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Return on investment of Ghana heritage fund declines

jubilee feild

Return on investment of Ghana’s Heritage Fund recorded a decline in the second half of 2016 as compared to the first half of the same year. A report released by the Bank of Ghana on the performance and activities of the Petroleum Holding Fund (PHF) and the Ghana Petroleum Funds (GPFs) for the Second half of 2016 -ended December 30, ...

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No fuel shortage in two weeks- NPA assures

Yaro Kasambata

The National Petroleum Authority(NPA) has assured that there is enough fuel in the country to meet domestic demand. The Institute of Energy Security (IES) in a press release warned that the country could face severe fuel shortage in two weeks time due to low levels of fuel stock at the Tema Oil Refinery(TOR) and the Bulk Oil Storage and Transportation ...

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IES predicts fuel shortage within two weeks

fuel scarce

The Institute of Energy Security (IES) wants the National Petroleum Authority (NPA) to be swift in averting what it describes as an imminent fuel shortage in the next two weeks. The development follows the low levels of fuel stocks by the Tema Oil Refinery and the Bulk Oil Storage and Transportation (BOST). The Institute also explains that the shortfall has ...

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Tullow defers payment of dividends to shareholders

TullowOilLogo_large-300x160 (1)

Oil giant Tullow has announced it will not be paying its shareholders dividends. According to Tullow, it took the decision following current financial constraints it is facing. Tullow which is listed on three stock exchanges including the Ghana Stock Exchange, in its 2016 financial report recorded a drop in its profits as compared to the previous year 2015. Tullow’s profits ...

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NDC gov’t bought 3 FSRUs – Boakye Agyarko was right

Boakye Agyarko

It has emerged that the erstwhile National Democratic Congress (NDC) government did, purchase, three Floating Storage Regasification Units (FSRU), contrary to the Minority MPs position that they purchased only one. Questions over the purchase arose during the vetting of Energy Minister Boakye Kyeremateng Agyarko, who revealed that Ghana purchased three Floating Storage Regasification Units at exorbitant prices to transport excess ...

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Retain Energy Sector levy to avert dumsor- IECP backs Ofori Atta

Ken Ofori Atta - Finance Minister

The Institute of Energy and Climate Change Policy (IECP) has backed the Finance Minister, Ken Ofori Atta to retain the Energy Sector Levy in the medium term. The levy which was imposed by the erstwhile John Mahama administration was aimed at clearing debts that have accrued in the sector due to government’s inability in paying for fuel purchased. The New ...

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Eni CEO Claudio Descalzi charged with international corruption

Eni CEO Claudio Descalzi

Italian prosecutors have reportedly charged Eni and its CEO Claudio Descalzi with international corruption over the controversial acquisition of an offshore block in Nigeria in 2011. Apart from Descalzi, the charge reportedly extends to the former CEO Paolo Scaroni and nine other people involved in the $1.3 bilion deal. Scaroni served as the Chief Executive Officer of Eni from June ...

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Tullow reduces 2017 oil output by over 5000 barrels

Aidan Heavey ; Tullow Oil CEO

Tullow Oil has cut down its 2017 oil projection from Ghana’s Jubilee oilfields by 5200 barrels. The figure has dropped from 73,700 barrels in 2016 to 68,500 barrels. This was contained in the company’s 2016 financial statement released on Wednesday, February 8, 2017. Tullow’s profits however dropped by eight percent between 2015 and 2016. The figure declined from 591 million ...

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Ghana ends first round of oral defence in maritime border dispute


Ghana has ended the first round of oral argument in the maritime dispute between it and Ivory Coast at the International Tribunal for the Law of the Sea ITLOS. Ghana’s new Attorney General, Gloria Akuffo, who led the legal team questioned Ivory Coast’s claims, despite a long standing agreement on their maritime boundary under their domestic laws. Ivory Coast has ...

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Hearing for Ghana, Ivory Coast border dispute starts today


The public hearing in the dispute concerning delimitation of the maritime boundary between Ghana and Côte d’Ivoire in the Atlantic Ocean (Ghana/Côte d’Ivoire) opened today Monday, 6th February 2017. The hearing is expected to last for eleven days [February 6 to February 16, 2017]. The first round of oral arguments is scheduled for Monday February 6, 2017 to Friday February ...

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