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Oil And Gas

Hedge Ghana’s oil—IFS to govt

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The Institute for Fiscal Studies (IFS) is urging government to immediately hedge its oil import and export to control the price of fuel at the pumps, and also generate enough revenue. According to the institute, the move will insure the country against cost of importing crude oil and also cushion government against exchange rate volatilities. Speaking at a press conference ...

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Fuel prices to rise by 2% in February – IES                                                                             

FUEL-STATION

Prices of fuel may go up by 2 percent in the first pricing window in February, between February 2, 2018 and February 15, 2018. However, a swift intervention from government through the National Petroleum Authority (NPA)’s price stabilization mechanism could keep prices stable. The Institute of Energy Security (IES) which revealed this, further attributes the development to the constant rise ...

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WAPCo still expecting payment for gas supplied to govt

wapco

The West African Gas Pipeline Company (WAPCo) has told Citi Business News it is working with Nigeria Gas (N-Gas) to receive outstanding payments owed it by the government of Ghana. According to WAPCo, it is expecting the government of Ghana to clear the debt it owes N-Gas after which processes can commence for WAPCo to get paid. The General Manager of Corporate ...

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New refinery to attract investors if … – Analyst

General view of the Tema oil refinery near Ghana's capital Accra

The Executive Director of KITE, Ishmael Egyekumhene has predicted that government should not find it difficult to secure an investor for the new oil refinery if it commits to efficient management practices. He explains that potential investors will be targeting at value for their investments, hence, the need to meet their expectations. Mr. Egyekumhene’s comment was in reaction to announcement ...

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NPA to recall all cylinders under recirculation model

gas shortage

The National Petroleum Authority (NPA) has told Citi Business News it would recall all cylinders currently in use with the full implementation of the cylinder recirculation model. The CEO of the NPA, Hassan Tampuli explains that the plan is to regulate the program and improve standards. “There is a stage in the implementation regime; the total cylinder recall. We will ...

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Govt to build new oil refinery for $4 bn

Boakye Agyarko - Energy Minister

Government has announced an ambitious plan to build a new oil refinery to replace the Tema Oil Refinery (TOR) within the next three to four years. Energy Minister, Boakye Agyarko who disclosed this says the new facility should increase the supply of refined products in Ghana. This is also part of attaining the energy hub status that the government is ...

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Analyst laments frequent shutdown of FPSOs

The FPSO Kwame Nkrumah

Some energy sector analysts have raised concerns over the frequent shutdown of the FPSO Kwame Nkrumah. The analysts fear the country is recording huge revenue losses due to the frequent shut down of the vessel. Operators on the FPSO yesterday served notice it will shut down in February to allow for maintenance works on the vessel’s turret bearing. But Speaking ...

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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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