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Oil And Gas

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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Fuel prices remain unchanged at pumps

FUEL-STATION

The prices of petroleum products will remain unchanged at the pumps at least for the first two weeks in December, despite a reduction in the price stabilization and recovery levy. As a result, the Chamber of Petroleum Consumers (COPEC) is urging consumers to disregard reports of reduction in fuel prices due to the development. The NPA has directed all Oil ...

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NPA revises petroleum prices downward through Price Stabilization levy

Hassan Tampuli - CEO, NPA

The National Petroleum Authority (NPA) has directed all Oil Marketing Companies, and LPG Marketing Companies to use revised prices in the Price Stabilization and Recovery Levy Act to control recent price increases in petroleum products. This follows a directive from the Ministry of Energy, raising concerns over recent fluctuations in the prices of petroleum products due to strong political and ...

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Fuel prices to be stable in early December

fuel

Consumers will not experience any significant price change at the pumps in the first pricing window of December. This is according to the Institute of Energy Securities (IES) which has predicted that prices will remain fairly stable in the next pricing window. Principal Research Analyst at the IES Richmond Rockson who spoke to Citi Business News said despite the fast ...

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Private firms barred from lifting BOST’s contaminated fuel – Agyarko

Boakye Agyarko

Energy Minister, Boakye Agyarko, has told Parliament that no individual is now allowed to lift contaminated oil from Ghana’s Bulk Oil Storage and Transportation Company (BOST). This, he said, is part of interim measures to prevent the supply of contaminated fuel onto the Market following the BOST scandal where some 5 million liters of the contaminated fuel, was wrongly sold to ...

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Ghana Business News