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Oil And Gas

Gov’t lowers 2015 oil revenue target by 64%

crudeoil

  The new projection for Ghana’s oil revenue has been pegged at 1.5 billion dollars after an initial figure of 4.2 billion dollars stated in the 2015 budget. The new figure shows a 64% drop from the earlier projections. Government was forced to review its oil revenue projections following the drop in the prices of crude oil on the world ...

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Gov’t falls on Stabilization Fund to support budget

A woman holds 03 July 2007 in Accra a wa

Government has confirmed plans to withdraw 19.488 million cedis from the Ghana stabilization fund following the drastic fall in Ghana’s projected oil revenue due to the consistent decline in price of crude oil on the world market. ”An amount of 4.872 million cedis will be drawn from the Ghana Stablization Fund on a quarterly basis to finance the potential gap”, ...

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Oteng Adjei named GNPC board chairman

Former Energy Minister, Dr Joe Oteng Adjei has been appointed as the board chairman of the Ghana National Petroleum Corporation (GNPC). He was Minister for Energy in 2009 and later appointed the Minister of Environment, Science and Technology in 2013. The former Minister recently come under public criticism for using monies meant for rural electrification project to buy luxurious vehicles. ...

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Ghana’s TEN oil project passes halfway stage

The TEN Project FPSO under construction in Singapore.

Ghana’s second major oil development, the Tullow Oil-led TEN Project successfully passed the 50% overall completion stage last week. The project, which is developing the Tweneboa, Enyenra and Ntomme (TEN) oil fields off the coast of Ghana’s Western Region, is on track for First Oil in mid-2016. The floating production, storage and offloading (FPSO) vessel, which will receive and store ...

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AGI to hold a 3-day seminar with Power Minister

James Asare Agyei, AGI boss

The Association of Ghana Industries (AGI) will be meeting the Power Ministry over the weekend to review the ongoing load-shedding exercise. The three-day conference follows complaints by the Association on the failure of the Electricity Company of Ghana (ECG) to strictly adhere to the load-shedding time table. On December 1, 2014, ECG extended the load-shedding exercise to all industrial enclaves ...

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Italian company to generate hydro power in Volta Region

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The Paramount Chief of Asogli, Togbe Afede XIV in partnership with renewable energy experts from Italy have began exploring the prospects of generating electricity from the water bodies in the Volta Region. Togbe Afede who is also the co-founder of of the Sunon Asogli Power Plant, a power generating company said, the move is to boost the current energy capacity of the country. According to ...

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Ghana to sign major energy deal with GE

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Ghana will today sign a deal with American energy giant, General Electric (G.E) for the production of the single largest power source in the history of the country. The Ghana 1000 megawatt project, which is a gas powered thermal plant is expected to be completed over the next five years. The $1 billion project will have its first phase add ...

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VRA to use coal to generate power

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The Volta River Authority (VRA) is considering using coal to generate power to augment the current energy capacity. In view of this, the VRA has signed an MOU with China’s Shenzen Energy Group to commence work on the coal plant in the western region. Ghana presently has a power demand of about 2,000 megawatts but a current shortfall in generation ...

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Rejoinder:  Ghana Gas awaits VRA – Kwesi Botchway

VRA

We refer to the article on Ghanaweb Website with the above caption, indicating that Ghana gas is waiting for VRA to bring up all its plants so that Ghana gas can increase production to 120 million standard cubic feet per day. Currently, all units at the VRA’s T1 and T3 plants are running on gas supply from Ghana Gas Company ...

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Gov’t considers hedging oil prices

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The Finance Minister, Seth Terkper has revealed that government has begun discussions over a new hedging policy. In 2014, government announced its intentions to hedge but the move received stiff opposition from energy analysts and some opposition elements. Per the hedging program, crude oil prices will be fixed at a particular figure over a period of time to contain any price hikes ...

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