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ExxonMobil Signals $2.9B Q1 Earnings Bump On Higher Oil Prices
U.S. Oil & Gas giant ExxonMobil (NYSE:XOM) has signaled that surging oil and gas prices triggered by the conflict with Iran could increase its first-quarter upstream earnings by up to $2.9 billion, with the oil price boost expected to outweigh production disruptions in the Middle East.
Exxon estimates that disruptions to its assets in the United Arab Emirates and Qatar will lower its global oil-equivalent production by 6% in the first quarter compared to Q4 2025, but higher commodity prices are projected to provide a profit lift between $2.1 billion and $2.9 billion compared to the previous quarter.
Attacks in Qatar impacted two LNG trains, which represented roughly 3% of Exxon’s 2025 upstream production.
Exxon is scheduled to report its full Q1 2026 results on May 1, 2026.
Exxon has announced that downstream earnings could face a temporary reduction of $3.3 billion to $5.3 billion, primarily due to “unusually large, negative timing effects” related to derivatives and shipping.
The company also expects to record a one-time impairment of $600 million to $800 million due to war-related shipping disruptions.
However, Exxon CFO Neil Hansen has stated that these effects are temporary, and profits will “unwind” and transform into material gains in later quarters once physical shipments reach customers.
Meanwhile, Exxon could also benefit from non-fossil fuel tailwinds. UBS has reiterated its Buy rating and $171 price target for ExxonMobil (XOM), driven by anticipated profit gains from a global helium shortage.
According to the Wall Street analyst, the disruption of Middle Eastern supply positions enables Exxon to gain from higher prices and increased demand for its secure, non-Qatari helium supply after military strikes on Qatar’s Ras Laffan complex in March 2026 sidelined approximately 31% of global helium production.
The closure of the Strait to Western commercial shipping has effectively cut off Middle Eastern helium exports, which must be transported in specialized cryogenic ISO containers by sea.
Exxon’s LaBarge, Wyoming, facility is seen as being critical to meeting global demand for high-tech industries, including semiconductors and medical imaging.
On Wednesday, a tentative and highly fragile U.S.-Iran ceasefire deal saw Brent crude plunge to $92/barrel and reports emerge of two vessels braving the Strait of Hormuz in a test-case for a sustainable cessation of hostilities that traders will likely be eyeing with a fair amount of skepticism.
Iran Agrees To Reopen Strait Of Hormuz Amid Temporary Ceasefire Deal
Iran has agreed to allow the reopening of the strategic Strait of Hormuz for a limited period, following a decision by the United States to suspend attacks on the country’s power infrastructure on Tuesday.
The breakthrough comes after Donald Trump announced a two-week suspension of planned U.S. military action against Iran, contingent on the immediate reopening of the strait. The temporary truce is being described by officials as a “double-sided ceasefire,” requiring simultaneous compliance from all parties.
Under the arrangement, Iran will coordinate maritime traffic through its armed forces to ensure safe navigation, while the U.S. has indicated it may assist in managing congestion caused by weeks of disrupted shipping.
Reacting to the news, Iran’s Foreign Minister, Abbas Araghchi, said Tehran would permit safe passage through the critical waterway for two weeks. The announcement forms part of a broader de-escalation arrangement involving the United States and Israel, following intense diplomatic efforts led by regional mediators.
According to Araghchi, Iran is also prepared to “suspend defensive operations” within the same timeframe, provided that opposing forces halt their strikes.
The Strait of Hormuz, located between Iran and Oman, is one of the world’s most vital shipping routes, handling roughly 20 percent of global oil exports. Its disruption in recent weeks had triggered sharp increases in oil prices and heightened fears of a prolonged global energy crisis.
Tensions had escalated after Iran imposed restrictions on vessels linked to countries it accused of participating in military aggression, particularly the United States and Israel. Tehran maintained that the measures were defensive and targeted, rather than a full closure of the waterway.
The standoff led to a backlog of oil tankers and significant disruptions to global energy supply chains, with millions of barrels of crude stranded in the region awaiting clearance.
The agreement follows last-minute mediation efforts involving Pakistan, Egypt, and Turkey, which helped avert a broader military escalation.
Global markets responded swiftly to the announcement, with oil prices falling and investor confidence improving amid hopes that the temporary arrangement could pave the way for a longer-term resolution.
Despite the breakthrough, Iranian officials have cautioned that the pause is conditional and does not represent a permanent end to the conflict. Tehran has warned it will resume defensive actions if attacks recommence.
Negotiations are expected to continue in the coming days, as both sides explore the possibility of a more durable ceasefire agreement.
Kenya: Gov’t Orders Firm Linked To Substandard Petrol Imports To Withdraw Invoices, Export Fuel
The Kenyan government has ordered One Petroleum Ltd, the company at the centre of a substandard petroleum importation scandal that resulted in the arrest and resignation of three senior government officials, to withdraw its invoices and export the product out of the country, stating that the shipment posed a risk to fuel supply stability and would have significantly increased pump prices.
Mr Mohamed Liban, Principal Secretary for the State Department for Petroleum; Mr Joe Sang, Managing Director of KPC; and Mr Daniel Kiptoo Bargoria, Director-General of the Energy and Petroleum Regulatory Authority (EPRA), resigned after they were arrested last Thursday for breaching procurement procedures in the importation of substandard petroleum products into the country.
A statement issued by the Ministry of Energy and Petroleum on Tuesday, April 7, said Kenya entered into master framework agreements on March 10, 2023, for the supply of super petrol, diesel, and jet fuel/kerosene under a government-to-government (G-to-G) arrangement with Aramco Trading, Fujairah FZE, ADNOC Global Trading Limited, and Emirates National Oil Company (Singapore) Private Limited, anchored in the Petroleum (Importation) Regulations, 2023.
The ministry said the arrangement has supported the steady supply of refined products locally and regionally and helped protect foreign exchange stability. It added that the framework has also enhanced price stability and the integrity of product quality along the supply chain.
However, it said a 60,000-metric-tonne consignment of super petrol was recently imported into the country “in contravention of the procedures” set out under the G-to-G contractual framework with international suppliers.
The ministry said the shipment was priced at Ksh198,000 per metric tonne, compared to Ksh140,000 per metric tonne under the G-to-G arrangement—an increase of Ksh58,000 per metric tonne—which it said would have resulted in an approximate rise of Ksh14 per litre in pump prices on that consignment alone.
“Consequently, the Government, through the Ministry of Energy and Petroleum, and in addition to the measures already undertaken, has now directed that,” the statement read, before outlining actions to be taken.
The ministry said One Petroleum Ltd, which it identified as the importer that invoiced oil marketing companies, was directed to immediately withdraw all invoices and issue credit notes.
It further directed that oil marketing companies should neither pay the invoices nor uplift the product from the consignment, and that One Petroleum should export the product out of Kenya as soon as possible.
The Energy and Petroleum Regulatory Authority (EPRA) was also directed to exclude the product from the monthly computation of petroleum product costs.
The government said it would remain vigilant to ensure that no individual, company, or stakeholder engages in artificial shortages or unjustified price increases, adding that the public will continue to be updated on fuel prices in the usual manner.
Ghana: Gov’t To Roll Out Measures To Cushion Fuel Consumers Soon — Energy Minister
Ghana’s Minister for Energy and Green Transition, Dr. John Abdulai Jinapor, has stated that the government will soon announce measures to cushion fuel consumers while ensuring that the economic gains achieved so far are sustained and does not create long-term economic instability.
According to the Minister, the government has taken note of concerns raised by Ghanaians over the rising cost of fuel and is considering all available options to introduce measures and policies that will ease the burden.
Dr John Abdulai Jinapor gave the assurance at the opening of a three-day Safety Week organised by the Chamber of Oil Marketing Companies (COMAC) in Accra, under the theme: “Manage the Risk Before It Becomes an Incident.”
“Some have suggested removing taxes on petroleum products. While that may sound appealing, it comes at a cost—other sectors such as roads and health would have to make sacrifices,” he stated. Dr. Jinapor outlined a three-pronged approach guiding government policy: ensuring product availability, maintaining fair pricing, and upholding fiscal discipline. He emphasized that maintaining supply remains the top priority, noting that some countries are grappling with fuel shortages severe enough to disrupt schools and workplaces. Despite the ongoing Middle East tensions, which have created fuel shortages in some countries and driven up fuel prices, Ghana, he said, has so far remained resilient due to coordinated efforts between the Ministry, regulators, and industry players. On pricing, the Minister acknowledged the burden on consumers but warned that poorly structured interventions—such as unsustainable tax cuts—could worsen the situation over time. “I would rather maintain stable inflation without unsustainable subsidies than offer short-term relief that leads to long-term hardship,” he said. He stressed that the government remains committed to reviewing petroleum taxes and levies but will proceed cautiously to avoid decisions that could destabilize the broader economy. “That is prudent economic management,” he added. Dr. Jinapor reaffirmed the government’s commitment to balancing consumer protection with economic sustainability, assuring stakeholders that ongoing consultations with the Finance Ministry and industry players would inform future policy decisions.Ghana: NPA Plans Tougher Regulations To Curb Fuel Tanker Accidents
The Chief Executive Officer of the National Petroleum Authority (NPA), Godwin Edudzi Tameklo, Esq., has expressed concern over the increasing number of road accidents involving Bulk Road Vehicles (BRVs) across the country.
BRVs, popularly known as fuel tanker trucks, are used for transporting and distributing fuel nationwide.
Addressing petroleum sector stakeholders during the 2026 Safety Week organized by the Chamber of Oil Marketing Companies (COMAC) in Accra, under the theme “Manage the Risk Before it becomes an Incident,” the NPA boss decried the recent spate of deadly road accidents caused by tanker drivers.
“If this is not a concern to any of us here, then I don’t know what else is. You may just be an innocent road user caught up in these incidents,” he said.
Mr. Tameklo highlighted a recent near-tragic crash in the Nsawam area, where a tanker veered dangerously close to a bus carrying 50 passengers, narrowly averting disaster.
Clearly worried about the situation, Mr. Tameklo said his outfit had begun discussions with the Tanker Drivers Union, Tanker Owners Union, and the Drivers and Vehicle Licensing Authority (DVLA) to identify the root causes of these accidents.
“Is it a case of inexperienced tanker drivers? Is it a case where owners of these tankers prefer cheap labour? Or is it that we are simply allowing just anyone to drive?” Mr. Tameklo quizzed.
He recalled that during a meeting with tanker owners, he reminded them that a single tanker costs nearly $200,000 and therefore must not be entrusted to inexperienced drivers.
“I told the Tanker Owners Union that it costs almost two hundred thousand dollars to buy one tanker. So why would you want to put that tanker in the hands of an inexperienced driver?
“That is your investment, and you have a responsibility to ensure that whoever you entrust with your tanker has the requisite experience,” he said.
According to him, petroleum products are highly inflammable. As a regulator, he has informed stakeholders that going forward, key performance indicators (KPIs) and strict checklists will be required before any new tanker is registered.
Mr. Tameklo urged the Chamber of Oil Marketing Companies (COMAC) to collaborate with the Authority to enforce stricter regulations to rein in rogue operators.
DO I Michael Korsah, Director of Fire Safety at the Ghana National Fire Service (GNFS), attributed the recent tanker accidents to several factors, particularly driver fatigue and carelessness.
He emphasized that such accidents are preventable and suggested that truck owners must ensure drivers take regular breaks, avoid careless driving, and get adequate rest during journeys.
He stressed that safety should not just be a slogan but a way of life.
He further advised individuals and organizations to inculcate safety practices in all aspects of daily life.
“Is it a case of inexperienced tanker drivers? Is it a case where owners of these tankers prefer cheap labour? Or is it that we are simply allowing just anyone to drive?” Mr. Tameklo quizzed.
He recalled that during a meeting with tanker owners, he reminded them that a single tanker costs nearly $200,000 and therefore must not be entrusted to inexperienced drivers.
“I told the Tanker Owners Union that it costs almost two hundred thousand dollars to buy one tanker. So why would you want to put that tanker in the hands of an inexperienced driver?
“That is your investment, and you have a responsibility to ensure that whoever you entrust with your tanker has the requisite experience,” he said.
According to him, petroleum products are highly inflammable. As a regulator, he has informed stakeholders that going forward, key performance indicators (KPIs) and strict checklists will be required before any new tanker is registered.
Mr. Tameklo urged the Chamber of Oil Marketing Companies (COMAC) to collaborate with the Authority to enforce stricter regulations to rein in rogue operators.
DO I Michael Korsah, Director of Fire Safety at the Ghana National Fire Service (GNFS), attributed the recent tanker accidents to several factors, particularly driver fatigue and carelessness.
He emphasized that such accidents are preventable and suggested that truck owners must ensure drivers take regular breaks, avoid careless driving, and get adequate rest during journeys.
He stressed that safety should not just be a slogan but a way of life.
He further advised individuals and organizations to inculcate safety practices in all aspects of daily life.
Iran Plans Human Chains At Power Plants As Trump’s Strike Deadline Looms
An Iranian government official has called on citizens—particularly young people—to gather around the country’s power plants at a fixed hour on Tuesday, April 7, Indiatimes.com reported.
In a video broadcast on state television, Alireza Rahimi, secretary of Iran’s Supreme Council of Youth and Adolescents, urged “young people, athletes, artists, students, and university professors” to assemble at 2 p.m. around key energy infrastructure.
He described the facilities as “national assets” belonging to the future of Iran and called for unity “regardless of political viewpoint.”
His appeal comes amid escalating tensions, with Trump warning that Iran’s power plants and bridges could be destroyed within hours if Tehran fails to meet his demands by a self-imposed deadline later on Tuesday.
Rahimi’s call echoes tactics previously used by Iran during periods of heightened confrontation with Western powers. Human chains—effectively civilian shields—have been formed in the past around sensitive sites, including nuclear facilities, in a bid to complicate or discourage military strikes.
Such methods have historical precedent beyond Iran. During the 1991 Gulf War, Saddam Hussein’s regime deployed civilians, including foreign nationals, near potential targets to deter US-led attacks.
Analysts say the re-emergence of such tactics signals the level of concern within Tehran over the immediacy of Washington’s threats.
The timing—“Tuesday at 2 p.m.”—appears designed to precede Trump’s deadline, creating a visible civilian presence at potential targets before any military action could begin.
Speaking at the White House on Monday, Trump issued one of his starkest warnings yet, saying Iran’s infrastructure could be “taken out in one night.”
“Every power plant in Iran will be out of business, burning, exploding,” he said, adding that bridges would also face “complete demolition” within a matter of hours if Iran does not comply with US demands, including reopening the Strait of Hormuz to unrestricted oil traffic.
He dismissed concerns that such strikes could constitute war crimes, arguing that preventing Iran from acquiring nuclear weapons was a greater imperative.
The Gambia Cuts Fuel Prices With $4.30 Million Subsidy Amid Global Price Surge
The Government of The Gambia has announced a subsidy of D316,146,722.52 (approximately $4.30million) for fuel, thereby reducing pump prices for the month of April.
Fuel prices have risen sharply across many economies due to the ongoing conflict involving the United States, Israel, and Iran.
Without the subsidy, a litre of petrol would have sold at D101.29, while diesel would have cost D124.72 per litre.
However, the government has provided a subsidy of D3.29 per litre on petrol and D29.72 per litre on diesel.
This intervention has reduced the price of petrol to D98.00 per litre and diesel to D95.00 per litre.
In a statement signed by the Permanent Secretary, it was indicated that the subsidy reflects the government’s commitment to supporting its citizens during this challenging time.
The statement added that the government, through the Ministry of Petroleum, Energy and Mines, will continue to work closely with Oil Marketing Companies (OMCs) and other stakeholders to ensure a steady supply of fuel and maintain responsible pricing.
It further noted that global developments will be closely monitored, and additional measures will be taken as necessary to protect consumers while ensuring fuel availability.
Kenya: EPRA Appoints Joseph Oketch As New Acting Director-General
Kenya’s Energy and Petroleum Regulatory Authority (EPRA) has appointed Dr Joseph Oketch as its Acting Director-General following the resignation of Director-General Daniel Kiptoo Bargoria.
In a statement issued on Sunday, April 5, and signed by Board Chairperson Adan Haji Ali, the authority said its board received Bargoria’s resignation on Saturday afternoon and thanked him for what it described as dedicated service, wishing him well in his future endeavours.
The authority said the appointment of Oketch was made in view of EPRA’s crucial and strategic mandate as Kenya’s energy sector regulator, including setting and reviewing electricity and petroleum tariffs, licensing industry players, enforcing safety and quality standards, and protecting consumers.
EPRA noted that Oketch currently heads the Electricity and Renewable Energy Directorate, where he oversees the formulation, review, and monitoring of regulations, standards, and codes for the electrical and renewable energy sub-sectors.
According to the board, Oketch has over 25 years of experience in the energy sector and previously served in senior roles at Kenya Power and the Rural Electrification Authority (REA) before joining EPRA about 10 years ago.
His academic qualifications include a BSc in Electrical Engineering (University of Nairobi), an MBA in Strategic Management (Kenyatta University), a Postgraduate Diploma in Project Planning and Management (University of Nairobi), and a PhD in Strategic Management (Kenyatta University).
EPRA said he is a member of the Institute of Engineers of Kenya (IEK) and the Kenya Institute of Management (KIM), and is a registered professional engineer with the Engineers Board of Kenya (EBK).
The board expressed confidence that Oketch would “effectively steer the Authority” in his acting capacity and assured stakeholders of the regulator’s stability.
“We, importantly, assure the country and stakeholders of the stability of the Authority and that it remains steadfast in effectively and sustainably regulating the energy sector,” the statement said.
Nigeria: Tinubu Approves ₦3.3tn Plan To Boost Electricity Supply
Nigeria’s President, Bola Ahmed Tinubu, has approved a ₦3.3 trillion payment plan aimed at settling long-standing debts in the country’s power sector, in a move the Federal Government says will restore stability and improve electricity supply nationwide.
A statement signed by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, on Sunday, said the debts accumulated between February 2015 and March 2025.
The decision to pay ₦3.3 trillion as a “full and final settlement” was reached following a comprehensive verification process between the government and stakeholders.
Implementation of the repayment plan has already commenced, with 15 power generation companies signing settlement agreements worth ₦2.3 trillion.
The Federal Government has so far raised ₦501 billion to fund the initiative, out of which ₦223 billion has been disbursed, while additional payments are ongoing.
Officials say the intervention is expected to have a direct impact on electricity generation and supply. By settling outstanding obligations across the power value chain, generation companies are expected to operate more efficiently, leading to improved reliability of electricity nationwide.
The Special Adviser on Energy to the President, Olu Arowolo-Verheijen, described the programme as a critical step toward rebuilding confidence in the sector.
“This programme is not just about settling legacy debts. It is about restoring confidence across the power sector—ensuring gas suppliers are paid, power plants can keep running, and the system begins to work more reliably,” she said.
She added that the initiative forms part of broader reforms, including improved metering and the implementation of service-based tariffs that link electricity costs to quality of supply.
The government is also prioritising power delivery to key sectors of the economy, including industries, businesses, and small enterprises, in a bid to stimulate economic growth and job creation.
“The goal is simple: more reliable power for homes, stronger support for businesses, and a system that works better for all Nigerians,” Arowolo-Verheijen added.
President Tinubu commended stakeholders for their role in resolving the long-standing issues and confirmed that the next phase of the programme, known as Series II, will commence later this quarter.
Nigeria’s power sector has long struggled with liquidity challenges, infrastructure deficits, and inconsistent supply, with experts often citing unpaid debts as a major constraint to performance.
The latest intervention is seen as one of the most significant financial restructuring efforts in the industry in recent years.
Kenya: Three Government Officials Resign Over Fuel Import Scandal As DCI Vows Action
Three top Kenyan government officials implicated in the alleged manipulation of in-country fuel stock data—leading to the importation of emergency fuel cargo that turned out to be substandard petroleum products—have resigned, a statement from the Executive Office of the President revealed on Saturday, April 4, 2026.
In a statement issued by Felix K. Koskei, EGH, Chief of Staff and Head of the Public Service, it was indicated that President William Samoei Ruto received the resignation letter of Mr Mohamed Liban, Principal Secretary for the State Department for Petroleum, while the Board of the Kenya Pipeline Company PLC (KPC PLC) received the resignation letter of Mr Joe Sang, Managing Director of KPC.
It added that the resignation letter of Mr Daniel Kiptoo Bargoria, Director-General of the Energy and Petroleum Regulatory Authority (EPRA), was also received by the Board.
The three were arrested by the Directorate of Criminal Investigations (DCI) on Thursday following nationwide public outrage over the issue, which raised concerns about procurement processes and regulatory oversight in the energy sector.
Following news of their resignations, the DCI issued a statement vowing to take action against the officials.
The agency cautioned that resignation from office does not shield any suspect from criminal liability, signaling that those who have exited public service positions remain within the scope of ongoing investigations.
“Resignation from office does not in any way exonerate or absolve the suspects and persons of interest from criminal culpability,” the DCI stated, urging those under investigation to cooperate fully with investigators.
The multi-agency body underscored that the ongoing probe would be conducted with “the highest level of professionalism, transparency, and urgency it deserves.”
The agency said it is investigating the suspected irregular importation of Premium Motor Spirit (PMS) by One Petroleum Limited, adding that statements have already been recorded from potential witnesses and several persons of interest, including senior government officials and executives linked to the firm.
“The DCI is actively liaising with relevant government agencies and investigative bodies in other countries under the Mutual Legal Assistance (MLA) programme to establish all relevant facts surrounding this matter,” the statement read.
“We are doing everything possible to deal with this matter expeditiously and will forward the file to the Office of the Director of Public Prosecutions (ODPP) in due course. Those found culpable will be dealt with firmly in accordance with the law, regardless of their positions, including the directors of the companies involved.”
Investigators have also summoned executives from Oryx Energy Limited to record statements as part of efforts to piece together the circumstances surrounding the transaction.
The multi-agency body has reiterated its commitment to zero tolerance for corruption, safeguarding public resources, and ensuring transparency and accountability in all public procurement processes.
Ghana: Mahama Hints At Emergency Cabinet Meeting Over Fuel Prices
Ghana’s President, John Dramani Mahama, has hinted at convening an emergency cabinet meeting in the coming days to address the rising cost of fuel at the pump, driven by the ongoing conflict in Iran and the broader Middle East region.
“I have called for this emergency cabinet meeting to decide on specific measures we can take to cushion petroleum prices while we hope the conflict comes to an end. There are adjustments we can make, particularly in the margins, to help maintain relatively stable prices as we pray for the war to cease.”
“The government remains fully committed to easing the burden on citizens. The cabinet will examine various aspects of the fuel price build-up and consider interventions to provide relief,” President Mahama said while delivering a keynote address on the second day of the Kwahu Business Forum on Saturday, April 4, 2026, in the Eastern Region.
Fuel prices in Ghana surged significantly from April 1, 2026, with petrol selling at more than GHS13 per litre and diesel at more than GHS17 per litre, following the escalation of the Iran conflict, which caused a surge in global crude oil prices to over $100 per barrel during the latter part of March.
There have been several calls from groups and individuals for the government to consider reducing fuel taxes to provide some relief to consumers.
According to President Mahama, the meeting aims to explore practical measures to cushion Ghanaians from the impact of soaring fuel prices.
He further assured the public that the government has implemented measures to build a resilient economy capable of withstanding external shocks such as the Middle East conflict.
“I can confidently tell you that the economy will not collapse because of the war in Iran,” he emphasised.
The President also commended transport unions for their restraint in not increasing lorry fares despite the spike in fuel prices.
“I want to express my sincere gratitude to the transport unions for their patience and understanding. We did not anticipate this situation, but they have held off on increasing fares. I am confident they will continue to exercise restraint as we work together to improve the situation,” he said.
He urged citizens to remain patient as the government works to stabilise fuel prices and support Ghanaians through the current challenges.
Ghana: Navy Seizes 8 Boats Suspected Of Illegal Fuel Bunkering
The Ghana Navy has confiscated eight unregistered boats suspected of being involved in illegal fuel bunkering activities along the western coastline, according to a report by ghextractives.com.
The boats were seized during an intelligence-led operation, code-named OPERATION DON’T COMPLAIN, conducted on Tuesday, 31 March 2026, at the New Takoradi and Poasi landing beaches by personnel of the Western Naval Command under the leadership of the Flag Officer Commanding.
The operation also received support from personnel of the 2 Infantry Battalion of the Ghana Army.
The exercise followed credible intelligence indicating that some unregistered, locally manufactured boats, popularly known as “Dendes,” were being used to facilitate the illegal transfer of fuel and petroleum products along the coastline in the New Takoradi area.
Acting swiftly on the information, naval personnel carried out coordinated operations at the identified landing beaches.
The operation was conducted in accordance with Sections 53 and 54 of the Fisheries and Aquaculture Act, 2023 (Act 1146), which require individuals or entities to obtain permits from the Fisheries Commission before constructing fishing vessels.
The Act also provides the legal framework for regulating and monitoring vessels operating within Ghana’s maritime domain.
At the conclusion of the operation, eight unregistered “Dende” boats suspected to have been used for illegal fuel bunkering were confiscated and towed to the Sekondi Naval Harbour for further action.
To ensure transparency and enhance inter-agency cooperation in addressing maritime crimes, representatives from key maritime and regulatory institutions—including the Ghana Maritime Authority, the Marine Police Unit of the Ghana Police Service, the National Petroleum Authority, and the Fisheries Commission—were invited to conduct an institutional inspection of the seized boats.
The Ghana Navy reaffirmed its commitment to enforcing maritime laws and combating illegal activities within Ghana’s waters.
The Navy further assured the general public that such operations will continue as part of efforts to safeguard Ghana’s maritime domain, protect marine resources, and promote lawful activities along the country’s coastline.
These efforts also contribute to protecting national revenue and to the growth and stability of Ghana’s blue economy.
The Gambia: NAWEC Enforces 8-Hour Power Cuts Amid Global Energy Disruptions
The Gambia’s National Water and Electricity Company (NAWEC) has announced nationwide electricity rationing, introducing scheduled power outages of up to eight hours per day from Thursday, April 2 to Wednesday, April 7, according to a media release shared on its official social media platforms.
The utility provider said the measure is a temporary response to a reduction in imported power supply caused by global energy disruptions due to ongoing tensions involving Iran.
NAWEC explained that the situation has strained its generation capacity, forcing the company to implement controlled load shedding to manage limited resources and maintain grid stability.
Given the circumstances, NAWEC urged consumers to support system stability by reducing the use of high electricity-consuming appliances such as air conditioners, irons, electric heaters, and water heaters during evening peak hours.
The utility provider further advised consumers to avoid switching on all appliances at once when power is restored.
Nigeria: Crude Oil Production Hits 1.84 Million Bpd In March
Nigeria’s crude oil production increased significantly to 1.84 million barrels per day (bpd) in March 2026, up from 1.48 million bpd in February 2026, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
“We are doing 1.84 million barrels per day. That is a remarkable feat, but I am sure we will do more,” said the Chief Executive Officer (CEO) of NUPRC, Oritsemeyiwa Eyesan, on Thursday during her visit to the headquarters of the Ministry of Finance in Abuja.
The NUPRC CEO attributed the earlier dip in production in February to unfortunate incidents at key facilities, along with ongoing turnaround maintenance.
“But all that has been fixed, and we are now seeing production ramping up,” Eyesan said.
The significant increase comes at a time when oil prices are skyrocketing, with Brent crude rising by 79.47 percent year-to-date—from $60.75 to $109.03 per barrel.
Regarding the 2025 licensing round, the NUPRC CEO said the commission is currently in the technical and financial evaluation stage.
She expressed optimism about the growth of the petroleum sector in the near future, particularly due to provisions such as the “drill or drop” clause in the Petroleum Industry Act (PIA), which empowers the commission to revoke leases for dormant acreages.
The NUPRC boss added that some of the acreages on offer could begin production within a year, noting that indigenous companies are demonstrating impressive capacity.
Eyesan also stated that the commission has fully complied with Executive Order 9 of 2026, which directs the immediate suspension of the 30 percent Frontier Exploration Fund (FEF) deduction from oil and gas profits, as well as other management fees. The order also requires that the funds be paid directly into the Federation Account.