Category: Oil And Gas
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OMCs justify petroleum price increases
Oil Marketing Companies (OMCs) in the country have justified the continuous increases in prices of petroleum products this month. The deregulation of the downstream petroleum sector allows OMCs to review prices of petroleum products every two weeks. However since the beginning of the year, prices are being reviewed every week. Prices of petroleum products increased…
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GNPC defends decision to invest outside core business
The Ghana National Petroleum Corporation(GNPC) has justified its decision to invest outside its core mandate. The corporation insists the move is only a strategic one targeted expanding the opportunities of the corporation. The Public Interest and Accountability Committee (PIAC) in its 2016 report lashed out at the GNPC for refusing to adhere to a directive…
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Siemens Ghana train students in oil & gas
Siemens Ghana has launched an oil and gas training programme for thirteen students aimed at integrating and transferring knowledge to enhance the capabilities of the participants in the petroleum sector. The initiative, which is co-teamed with the Ghana National Petroleum Corporation (GNPC) is to educate the youth on the oil and gas sector so they…
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New govt must follow roadmap to settle VRA debt- GNPC CEO
The Chief Executive Officer of the Ghana National Petroleum Corporation(GNPC), Alex Mould has charged the new government to ensure that money owed by the Volta River Authority (VRA) is retrieved as soon as possible. “Government of Ghana has to do what they have to do. They have to ensure that SOE,ECG and the power sector…
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Cedi depreciation causing increase in fuel prices-COPEC
The Chamber of Petroleum Consumers (COPEC) has blamed the continuous fall of the cedi against the dollar for the recent price hikes of fuel at the pumps. According to COPEC, the situation has resulted in speculations leading to an increase of about 4 to 10 percent in fuel prices. Fuel prices at the pumps saw…
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IFS renews pressure to hedge Ghana’s oil
The Institute of Fiscal Studies (IFS), has made fresh calls for Ghana to hedge its oil to protect the country from shocks in the global price of crude. The Institute is warning the country risks missing out on its 7 percent growth target for 2017 should prevailing conditions on the global oil market persist. “We…
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PIAC hits GNPC for investing outside core area
The Public Interest and Accountability Committee (PIAC) has once again lashed out at Ghana National Petroleum Corporation for refusing to adhere to a directive not to invest its proceed in non-core business of the industry. In its Semi Annual Report on Management of Petroleum Revenue, PIAC bemoaned the decision of GNPC to invest in areas…
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2016 first half petroleum revenue dropped by 55%
Ghana’s revenue from the petroleum sector for the first half of last year dropped by over 50%. The figure declined from US$274.47 million in 2015 to US$126.41 million for the same period last year. This translates to a 55% reduction in revenues when compared to total petroleum receipts during the same period in 2015 (US$274.47…
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Ghana is safe from kerosene shortage – Energy Institute
The Institute for Energy Security (IES) has downplayed fears of a likely shortage of Kerosene following scarcity of the product in Nigeria. According to the Institute, Ghana has about 20 million litres of domestic kerosene and seven thousand liters of aviation kerosene available and will not be experiencing a shortage any time soon. “Ghanaians need…
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Reducing fuel prices: Analysts suggest local refining of crude
Oil and gas analyst, Kwame Jantuah has advised the NPP government to increase the country’s capacity to refine more crude at a cheaper cost if it is to reduce the prices of fuel. His comments follow the assurance by the Finance Minister Nominee, Ken Ofori Atta to consumers that there will be no immediate hikes…