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IEA urges transparency in awarding oil contracts

Prof. John Asafu-Adjaye

The Institute of Economic Affairs (IEA) has advocated increased disclosure of oil contracts and licenses if the government is to be transparent with Ghanaians on developments in the oil industry. This follows a latest accountability and transparency index (P-TRAC) report which focuses on the management of Ghana’s petroleum resources. The survey assessed the level of transparency by the government in ...

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Ghana Gas to shut down for maintenance works

Dr. Ben Asante, CEO of Ghana Gas

The Ghana National Gas Company has announced plans to shut down the Atuabo Gas Processing Plant for maintenance works. This is expected to start from February 1 to 25. The scheduled temporary shutdown, which would last between February 1, 2018 and February 25, 2018 is to allow a team of engineers to undertake a planned routine maintenance on the facility ...

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FPSO Kwame Nkrumah to shut down for maintenance works

The FPSO Kwame Nkrumah, in Ghana's Jubilee Oil field.

Operators on the Floating, Production, Storage, and Offloading (FPSO) Dr. Kwame Nkrumah have served notice the vessel will shut down. This is to allow for maintenance works on the vessel’s bearing at the Jubilee oilfields. This was announced by a Petroleum Engineer at the Ghana National Petroleum Corporation (GNPC), Albert Longman Newman. The exercise will be the first of three ...

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IES cautions gov’t over hedging oil import

Ken Ofori-Atta - Finance Minister

The Institute of Energy Security(IES) is advising government to be cautious in hedging its import of oil. This follows a report by Reuters that government is considering hedging its oil import after the price of Brent crude saw an increase from about 65 dollars per barrel to 71 dollars per barrel this week. “It’s a challenge and we are working ...

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Energy Ministry rejects calls to scrap special petroleum tax

Fuel pump nozzles are pictured at Helios petrol station in Almaty

The Ministry of Energy has rejected calls by the Chamber of Petroleum Consumers Council, to scrap the special petroleum tax on petroleum products. According to the Head of Communications at the Energy Ministry, Nana Damoah, scrapping the special petroleum tax will be detrimental to governments’ ability to raise revenue to tackle the energy sector debts. The Chamber of Petroleum Consumers Council, ...

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IES cautions of fuel crisis over unit shutdown at TOR


The Institute of Energy Security (IES) wants the government to intervene and get the Tema Oil Refinery (TOR) back to work. The IES believes this will largely be resolved with strengthening of the leadership of the facility. TOR has seen numerous setbacks in its operations with the recent being its Crude Distillation Unit (CDU). The Unit which commenced operations on ...

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Investor confidence influences ‘lower’ interest on 10yr energy bond


Economists have attributed the relatively lower interest rates on the re-opened ten year energy bond to the relative stability in the Ghanaian economy. The managers of ESLA Plc, the entity mandated to raise money to settle the energy sector debts, yesterday had its ten year bond oversubscribed at an interest rate around 19 percent. This is below the target of ...

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10yr energy bond accrues 615 million cedis


ESLA Plc, the entity mandated to raise money to pay the debts in Ghana’s energy sector has raised GH¢615,947,860 through its ten year bond that it reopened. The bond which was reopened on Monday (January 22, 2018) and closed on Wednesday (January 24, 2018), targeted between 100 and 130 million cedis from the market. Today’s amount is about six times ...

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Parliament assures critical probe of ExxonMobil deal

Parliament House of Ghana

The Mines and Energy Committee of Parliament has indicated that it will ensure Ghana gets the best out of the deal signed with ExxonMobil. The agreement is expected to be presented to Parliament for ratification when the House resumes. Citi Business News understands that certain key aspects will dominate the deliberation on the agreement. The submission of the agreement to ...

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President charges Exxon Mobil to respect agreed terms

Exxon 5

President Akufo Addo has charged management of Exxon Mobil to respect the terms of agreement signed with the government of Ghana. This follows the signing of an agreement for the oil company to commence operations in Ghana. The agreement which is subject to parliamentary ratification will allow the oil giant to acquire exploration and production rights for the Deepwater Cape ...

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