Category: Oil And Gas
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Renegotiate $953m power deal- ACEP to gov’t
The African Centre for Energy Policy (ACEP) has urged government to review the power purchase agreement between Early Power Limited and the Electricity Company of Ghana to reduce the initial cost of the project. The $953.4 million project,which is currently before Parliament and expected to provide 400MW of power was originally designed as an emergency…
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WAPCo dismisses $30m payment to N-Gas
The West African Gas Pipeline Company (WAPCo) has rejected claims that the government has paid some 30 million dollars as part payment of the over 100 million dollars debts owed the company. This is according to the Corporate Affairs Director for WAPCo, Harriet Wereko-Brobbey. Harriet Wereko-Brobbey who spoke to Citi Business News on Tuesday explained…
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Govt cuts down projected oil price to $45 per barrel
Government has revised downwards its benchmark price of crude oil for 2016 from the 53.5 dollars per barrel to 45.35 dollars per barrel. This translates into 1.4 billion cedis oil revenue down from the 2 billion cedis it projected in the 2016 budget statement. The figure also means the projected oil revenue for the year…
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Wapco cuts gas supply to Ghana over unpaid bills
It has emerged that the West African Gas Pipeline Company (Wapco)has suspended gas flow to Ghana over unpaid bills by government. The Volta River Authority (VRA) owes Nigeria’s Ngas around 180 million dollars, while N- Gas in turn owes Wapco 104 million dollars. This development was revealed by Wapco spokesperson Harriet Wrekko-Brobbey to Reuters. According…
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Petroleum Commission rejects claims E&P Bill lacks transparency
The Petroleum Commission has rejected claims that the Petroleum Exploration and Production (E&P) Bill which is currently in parliament grants the sector minster excessive discretion that could lead to corruption. According to some sections of the bill, a Petroleum Minister is permitted to undertake direct negotiations under two circumstances on behalf of the nation. First,…
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2nd powership will be delivered on schedule – Karpower
Powership producer, Karpowership Company Limited of Turkey, has rejected claims that an attempted coup in Turkey will affect the delivery of Ghana’s second 450 megawatts (MW) powership. According to Karpower, work is progressing steadily on the ship and is expected to be delivered in October this year. An attempted coup to oust President Recep Tayyip…
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Power challenges likely to drag if … – ACEP
The African Centre for Energy Policy, ACEP, fears Ghana’s reeling power sector may not rebound soon in the face of the financial and distribution challenges facing the sector. The energy policy think tank also believes the inefficient management of the distribution companies has resulted in the financial challenges confronting the VRA. According to the Executive…
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Ghana to submit counter defence in maritime border dispute
Ghana will soon be submitting its counter-memorial (detailed defence) to that of Cote d’Ivoire at the International Tribunal of the Law of the Sea (ITLOS) in Hamburg. This is according to the Chief Executive Officer of the Petroleum Commission, Theophilus Ahwireng. According to him, the detailed defence will be Ghana’s response to Cote d’Ivoire’s defence of…
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Foreigners dominate Petroleum Upstream sector despite Local Content Law
The move to get local companies to substantially participate in Ghana’s Oil and Gas industry is still under pressure as figures released by the Petroleum Commission indicate that the value of activities ceded to indigenous companies in the Petroleum Upstream sector between 2010 and 2015 was only one billion dollars. In all, total value of activities in the…
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FPSO John Evans Attah Mills to produce first oil in August 2016
The Managing Director of Tullow Ghana, Charles Darku has told Citi Business News that production of oil will commence on the FPSO John Evans Attah Mills in the first week of August, 2016. Speaking to Citi Business News’ Norvan Acquah-Hayford who was part of a team of journalists who toured the vessel, Mr. Charles Darku…