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Oil And Gas

Ghana on course to become energy sufficient – President Mahama

Mahama SOTN final

President John Mahama has touted his administration’s achievement in what he describes as a major turnaround in the country’s power sector. According to him, the increased generation capacity and a relative stable supply system has lessened the plight of consumers recently. The President made the remarks when he gave his final State of the Nation Address in Parliament on Thursday, ...

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ICU warns of massive layoffs over gas insecurity in 2017

gas  one

The Industrial and Commercial Workers’ Union (ICU) has cautioned of another bout of redundancy in the economy due to uncertainties of a stable power sector early this year. They argue that industry cannot support any increases in operational costs should the situation recur. “Obviously we are even going to see some redundancies again, obviously we will not be able to ...

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Isaac Osei will be next CEO of TOR

Mr. Isaac Osei - Acting CEO of TOR

Information gathered by Citi Business News indicates that the outgoing Member of Parliament (MP) for Subin in the Ashanti region, Mr Isaac Osei is to take over from Mr Kwame Awuah Darko as the new Managing Director (MD) of the Tema Oil Refinery (TOR). Mr. Osei, a former Chief Executive Officer (CEO) of the Ghana Cocoa Board and one time ...

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Proposed relocation of GNPC not advisable – ACEP

Dr. Ishmael Ackah

The African Centre for Energy Policy (ACEP) is kicking against the New Patriotic Party’s (NPP) plans to relocate the headquarters of the Ghana National Petroleum Corporation (GNPC) to the Western Region. Speaking at a media interaction in Accra, the Head of Policy Unit of ACEP, Dr. Ishmael Ackah said the decision will put policy makers in a tight corner, since ...

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HFC bank to make major investment in oil & gas  in 2017

oil_platform_p-51__brazil_

The Managing Director of HFC Bank, Robert Le Hunt has told Citi Business News the bank will make substantial investment in Ghana’s oil and gas industry in 2017. According to him, the industry holds the potential to empower efforts by government to increase local participation of Ghanaians in the sector. Speaking to Citi Business News, Mr. Le Hunte stated that ...

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Ignore false reports on our 32 million cedis loss – BOST

BOST-new

The workers’ union of the Bulk Oil and Storage and Transportation Company (BOST) Limited, has shot down media reports that BOST has posted 32 million cedis between January and September this year. The union described the publication as an attempt to run down the gains made by the company in the oil and gas sector since its establishment. Addressing a ...

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TOR to refine 18 million barrels of crude in 2017

awuah darko

The Tema Oil Refinery (TOR) has announced it will from next year refine between 16 to 18 million barrels of crude oil. The crude will be from the Jubilee oil fields and subsequently other oil fields in Ghana. The Managing Director of TOR, Kwame Awuah Darko disclosed this when he addressed staff of the company at an end of year ...

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NPP gov’t must continue legacy debt payments – HFC MD

HFC Bank CEO, Robert Le Hunte

The Managing Director of HFC bank, Robert Le Hunte is optimistic the incoming Nana Akufo-Addo government will continue with the plans laid down by the Ministry of Finance in paying the legacy debt. According to him, the change in government should not in any way alter the process already agreed on to pay the affected banks. “I think that’s part ...

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Gas shortfall won’t result in ‘dumsor’ – Power Ministry

john jinapor

The Ministry of Power is convinced that a possible cut in gas supply in the country won’t adversely affect the production of electricity. According to the Deputy Minister of Power, John Jinapor, the country’s power producers can rely on crude oil to power the various power plants to adequately serve the energy needs of Ghanaians in the absence of gas. ...

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Pay N-Gas, stock fuel to avert dumsor- ACEP warns incoming govt

Dr. Ishmael Ackah

There may be a window of opportunity for  Ghana to avert a power crisis early next year if the incoming Nana Akufo-Addo government  can secure reliable gas supply from the Tweneboa Enyenra Ntomme (TEN) field, increase the stock of fuel,  and also pay N-Gas it arrears, the African Center for Energy Policy(ACEP) has disclosed. This follows a scheduled shutdown of ...

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Citi Business News