreximbank of the impending intervention and asked them to submit a credible recovery plan.
Representatives of ASI Engineering, NERC, the Bureau of Public Enterprises (BPE), Afreximbank and Fidelity Bank met on June 11 to discuss proposals to rescue the utility, NERC said.
The regulator said the meeting established that ASI had not complied with conditions attached to its acquisition of a 60% majority stake in KAEDC and had failed to meet BPE requirements for finalising the shareholding arrangements.
ASI subsequently requested an extension of up to 24 months to stabilise KAEDC’s cash flow, prioritise critical investments and improve market remittances.
NERC said the request was rejected after the commission, BPE and Afreximbank determined that a further extension was not justified given ASI’s lack of progress since taking effective control of the company in June 2024.
“The commission, BPE and Afrexim considered this request against the backdrop of ASI being in effective control of KAEDC since June 2024 without a corresponding improvement in the utility’s financial and operational performance, and determined that a further extension of comparable duration was not justifiable in view of the continuing risk to end-use customers and the market,” NERC said.
Henos Energy has commissioned what it says is Ghana’s first drive-through cylinder distribution outlet at East Legon Hills in Accra, as the company seeks to make liquefied petroleum gas (LPG) distribution more convenient and support the government’s 24-hour economy initiative.
The facility operates under Ghana’s Cylinder Recirculation Model (CRM), allowing motorists to drive in and exchange empty LPG cylinders for filled ones without leaving their vehicles.
The model is intended to reduce waiting times and improve access to LPG, including outside traditional working hours.
Speaking at the commissioning ceremony on Friday, the Director of Gas at the National Petroleum Authority (NPA), Akua Ntiwaa Kwakye, said the facility demonstrated how innovation in the downstream petroleum sector could support the government’s 24-hour economy initiative while improving convenience and safety for consumers.
The NPA’s Head of Gas and Commercial Regulation, Obed Kraine Boachie, described the facility as a timely innovation that would make LPG cylinder exchange more convenient for consumers.
He said the initiative aligned with the government’s 24-hour economy agenda and would contribute to improving LPG accessibility and service delivery.
Henos Energy Chief Executive Henry Osei Yaw said the company plans to establish 30 drive-through cylinder distribution outlets across Ghana, starting with five in Accra before expanding to the Northern Region and other parts of the country.
He said the concept was developed in response to customer feedback received over the past five years.
“Our customers have consistently told us they wanted a complete LPG solution that is accessible and convenient. That is what inspired the drive-through concept,” he said.
The outlets will also stock LPG cylinders, regulators and other accessories, Osei Yaw said.
He said the company would accept damaged LPG cylinders from customers and replace them with safe cylinders under the CRM.
Henos Energy is also developing a digital platform with mobile money service providers that will allow customers to order LPG through a mobile application, he said.
Osei Yaw thanked the NPA and the Chamber of Oil Marketing Companies (COMAC) for their support for the project.
The commissioning comes as Ghana seeks to expand access to LPG and improve the efficiency and safety of its downstream petroleum distribution system.
Also present at the ceremony were NPA Director of Corporate Affairs Maria Edith Oquaye and Head of Business Development Ossei Yaw Danquah.
A Ukrainian drone attack on a city in Russia’s Tatarstan region killed 12 people and wounded at least another 39 in a massive strike that also hit one of the most technologically advanced oil refineries in Russia.
Radmir Belyayev, the mayor of the city of Nizhnekamsk, which hosts an oil refining hub with two refineries and a petrochemical plant, announced the death toll on Monday, following one of the deadliest attacks on Russian energy infrastructure since the beginning of the war four and a half years ago.
Tatneft’s Taneco refinery, one of the most technologically advanced in Russia, was hit in the attack, according to multiple unverified reports and videos on social media.
This year, Ukraine has pursued a relentless drone campaign targeting Russian oil refining infrastructure and oil supply routes to force Putin into negotiating peace.
Late last month, Ukraine struck one of Russia’s biggest refineries, Lukoil’s Volgograd processing facility. Ukrainian forces hit the Volgograd refinery, which has the capacity to process 300,000 barrels per day (bpd) of crude and produces gasoline, diesel, and jet fuel.
The renewed drone attacks on refineries from Ukraine came after several weeks of a lull, during which Ukrainian forces focused on hitting tankers in the Sea of Azov and the Black Sea.
The brief respite in the attacks on refineries allowed some units to resume operations after repairs. This past weekend, Russia’s Deputy Prime Minister Alexander Novak said that the fuel crisis in Russia had started to ease as some refineries have restarted operations.
However, Russia at the end of July extended the ban on gasoline and diesel exports from July 31 to the end of the year in a sign that the situation has not improved too much.
Amid peak demand season, Russia has been suffering from gasoline and diesel shortages for nearly three months, as Ukraine’s drone campaign to strike Russian refineries forced many large processing sites offline in the spring and early summer.
Zambia has launched construction of the $84.2 million Kasama 100-megawatt (MW) solar photovoltaic (PV) project, as the country steps up efforts to diversify its energy mix and reduce its dependence on hydropower.
The groundbreaking ceremony was held at Senior Chief Mwamba’s Sombe Village in Kasama.
President Hakainde Hichilema, in a speech delivered by Secretary to the Cabinet Patrick Kangwa, said the project demonstrates the government’s commitment to expanding renewable energy generation as Zambia responds to the impact of climate change on its power sector.
” The lessons from climate change are clear. We must diversify our energy sources to build a resilient and secure electricity supply that supports national development,” Hichilema said.
He said the Kasama solar project would contribute to the government’s target of adding 10 gigawatts (GW) of electricity generation capacity over the next five years.
Zambia has historically relied heavily on hydropower for electricity generation, leaving the power sector vulnerable to drought and declining water levels at major hydroelectric facilities.
Hichilema said reliable electricity was critical to supporting the country’s mining sector, expanding manufacturing and advancing industrialisation.
He called for prudent management of Zambia’s energy resources to ensure that they support economic development and long-term energy security.
The president urged the engineering, procurement and construction (EPC) contractor to complete the project within the agreed 12-month timeframe while maintaining the required quality standards.
He also directed that the project comply fully with Zambia’s environmental laws and regulations.
Hichilema called on local communities to protect the solar infrastructure from vandalism and thanked Senior Chief Mwamba for supporting the project and making land available for its development.
The Kasama project adds to Zambia’s efforts to expand solar power generation as the country seeks to strengthen electricity supply and reduce its exposure to hydropower shortages caused by drought.
ZESCO Managing Director Eng. Justin Loongo reaffirmed the corporation’s commitment to delivering sustainable energy solutions.
“As we break ground today, we reaffirm our commitment to delivering reliable, sustainable and affordable electricity that will power homes, businesses, industries and communities for generations to come,” he said.ZESCO Managing Director Eng. Justin Loongo
Bui Power Authority (BPA), Ghana’s state-owned power producer, posted a net profit of $66.2 million on revenue of $145.9 million and generated 1,438 gigawatt-hours (GWh) of electricity, exceeding its annual target by 6.5%, its chief executive, Ing. Ekow Eduakwa Sam, said.
Despite the profit, Ing. Sam said cash flow remained constrained by high accounts receivable from the Electricity Company of Ghana (ECG), the authority’s major off-taker, limiting its ability to support expansion of its power generation business and critical operations.
Addressing stakeholders at the company’s annual general meeting on Friday, Sam said the Bui Hydroelectric Plant maintained an average availability rate of 95%, underscoring the reliability of the authority’s main generation asset.
“Despite prevailing cash flow constraints, BPA continued to focus on the expansion of its solar PV portfolio,” Sam said.
Operational solar PV capacity increased to 105 megawatts peak (MWp) from 55 MWp, he said. Hydropower remained the authority’s main source of generation, producing 1,339 GWh, or 97% of total output.
Feasibility studies for proposed hydropower projects on the Tano, Pra and Ankobra rivers also made significant progress during the year, Sam said.
The authority also advanced its digital transformation programme through a comprehensive cybersecurity risk assessment and the development of a cybersecurity solutions roadmap.
Other initiatives included the rollout of the BPA Work Point corporate intranet and completion of the Corporate Data Centre and Disaster Recovery Infrastructure Project.
Looking ahead to 2026, BPA will focus on proactive plant maintenance, system optimisation and renewable energy expansion, Sam said.
The authority expects to add about 100 MWp of solar PV capacity during the year, taking operational solar PV capacity to about 205 MWp.
BPA also plans to develop 300 MWp of dispatchable solar PV integrated with large-scale battery energy storage systems by the end of 2028, Sam said.
Delivering remarks on behalf of Board Chairman Amb. Kwadwo Nyamekye-Marfo, board member Hon. Alhaji Mohammed Kwaku Doku said BPA’s 2025 performance demonstrated its capacity to deliver on its mandate while laying the foundation for its next phase of growth, particularly in renewable energy.
Energy and Green Transition Minister Hon. Dr. John Abdulai Jinapor commended BPA for its performance and urged management to maintain financial prudence, transparency, accountability and sound governance as the authority advances its expanded mandate under Act 1046 and contributes to Ghana’s renewable energy agenda.
Iran has effectively rejected expectations of an imminent reopening of the Strait of Hormuz, laying out sweeping conditions that would require the United States to fundamentally change its policy toward Tehran.
In a statement issued by Mohammad Baqer Zolghadr, secretary of Iran’s Supreme National Security Council, Tehran said the strait would remain closed until Washington ends what Iran described as its hostile behavior.
The six demands include an end to U.S. threats and military action, a permanent end to the war, withdrawal of U.S. naval and air forces from around Iran, compensation for war damages, sanctions relief and the release of frozen Iranian assets.
The statement is significant because it indicates that the much-discussed U.S.-Iran draft agreement does not, at least from Tehran’s perspective, amount to a deal to reopen Hormuz.
Any agreement would ultimately require approval from Iran’s Supreme National Scecurity Council.
The shipping data also points to continued disruption.
Just 33 vessels transited Hormuz from Monday through Thursday, down from 50 during the same period the previous week, while only six crude tankers have reportedly cleared the strait outbound so far this week.
The decline comes despite expectations that Iran and Oman were close to an arrangement governing a shipping corridor.
That uncertainty has kept the energy market on edge. Iran has also been considering restrictions on U.S. and Israeli vessels, while previous proposals for transit fees have added another layer of uncertainty.
The European Union has already accused Iran’s IRGC Navy of enforcing a screening and toll system for vessels using the strait.
Washington, however, is presenting a considerably more optimistic picture.
Vice President JD Vance said the U.S. expects oil and gas flows from the Gulf to eventually return to pre-war levels.
He also said Iran had told Washington it had no plans to impose tolls, although the U.S. does not fully trust Tehran’s assurances.
That leaves the market facing two very different interpretations of the same negotiations. Washington is talking about restoring normal energy flows. Tehran is demanding major political, military and financial concessions before reopening Hormuz.
For oil traders, the key question is therefore no longer simply whether talks are taking place, but whether the two sides are actually negotiating the same outcome.
Ghanaians are seeking to establish which public officials and lawmakers were allegedly paid more than $1 million in bribes in connection with a power plant deal between the government and Turkish energy company Aksa Enerji Uretim A.S., following the conviction in the United States of former Goldman Sachs banker Kwaku Asante Berko.
Berko, 52, who is also a former Managing Director of Tema Oil Refinery was convicted by a federal jury in Brooklyn of conspiring to violate the U.S. Foreign Corrupt Practices Act (FCPA), violating the FCPA and conspiring to commit money laundering in connection with the development and financing of the power plant in Ghana.
The case has renewed questions in Ghana about the identities of officials who allegedly received payments.
Social media users have linked a former power minister and a former chairman of parliament’s Mines and Energy Committee to the scheme, although the allegations circulating online do not by themselves establish that either man received a bribe.
According to U.S. court filings, Berko and his co-conspirators sought to pay more than $1 million to multiple Ghanaian government officials to secure approvals for the project.
Berko, a Ghanaian-American dual citizen and former executive director in Goldman Sachs’ investment banking division, was responsible for securing and managing a deal between Ghana and Aksa, a Goldman Sachs client, for the construction and financing of a power plant during Ghana’s energy crisis.
The case has also drawn renewed attention to the role of Ghana’s Ministry of Power, which was created in 2014 by then-President John Mahama as the country struggled with severe power shortages, known locally as “dumsor”.
Mahama appointed Kwabena Donkor as the first minister of the newly created ministry.
Donkor resigned in December 2015 as the power crisis persisted.
Alleged payments
According to the U.S. court filings, Berko and his co-conspirators established an entity called Ghana Consultancy Company to facilitate payments linked to the scheme.
The Turkish energy company transferred $500,000 to Ghana Consultancy Company through a Ghanaian bank on April 20, 2015, the filings say.
The documents say Berko and his co-conspirators subsequently arranged a trip to Turkey for officials from Ghana’s Ministry of Power, the Public Utilities Regulatory Commission and Ghana Grid Company Ltd. to inspect equipment for the proposed plant.
A five-member delegation travelled to Turkey, and each member was paid $5,000, according to an email exchange between Berko and his co-conspirators cited in the court filings.
The filings also say a Turkish holding company transferred $1 million to Ghana Consultancy Company on Sept. 8, 2016. Additional transfers were made to Berko’s Ghanaian bank account between Sept. 28 and Dec. 20, 2016, according to the documents.
Berko also received $500,000 from an account belonging to the Turkish energy company on Feb. 14, 2016, the filings say, about a month before his employment with Goldman Sachs ended.
The power plant became operational in 2017.
Payments to officials
Prosecutor Katherine Raut told the federal jury in Brooklyn during opening arguments that Berko and associates outside Goldman Sachs had conspired to pay more than $1 million in bribes to high-ranking Ghanaian government officials to secure approval for the development and financing of the plant.
According to evidence presented at trial, Berko and his co-conspirators discussed paying $1 million to Ghana’s minister of power in April 2015.
The minister was responsible for securing key approvals for the project, according to the prosecution.
They also discussed paying $250,000 to the minister’s senior adviser.
The prosecution said bribes were also paid to five Ghanaian officials during the trip to Turkey.
After Ghana’s parliament ratified the agreement with Aksa in July 2015, Berko and his co-conspirators exchanged emails discussing further payments, according to the court filings.
In August 2015, they discussed $250,000 in payments to various individuals, including $46,000 to members of parliament who had ratified the agreement, the filings say.
Berko personally made the $46,000 payment, according to the prosecution.
The co-conspirators also referred to an alleged recipient who was waiting for the “holy rain”, which they used as a reference to a bribe payment, the filings say.
Concealing the scheme
According to the prosecution, Berko concealed the alleged bribery scheme from Goldman Sachs’ compliance department, which was responsible for reviewing the transaction.
He used a personal email account rather than his Goldman Sachs account to discuss the deal and the alleged payments and instructed his co-conspirators to do the same, prosecutors said.
The court filings say Berko and his co-conspirators used shell companies, sham invoices, nominee account holders and cash withdrawals to conceal and launder payments.
Payments allegedly connected to the scheme were routed through U.S. and foreign bank accounts, according to the prosecution.
Goldman Sachs ultimately withdrew from the transaction because of corruption concerns.
Conviction
The verdict followed a nine-day trial before U.S. District Judge Diane Gujarati.
Berko has been remanded pending sentencing and faces up to 30 years in prison.
The verdict was announced by Joseph Nocella Jr., U.S. Attorney for the Eastern District of New York; A. Tysen Duva, assistant attorney general of the Justice Department’s Criminal Division; and James C. Barnacle Jr., assistant director in charge of the FBI’s New York field office.
“The defendant abused his access to high-level foreign government officials and his platform as an investment banker at a prestigious American firm to line his own pockets with millions of dollars,” Nocella said in a statement.
Duva said Berko had abused his position at a major U.S. investment bank by helping to bribe Ghanaian officials so that he and his co-conspirators, including senior executives at a Turkish company, could profit.
Barnacle said the verdict highlighted the importance of cooperation between U.S. and international law enforcement agencies.
Nocella also thanked British authorities, the U.K. National Central Bureau for INTERPOL, the U.S. Embassy in London, the U.S. Department of Justice’s Office of International Affairs and the U.S. Marshals Service for assistance in securing Berko’s arrest and extradition.
The U.S. government’s case was handled by the Business and Securities Fraud Section of the U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s Criminal Division’s Fraud Section.
The prosecution team included Assistant U.S. Attorneys Jessica Weigel, Nick M. Axelrod and Tara McGrath, as well as Assistant Chief Katherine Raut and Senior Trial Attorney Katherine Nielsen.
Nigeria’s upstream oil regulator has approved field development plans (FDPs) worth more than $57 billion since 2024, with 22 major offshore projects expected between 2026 and 2030 that could attract an additional $30 billion to $50 billion in investment.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, said the approvals had already led to some final investment decisions and would help raise production, create jobs and strengthen the country’s energy security.
“Since 2024, the NUPRC has approved over $57 billion in field development plans, some of which have translated into final investment decisions,” Eyesan said in a keynote address delivered on her behalf by Executive Commissioner for Development and Production Enorense Amadasu at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition (NAICE 2026) in Lagos on Wednesday.
“Twenty-two major offshore projects are expected between 2026 and 2030, with an estimated investment potential of $30 billion to $50 billion,” she said.
Eyesan said the investments would not only boost oil and gas production but also create jobs, expand infrastructure, strengthen energy security and reinforce Nigeria’s position as an attractive destination for upstream investment.
She said Nigeria was building a resilient energy sector by maintaining a strong pipeline of exploration opportunities alongside the development of its proven reserves.
Since 2022, successive licensing rounds have opened access to some of Nigeria’s most prospective oil and gas acreage, she said.
Eyesan cited the 2025 licensing round, in which 31 companies emerged as successful bidders for 37 oil and gas blocks after what she described as a transparent, data-driven and technology-enabled evaluation process.
Preparations are already under way for the 2026 licensing round, which she said would further demonstrate that “investment certainty is no longer an aspiration; it is becoming an enduring feature of our regulatory framework.”
Eyesan said inadequate infrastructure remained a major constraint on Africa’s energy potential, but Nigeria was addressing the challenge by expanding gas gathering systems, processing facilities, pipelines and export infrastructure.
The country is also promoting shared facilities, open access, third-party access and field tie-backs to reduce costs, accelerate project delivery and bring stranded oil and gas resources into production, she said.
She added that stronger collaboration among government agencies, security forces, operators, host communities and private sector partners, alongside the Host Community Development Trust, had improved the protection of critical energy infrastructure and made Nigeria’s upstream sector more resilient.
The Ghana National Petroleum Corporation (GNPC) said it has engaged the Tema Traditional Council on the proposed Tema City Gate Project as Ghana seeks to strengthen its natural gas infrastructure to support industrial growth and enhance long-term energy security.
The state-owned oil company said a delegation from GNPC recently met with the Tema Traditional Council to discuss the project, which is intended to improve the country’s natural gas transmission and distribution network.
Once completed, the Tema City Gate Project is expected to improve the reliability and efficiency of gas supplies to industries and other consumers, supporting economic growth and strengthening Ghana’s energy security, the company said.
GNPC said the engagement provided an opportunity to explain the strategic importance of the project and reaffirm its commitment to developing the project in consultation with host communities.
Social Performance Manager Patience Lartey said the meeting marked an important step toward building the trust needed to support the successful implementation of the project.
“We recognise that the successful implementation of a project goes beyond engineering and construction. Our engagement with the Traditional Council is intended to discuss the proposed project, better understand the community’s perspectives and explore opportunities for continued collaboration throughout its lifecycle,” Lartey said.
She added that stakeholder engagement remains central to the company’s approach to delivering projects that support national development priorities while addressing local community needs.
GNPC said the engagement forms part of its broader efforts to collaborate with stakeholders as it expands energy infrastructure and develops Ghana’s petroleum resources.
Africa-focused independent oil and gas producer, Tullow Oil Plc said it is progressing a rig contract for a new offshore drilling campaign in Ghana that could include up to 10 wells starting in the second half of 2027, as the company seeks to expand production from its Jubilee and TEN fields.
The London-listed oil producer said the proposed 2027-28 drilling programme, known as Campaign 2, will be supported by high-quality subsurface data from recently acquired 4D seismic and Ocean Bottom Node surveys, which have improved well targeting during the current drilling campaign.
Tullow said three production wells brought onstream under its ongoing 2025-26 drilling programme have delivered output in line with or above expectations. A final well, the J73-WI water injector, is scheduled to come onstream in September.
The company said it is also advancing a pipeline of near-term projects aimed at converting additional resources into reserves. These include subsea pumps, further drilling under a planned Campaign 3, gas monetisation projects and well intervention activities at the Jubilee and TEN fields.
Tullow said interpretation of the 4D seismic data has provided new reservoir insights that improved target selection and contributed to stronger production performance.
Chief Executive Ian Perks said the company’s operational progress positions it to continue executing its strategy and creating value for stakeholders.
Tullow expects group working-interest production to finish 2026 at the upper end of its guidance range of 34,000 to 42,000 barrels of oil equivalent per day (boepd), supported by continued high asset reliability across its offshore Ghana operations.
VAALCO Energy said it has successfully drilled, completed and brought the ETBNM-3 gas supply well into production in the crestal portion of the North Tchibala structure, targeting the Dentale D-15 reservoir.
In an operational update, the company said it is evaluating the potential of shallower hydrocarbon-bearing intervals encountered in the Dentale D-9 and D-12 reservoirs, which appear to contain wet gas and light oil.
VAALCO said the drilling rig was moved on July 27 to a new slot on the SEENT platform to drill the ETSEM-3PH pilot hole and development well.
The company said the pilot well is designed to test the original field oil-water contact and evaluate the potential of the underlying Dentale formation. The well is planned to have a 300-metre completion interval within the Gamba sands.
Chief Executive Officer George Maxwell said the new gas well is not expected to increase production or sales directly but should reduce fuel costs by replacing higher-priced diesel used in field operations.
“The newly successful gas well won’t add production or sales directly but will reduce costs associated with using higher-priced diesel. This should improve field uptime and could support higher production from existing wells over time,” Maxwell said.
He added that the company remains focused on growing production, reserves and shareholder value.
Brazil’s state-controlled oil company Petrobras said it had discovered natural gas at the Sandia-1 exploratory well in the offshore GUA-OFF-0 block in deep waters off Colombia.
The Sandia-1 well is located about 42 km (26 miles) from the Colombian coast in waters 1,251 metres (4,104 feet) deep.
It lies 18 km from the Sirius-1 discovery and Sirius-2 appraisal wells, and 9 km from the Copoazu-1 discovery well.
Petrobras said drilling at the well began on June 12, 2026, and reached its target depth on July 29, 2026.
The company said gas-bearing intervals identified during drilling are being evaluated through well logging, with laboratory analysis to follow in order to determine the reservoir’s characteristics.
The discovery forms part of Petrobras’ strategy to replenish its oil and gas reserves by exploring new frontier areas and developing partnerships, the company said.
Petrobras, through its subsidiary Petrobras International Braspetro B.V. – Colombia Branch (PIB-COL), operates the GUA-OFF-0 consortium with a 44.44% stake. Colombia’s Ecopetrol holds the remaining 55.56% interest.
Ghana’s main opposition party, the New Patriotic Party (NPP), has questioned the fiscal basis of President John Dramani Mahama’s temporary GH¢2-per-litre diesel price reduction, describing it as an unsustainable and unbudgeted political intervention.
“Even if the full GH¢2.00 reduction is passed through at the pump, diesel would still be about 11.4% above its January 2025 level. So let us be accurate about what the intervention is. It cushions part of the increase that has already happened,” the NPP said.
The Minority said the relief, which took effect on Tuesday, Aug. 4, is only a short-term measure that does not address Ghana’s deeper energy sector challenges.
Speaking at a press briefing in Parliament on Wednesday, George Kwame Aboagye, Ranking Member of Parliament’s Energy Committee, and Kojo Oppong Nkrumah, Chairman of the NPP Policy Coordination Committee, called on the government to explain how the intervention is being financed.
“We therefore put the following questions to the government. First, which specific margins, levies or taxes are being reduced to finance the GH¢2.00 diesel relief, and what is the total revenue loss?” the opposition said.
The NPP argued that the government must disclose which margins, levies or downstream taxes are being reduced to absorb the price cut and estimate the total revenue forgone during the one-month intervention.
The party said diesel prices, which stood at about GH¢15.49 per litre in January 2025, remain elevated despite the concession, with pump prices still around GH¢19.26 per litre. It also cited the passage of the Energy Sector Levies (Amendment) Bill, 2026, by Parliament on July 31, saying higher fuel-related charges could offset the benefit of the diesel relief.
The Minority also referred to the World Bank’s downgrade of Ghana’s energy sector recovery programme, saying it reflected rising sector debt, weak tariff structures and unpredictable regulatory interventions.
It argued that the temporary diesel price cut, if not properly budgeted, could worsen the fiscal pressures facing the energy sector.
The NPP also opposed the Public Utilities Regulatory Commission’s recent 2.45% electricity tariff increase, saying utility costs should not be rising while international fuel input prices have eased.
The party called for a transparent mechanism to ensure the diesel price reduction leads to lower transport fares and reduced prices of goods and services.
It also called for monthly audits of energy sector revenue collections and stronger parliamentary oversight to help improve fiscal discipline and stability in the sector.
Africa-focused independent oil and gas producer Tullow Oil Plc has raised its 2026 free cash flow guidance after stronger-than-expected production from its offshore Ghana fields and higher realised oil prices boosted first-half performance.
The London-listed company said group working interest production averaged about 43,700 barrels of oil equivalent per day (boepd) in the first six months of 2026, including around 7,500 boepd of gas.
Gross production from the Jubilee field averaged about 70,800 barrels of oil per day, while output from the TEN field averaged about 14,800 barrels per day, both exceeding the company’s expectations.
Tullow said three new production wells brought onstream under its 2025-26 drilling campaign performed in line with or above expectations, supported by reservoir insights from 4D seismic surveys.
Floating production, storage and offloading (FPSO) uptime at the Jubilee and TEN fields averaged more than 99% during the period.
Chief Executive Ian Perks said the company’s operational performance, together with higher-than-expected oil prices, had strengthened its financial outlook.
“We have delivered a strong operational performance in the first half of 2026, driven by our new wells performing ahead of expectations, production optimisation activities delivering tangible benefits and consistently high uptime across our assets,” Perks said.
First-half sales revenue rose to about $496 million, including approximately $47 million in hedge costs. Average pre-hedge realised prices for six crude cargoes were about $95 per barrel, while post-hedge realised prices averaged about $86 per barrel.
The company generated pre-financing cash flow of about $135 million and free cash flow of about $4 million after interest payments and one-off refinancing costs.
Gross debt fell by about $100 million to $1.6 billion at the end of June, while net debt stood at about $1.4 billion.
Reflecting the stronger performance, Tullow raised its full-year free cash flow guidance to between $170 million and $250 million at an oil price range of $70-$100 per barrel, up from its previous forecast of $70 million to $175 million.
The company said it now expects 2026 production to be at the upper end of its guidance range of 34,000-42,000 boepd and plans to lift 14 crude cargoes during the year, two more than previously forecast.
The outlets will also stock LPG cylinders, regulators and other accessories, Osei Yaw said.
He said the company would accept damaged LPG cylinders from customers and replace them with safe cylinders under the CRM.
Henos Energy is also developing a digital platform with mobile money service providers that will allow customers to order LPG through a mobile application, he said.
Osei Yaw thanked the NPA and the Chamber of Oil Marketing Companies (COMAC) for their support for the project.
The commissioning comes as Ghana seeks to expand access to LPG and improve the efficiency and safety of its downstream petroleum distribution system.
Also present at the ceremony were NPA Director of Corporate Affairs Maria Edith Oquaye and Head of Business Development Ossei Yaw Danquah.
