Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

LUKOIL records losses as others make profit

As oil companies with interest in stakes in the country continue to release their third quarter reports not all appear to be posting profits.

A Russian giant LUKOIL made a loss in the third quarter dropping 20% from last year.

LUKOIL, the biggest private oil in Russia attributed her loss to spending on two dry offshore wells in Ghana, foreign exchange losses, and higher tax payments. LUKOIL early on failed to find oil or gas after drilling two dry wells in Cape Three Points off Ghana.

Meanwhile, its production fell 5. 3% in the period from last year to 2. 11 million barrels of oil equivalent a day, as output at West Siberian fields developed in soviet times decline.

LUKOIL said net profit was hampered by extra tax payment on foreign exchange gains and by spending $161 million on two exploration wells off the coast of Ghana.

Initial findings at the two wells had not shown commercial reserves, the company said.

 

http://www.citifmonline.com/index.php?id=1.678368

 

Profile photo of Editor
Follow Us

Editor

Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
Profile photo of Editor
Follow Us

Share this article

Leave a reply

Personality of the Month
  • Prof. Thomas Mba Akabzaa Chief Director of Ministry of Petroleum          …
Follow Us Online
Join the Discussions

Summary: Revenue mobilization from the oil sector for Agricultural production in Ghana, a myth or reality?

Agriculture, once considered the backbone of Ghana’s economy recorded a reduction of its contribution to GDP from 45% in 1992…

Responses Add your response


About Us
Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
Events Calendar
<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3
Twitter Activity Stream
 

Partners We are proud to be associated with:

Skip to toolbar