Category: Oil And Gas
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Acute LPG shortage hits Accra
The Greater Accra region has been hit by acute shortage of Liquefied Petroleum Gas (LPG). Checks by Citi Business News revealed that the shortage started last Thursday, August 4, 2016. It is unclear what led to the shortage which has been ongoing for almost a week now as most of the gas vendors across the…
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‘Stable’ power supply due to increase in hydro generation – GRIDCo
The marginal increase in generation from the hydro sources power sector may have contributed to the relative stability in power supply being enjoyed by some Ghanaians. At least this is the information Citi Business News can glean from available statistics released by the the Ghana Grid Company Limited, GRIDCo, which dispatches and transmits power. Daily…
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Develop regulations on discretionary powers in oil industry – Analyst
Energy policy analyst, Dr. Steve Manteaw is advocating that Ghana develops regulations to demand the basis and processes by which the Minister of Petroleum executes discretionary powers in the award of oil contracts. He believes the provision of the new Petroleum Exploration and Production (E&P) Bill which grants discretionary powers in some cases will undermine…
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New oil sector law progressive for Ghana – Dr. Manteaw
The Ghana Extractive Industry Transparency Initiative, GHEITI, has lauded the passage of the Petroleum Exploration and Production Bill 2016, saying it will address critical concerns in Ghana’s oil and gas sector. The civil society believes issues such as disputes arising from the unregulated sale of shares in oil blocks as well as environmental pollution from…
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Parliament passes bill on oil sector regulation
Parliament on Thursday, August 4, 2016, passed the Petroleum Production and Exploration Bill. The Bill is among other things expected to regulate activities within the country’s oil and gas sector and ensure value for money. Until the passage of the E&P Bill, the country’s oil sector was regulated by the PNDC Law 84 which some…
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GNPC appoints two deputy CEOs
The Board of Directors of the Ghana National Petroleum Corporation (GNPC), has appointed two Deputy Chief Executives for Exploration & Production and Commercial and Corporate Services. The appointments, according to GNPC are part of the continuous roll-out of the corporation’s evolving organizational structure in line with corporate strategy and future direction. The two executives are…
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Aviation fuel prices drop by 25 percent
Airline companies are expected to pay 25 percent less for aviation fuel they purchase effective Wednesday, August 3rd, 2016. It follows the announcement by the industry regulator, the National Petroleum Authority (NPA) that it has reduced the cost of the product by 25 percent. Per the new directive, a litre of aviation fuel currently selling…
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Massive layoffs hit Ghana’s oil & gas industry
The General Transport, Petroleum and Chemical Workers’ Union (GTPCWU) has warned that hundreds of its members are set to lose their jobs in the coming weeks due to the drop in world oil prices. According to the union, some 300 workers have already been laid off as others are expected to follow. Speaking to Citi…
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Review of Early Power deal important- MP
A member of the Mines and Energy Committee of Parliament, Mr. Joseph Cudjoe has backed calls for government to review the purchasing agreement between Early Power Limited and the Electricity Company of Ghana to provide a 400MW power plant at a cost of 953 million dollars. This follows a report released by the African Center…
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Petroleum workers push for legislation to address salary disparities
The General Transport, Petroleum and Chemical Workers’ Union (GTPCWU) is pushing for a legislation to compel companies in the oil and gas industry to pay local workers acceptable salaries. According to the union, some employers have consistently refused to pay acceptable salaries within the industry. This, it blamed on lack of legislation which has created…