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Oil And Gas

CBOD calls for calm in cylinder recirculation disagreement   

Senyo Hosi-CEO Chamber of Bulk Oil Distributors

The Chamber of Bulk Oil Distributors (CBOD) is calling for calm in the ongoing disagreement between the LPG Marketers Association and the National Petroleum Authority over the proposed cylinder recirculation program. The LPG Marketing Companies Association of Ghana has accused government of a grand scheme to wipe them out of business. According to the association, its members have been omitted ...

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Govt cuts back expenditure on health, roads

Ken Ofori Atta - Finance Minister

Government is yet to disburse some GH¢305.27 million outstanding allocation to the Annual Budget Funding Amount for the first half of 2017. According to the Public Interest and Accountability Committee (PIAC), even though the ABFA received some GH¢358.41 million for the first half of the year, the government spent just GH¢53,136,951 or 15 percent of the amount. The issues were ...

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New powership to add 470MW to national grid

Karadeniz-Powership-Osman-Khan-1-600x330

Karpowership Ghana Company Limited has reiterated its commitment to the supply of uninterrupted and consistent electricity to the national grid. This assurance was given at the inauguration of its new 470 megawatts Karadeniz Powership Osman Khan at the Tema main harbour yesterday [Thursday] to help in the supply of consistent electricity power in the country. This to adds up to ...

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PIAC criticizes Finance Minister for breaching petroleum laws

Ken Ofori-Atta - Finance Minister

The Public Interest and Accountability Committee (PIAC) is alarmed at the absence of an Investment Advisory Committee in the management of Ghana’s oil revenue for 2017. According to PIAC, the situation means the Finance Minister, Ken Ofori Atta has breached Section 29 of the Petroleum Revenue Management Act, hence must work to resolve the situation. This is among the findings ...

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Bui CEO urges caution over VRA, Bui merger

Fred Oware Bui

The CEO of the Bui Power Authority, Fred Oware is impressing on government to consider available options in its quest to merge the Volta River Authority (VRA) and the Bui Power Authority (BPA). In his view, the decision could impact Ghana’s power generation efforts if not properly reconsidered. Government is seeking to merge the Volta River Authority (VRA) and the ...

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Economist urges caution in oil contract reviews

Dr. Eric Osei Assibey, Economist- University of Ghana

Economist Dr. Eric Osei-Assibey has warned that continuous calls for renegotiation of oil contracts can send wrong signals to international investors. Dr. Osei-Assibey admitted that Ghana is not getting enough revenue from the current contracts, and would be justified if it goes back to renegotiate for more. The Institute of Economic Affairs (IEA) has asserted that past governments did not ...

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ACEP demands cancellation of non performing Petroleum Agreements

Benjamin Boakye - Executive Director of ACEP

The African Centre for Energy Policy (ACEP) wants the Ghana National Petroleum Commission (GNPC) to review all petroleum agreements which have breached the minimum work obligation in the petroleum laws. Of the 14 petroleum agreements, 5 had been affected by the ITLOS ruling hence their inability to conduct the expected activities on the allocated block. The remaining 9 has therefore ...

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Ghana Beyond Aid: TOR to boost operations in 2018

Ken Ofori Atta - Finance Minister

Government is seeking to revive operations at the Tema Oil Refinery (TOR) by the first quarter of next year, as it aims at improving the local production of some essential products for the energy sector. The move according to Finance Minister, Ken Ofori Atta is also in line with plans to reposition the energy sector to reduce the importation of ...

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Workers strike over wrongful dismissals at OCTP- TEN oilfields

WhatsApp Image 2017-12-06 at 09.31.42 (1) - Copy

Ghanaian workers operating on the ENI Onshore Receiving Facility (OCTP- TEN) project at Sanzule in the Ellembelle constituency in the Western region, have suspended operations over unlawful dismissals. Citi Business News understands the workers have embarked on a sit down strike as a result of the development. The Ghanaian workers, numbering about five hundred say they are gradually being replaced ...

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Industry intensifies pressure to get 15% petroleum tax scrapped

Fuel pump nozzles are pictured at Helios petrol station in Almaty

Analysts have intensified appeals for government to scrap the Special Petroleum Tax on petroleum products. They argue this will give more meaning to attempts to reduce the plight of consumers following rising global oil prices. The comments follow a recent NPA announcement of a seventy percent reduction in the price recovery and stabilization levy calculated on petroleum prices. The price ...

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Ghana Business News