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Oil And Gas

Jubilee field to shut down twice in 2018


Energy Minister, Boakye Agyarko has announced that the FPSO Kwame Nkrumah will shut down twice in 2018 to allow for some repair works on the vessel. The temporary shutdown is scheduled for January and March 2018. The repair works will be carried out on the turret bearing of the oil and gas production vessel. The Minister made the disclosure when ...

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Ghana to save $ 7.2bn from 11 terminated power deals

Boakye Agyarko, Minister for Energy

Ghana is expected to save $7.217 billion from the termination of 11 Power Purchase Agreements (PPA) over a 13 year period, the Energy Minister, Boakye Agyarko has said. These terminations, following a recent review, will come at cost of $402.39 million, Mr. Agyarko told Parliament on Friday. As indicated by the government earlier in 2017, it was reviewing PPAs initiated by the Electricity ...

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IES predicts 3% increase in fuel prices


Consumers will be expected to pay more at the pumps in the second pricing window of this month. The Institute of Energy Securities (IES) is predicting a three to six percent increase in fuel prices. Principal Research Analyst at the IES, Richmond Rockson who spoke to Citi Business News attributed the development to the marginal depreciation of the cedi, as ...

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Ghana supplies Burkina Faso with 100MW electricity

Professor Dissa presenting an undisclosed package to Agyarko as a sign of stronger bond between the two countries.

Government has agreed to supply 100 megawatts of power to Burkina Faso after the country demanded for electricity from Ghana. Ghana has over the years supplied and received power from some West African countries, including Ivory Coast. Speaking at press conference in Accra, the Minister for Energy, Boakye Agyarko explained that the move is aimed at making use of Ghana’s ...

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2018 Budget: Economists warn against ambitious oil revenue projection

Ken Ofori Atta - Finance Minister

As the Finance Minister Ken Ofori Atta prepares to present the 2018 budget statement before parliament tomorrow, some financial observers have caution against ambitious oil revenue projection. According to them, previous experiences must serve as a guide to government as Ghana has no control over the price of oil. In the 2017 mid-year budget review presented by the Finance Minister ...

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Tullow MD urges swift end to VRA thermal asset sale

vra 2

Energy sector players want government to expedite processes in the decoupling of thermal assets management from the Volta River Authority (VRA). They argue that a further delay of the process will hamper efforts to reform the energy sector for efficiency. Deliberations are underway with relevant stakeholders over plans to limit VRA’s mandate to the management of hydro plants by selling ...

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Energy bond: Ghana Gas upbeat about repayment


Institutions to benefit from proceeds of the energy bond are upbeat about the allocations to hit their accounts soon. One of such is the Ghana Gas Company which is owed by the VRA alone, to the tune of over 500 million dollars. The debt which is believed to have accumulated over a three year period has also made it difficult ...

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Appeal court dismisses IFC’s case against Quantum


The court of appeal has dismissed a stay of proceedings application by International Finance Corporation (IFC) which sought to put on hold an ongoing case with Quantum Oil Terminals Limited at the High Court over a breach of a contract. According to the ruling of the court, it found no reason to stay proceedings at the high court looking at ...

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OMCs want tax payment date extended

CEO of the Association of Oil Marketing Companies (AOMCs), Mr. Kwaku Agyeman Duah

Oil Marketing Companies (OMCs) are appealing for an extension of the payment date of some taxes. The OMCs contend that the current twenty-one day period for payment of taxes such as the Special Petroleum Tax, is adversely impacting their operations. According to the CEO of the Association of Oil Marketing Companies (AOMCs), Mr. Kwaku Agyeman Duah, the situation has also ...

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Govt to pay 17-19% interest on energy bond

Ken Ofori-Atta - Finance Minister

Government may not be paying anything less than 17 percent in interest for the energy bond. At least this is the indication from managers of the bond following the announcement of their estimated interest rate for the energy bond. Lead managers of the bond, tell Citi Business News the target is also largely due to developments and investor appetite thus ...

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Ghana Business News