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.
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+ 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.
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’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.
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 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.
Ag. MD & CEO Mr. Stephen Busieney (Centre) appends his signature to the contract, officially marking the commencement of the agreement between GDC and Shandong Kerui. Looking are Business Development and Ag. GM Strategy and Planning Dr. George Muia (left) and Legal Officer Ms. Charity Zeron (Right).
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.
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 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.
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.
Seplat Energy Plc, a Nigeria-based independent oil and gas company, has increased its liquids production from 14,000 barrels per day in 2010, when it acquired assets from Shell, to about 360,000 barrels per day, Chief Executive Officer Effiong Udofia Okon said.
Gas production has also risen from about 90 million standard cubic feet per day (mmscf/d) over the same period to between 600 million and 700 million mmscf/d, he said.
“From 2010 when Seplat started buying assets from Shell, production was 14,000 barrels of oil per day, gas was 90 mmscf per day. Today we produce about 360,000 barrels of oil liquids per day. So just imagine, from 14,000 barrels to 360,000 barrels. And then on the gas side, you know, Shell old assets, there was about 90 mmscf, today we do roughly about 600-700 mmscf of gas per day. It’s gone up really, really massive,” Okon said.
Engr. Effiong Okon FNSE, FEI (right)
He was speaking during a fireside chat on the Regional Strategic Outlook on the first day of the three-day Africa Oil Week conference in Accra, Ghana.
Speaking about the company’s growth trajectory, Okon said Seplat listed in 2014, raising $530 million, and had since paid $835 million in dividends to investors, a feat he said few independent oil and gas companies had achieved.
“Today we are worth over $5 billion market cap. When I joined Seplat in 2018 we were just under half a billion dollars market cap. So the numbers themselves speak volumes,” he said.
Looking ahead, Okon said Seplat was targeting close to 500,000 barrels of oil equivalent per day (boepd) by 2030 and more than $1 billion in dividends to shareholders.
He said the next phase of growth would be driven by the company’s newly acquired shallow-water assets, where it is restoring integrity, reliability and availability to top-quartile levels, as well as through aggressive seismic acquisition and exploration drilling aimed at replacing and growing reserves.
On gas monetisation, Okon said that while current gas production serves the domestic market, Seplat was exploring export opportunities through floating liquefied natural gas (FLNG).
He cited a recent 200 million standard cubic feet per day gas deal with UTM Offshore, signed in Abuja.
Okon said Seplat had a strong balance sheet, management team, corporate governance structure and board to take advantage of opportunities as they arise.
“We are really, really hungry and we are not just going to grow just looking at existing portfolio. We are well positioned as well, very strong balance sheet, very strong team, corporate governance, strong board to snap whatever comes available anytime from now. I think that’s sort of the growth story of Seplat,” he said.
Africa has the resources and talent to become one of the world’s most important energy growth regions, ExxonMobil Vice President for Exploration Commercial Claudia Napolitano said.
Speaking during a Regional Strategic Outlook session on the first day of the three-day Africa Oil Week in Accra, Ghana, Napolitano highlighted major oil and gas projects across the continent.
She said current production provided a significant platform for future growth through the development of discovered resources in Nigeria, liquefied natural gas (LNG) projects in Mozambique and emerging exploration opportunities across the continent.
“As we look ahead, I’m optimistic Africa possesses the resources, the talent, the opportunity to become one of the world’s most important energy growth regions,” she said.
Napolitano said the path forward would require investment, innovation, collaboration and leadership.
“If we can bring all those elements together, we will not only unlock Africa’s energy potential but also create lasting economic prosperity and energy security for generations to come,” she added.
Nigeria’s Independent System Operator (NISO) has said greater discipline among operators across the Nigerian Electricity Supply Industry (NESI) is essential to achieving a more stable national power grid.
Speaking at a two-day workshop hosted by Mainstream Energy Solutions Limited at its Jebba Hydropower Plant in Niger State, NISO told industry operators that investments in infrastructure must be matched by strict compliance with technical and operational standards.
Mainstream, which operates the Kainji, Jebba and Zungeru hydropower plants, brought together generation and distribution companies, representatives of the National Control Centre (NCC), the Bureau of Public Enterprises (BPE) and other stakeholders to discuss measures to improve grid stability and power supply reliability.
NISO said grid stability would depend not only on infrastructure investments but also on disciplined dispatch, adherence to technical standards, timely sharing of operational information and professionalism across the sector.
Uman Muhammad Umar, Executive Director of Corporate Services at Mainstream Energy Solutions Limited, said interconnected challenges in the power sector should not be addressed in isolation.
“The greater challenge is ensuring that our institutions do not address interconnected problems in isolation, as a more stable grid will require more information sharing, stronger coordination, compliance with agreed standards, investments in the right infrastructure and, importantly, greater coordination across the value chain,” Umar said.
The Managing Director and Chief Executive Officer of NISO, Engr. A.B. Mohammed, said addressing the challenges facing the electricity sector required more than technical interventions.
“It demands accurate and timely operational information, adequate frequency and voltage resources, effective reserve management, strict compliance with the grid code, operational procedures and discipline,” Mohammed said.
Mohammed concluded the workshop with a tour of the Jebba Hydropower Plant, where he praised the transformation undertaken by Mainstream Energy Solutions Limited.
“I am impressed with what I have seen today at this plant and if this is what is happening at all the other utilities in the sector, then we should expect changes in the very near future,” he said.
Mainstream Energy Solutions Limited said it would continue to support platforms that bring together stakeholders to identify challenges and develop solutions aimed at improving electricity supply to Nigerian households and businesses.
The Gambia has raised fuel pump prices for September, citing higher global oil and refined petroleum product prices and continued uncertainty in international energy markets.
Petrol will now sell at D109.80 per litre, diesel at D120 and kerosene at D112.64, the Ministry of Petroleum, Energy and Mines said in a statement on Tuesday.
In August, petrol prices rose to D104.18 per litre from D101.10 in July, while diesel increased to D116.63 from D113.52.
Kerosene rose to D99.62 per litre from D95.54.
The ministry attributed the September adjustment to continued increases in international crude oil and refined petroleum product prices.
It said conflict and instability in the Middle East had added uncertainty to global oil markets and heightened concerns about potential disruptions to production, refining and transportation.
“As The Gambia relies heavily on imported petroleum products, developments in international markets have a direct impact on the cost of fuel in the country,” the ministry said.
The government acknowledged that higher fuel prices would put additional pressure on households, businesses and transport operators, but said the adjustment reflected prevailing international market conditions and was necessary to maintain a steady supply of petroleum products.
The ministry said the government would continue to monitor developments in international oil markets and take measures when necessary under the country’s established petroleum pricing framework.
“The Ministry appreciates the understanding and cooperation of the public and all stakeholders as the Government continues to respond to challenges in the global energy market,” it said.
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.
