Category: Oil And Gas
-
NPA sanctions seven OMCs for illicit fuel distribution
The National Petroleum Authority (NPA) has sanctioned seven Petroleum Products Marketing Companies (PPMCs) for illicit distribution of petroleum products. They are to pay fines for violating of Unified Petroleum Pricing Fund (UPPF) regulations, making false UPPF representations to the Authority, and engaging in third-party supplies. Failure by the affected companies to pay the fines will…
-
TOR-Torentco deal: Some staff raise fresh alarm over formation of subsidiary companies
Some workers of the Tema Oil Refinery (TOR) have raised fresh alarm over government’s plans to revamp the operations of the refinery through Torentco Asset Management. The concerned staff are alleging the formation of two separate companies that still have Torentco as part of its shareholders. On Tuesday, October 3, 2023, the workers who are…
-
The geopolitical forces driving today’s oil market
The recent oil price rally has been driven, in large part, by Saudi Arabia’s and Russia’s efforts to cut supply to the global crude market. Both China and the West are negatively impacted by high oil prices and will be eager to bring prices down using all the weapons at their disposal. Ultimately, the price…
-
IMF raises concerns over the energy transition price tag
The energy transition as it is currently being pursued threatens to boost public debt significantly, the International Monetary Fund has warned in a new report. Dubbed Climate Crossroads: Fiscal Policies in a Warming World, the report says that the choice of governments to push the transition forward by using a combination of public investment and subsidies…
-
Prices of petroleum products to rise marginally in October – IES
In the face of a global surge in crude oil prices, resulting in increased costs for refined products in international fuel markets, domestic petroleum product prices in Ghana are set to continue rising according to the Institute of Economic Studies (IES). The IES said the Ghanaian market has seen relative stability in liquid fuel prices,…
-
Transport owners and the missing NPA: who assured Sentuo to import BRVs?
Ghana’s petroleum downstream has about 5000 Bulk Road Vehicles (BRVs), out of which 4200 have installed tracking devices. There has been about 50% increment in the number of BRVs from 2013 to 2021. However, this increment resulted in a decline of average volumes per BRV by about 30% within the same period. This implies that…
-
BOST clarifies amount paid for iPhones bought for company executives
The Bulk Oil Storage and Transportation Limited (BOST) has debunked earlier media reports which suggested that the company paid a little over GHS 28 million for the purchase of iPhones for its corporate executive members. In a statement issued on September 30, the Oil Company maintained, it has made some purchase of the said iPhones…
-
Fuel prices to remain fairly stable at the pumps – COPEC
Prices of Petrol and Diesel are likely to remain unchanged in the first pricing window of October. Per projections from the Chamber of Petroleum Consumers (COPEC), there could be a one percent increase at the pumps, but Oil Marketing Companies (OMCs) have agreed not to pass on the cost to consumers due to competition. “There…
-
OMCs call on NPA to deal with influx of Chinese tanker trucks
The Association of Oil Marketing Companies is calling on the National Petroleum Authority (NPA) to urgently take measures to deal with the influx of Chinese oil haulage trucks in the country. The Tanker Owners Union initially raised concerns over the importation of tanker trucks into the country in a letter to the National Petroleum Authority. The Association…
-
Tullow driving local participation in Ghana’s oil and gas sector
In keeping with its commitment to local content participation in the oil and gas sector, Tullow has partnered with the Upstream Petroleum Business Academy of the Petroleum Commission (PC), to deliver training to local suppliers in Ghana. The training, on the theme, “Closing the Gap Workshop on Reverse Auctions,” was led by Tullow’s Chief Procurement…