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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    Intravenous Infusions PLC records 10% growth in profit in 2021

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

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    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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98 oil contracts for local firms cancelled due to COVID-19 – Petroleum Commission

October 10, 2020
in Oil And Gas, Top Stories
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The Chief Executive Officer of the National Petroleum Commission, Egbert Faibille Jnr., has disclosed that some 98 contracts worth US$ 389 million have been cancelled due to the impact of COVID-19 on the Petroleum industry.

These contracts were awarded by Aker Energy and four other oil companies from the fourth quarter of 2019 to the first quarter of 2020.

Mr. Fabille said the cancellation of these contracts which were meant for local companies, will have a devastating impact on these Ghanaian petroleum support services companies.

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The Petroleum Commission CEO said this while briefing the Western Regional House of Chiefs on the petroleum sector.

The Commission also donated 2,000 branded nose masks, assorted disinfectants and locally made automatic handwashing machine to the house.

“Local businesses have been significantly hit by the pandemic. The pre-COVID-19 outlook of the industry resulted in considerable investment in infrastructure, personnel and technologies in anticipation of participation in major projects. Indeed, over 98 contracts worth over $389 million were awarded by Aker Energy, AGM, Eni, GOSCO and Springfield from Q4 2019-Q1 2020. The cancellation of these contracts such as the 5-year Maersk Drilling contract which was terminated in June 2020 together with associated sub-contracts would have a devastating toll on local businesses.”

Egbert Faibille also indicated that the impact of the COVID-19 induced contract cancellation affected local jobs in the oil and gas sector.

“The consequential effect of the cancellation of contracts amidst the already reduced workforce in the industry resulted in lay-offs of both expatriate and local personnel. Over 500 Ghanaian workers in the industry are expected to lose their jobs as a result of the pandemic.”

The Project Evaluation Manager at the Petroleum Commission, Ebenezer Armah, also in a presentation to the Western Regional House of Chiefs said Ghana’s expected petroleum revenue $1.57 Billion saw a shortfall of US$1.04B (GHS 5.7M) representing 63 percent in the 2020 benchmark.

The President of the Western Regional House of Chiefs, Tetrete Akuamoh Sekyim II, commended the leadership of the Petroleum Commission for its COVID-19 prevention relief items support as well as taking time to brief the house on developments in the Petroleum sector.

Source: Akwasi Agyei Annim
Tags: Petroleum Commission
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