Category: Oil And Gas
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Karpower engages stakeholders over the company’s operations
Karpowership Ghana Limited has held a stakeholder engagement with the Tema Manhean Fishmongers and Smokers Association to get them acquainted with Karpower’s operations. The engagements according the independent power producer, was in line with Karpower’s principle of having transparent and sustainable relations with its stakeholders. Speaking at the engagement the Communications Specialist at Karpowership Ghana…
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First oil from TEN field to flow in 6 weeks
First oil from Ghana’s second biggest oil field the Tweneboa, Enyenra and Ntome (TEN) field is expected to be delivered within the next three to six weeks. This is according to the lead operator of the field Tullow oil. The TEN project is expected to augment the oil production on the Jubilee field which is…
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Jubilee partners to spend over $345m to fix faulty turret on FPSO
The Jubilee partners will spend at least three hundred and forty five million dollars to fix the faulty turret on the Kwame Nkrumah Floating Production Storage and Offloading (FPSO) vessel. Lead operator of the Jubilee field, Tullow was forced to shut down the vessel early this year and subsequently cut down production from the Jubilee…
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PIAC does not need prosecution powers – ACEP
The African Centre for Energy Policy, ACEP, says it disagrees with calls for the Public Interest and Accountability Committee, PIAC, to be given prosecution powers despite continuous instances of financial misappropriation of the country’s oil revenue. ACEP believes extending the mandate of PIAC to prosecute defaulters will rather overburden the committee in exposing instances of…
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GNPC overspends 2015 budgetary allocation – PIAC
The 2015 Public Interest and Accountability Committee Report on Petroleum Revenue Management, has cited the Ghana National Petroleum Corporation, GNPC, as overspending its budgetary allocation for 2015 by 49%. PIAC maintained the oil company overspent 63.16 million dollars more than the 126.86 million dollars allocated to it. It was further revealed that the corporation’s 2015…
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Finance Ministry overspends 2015 ABFA by 34 % – PIAC
The Ministry of Finance spent 34% more of the total Annual Budget Funding Amount (ABFA) allocated to it from oil revenues accrued in 2015. The ministry spent GH¢ 1,124.2 million compared to the GH¢ 1,086.28 million allocated to it. This is according to the 2015 Annual Report on the Management of Petroleum Revenues by the…
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Building FPSO in Ghana not possible – MODEC
Ghana’s hope of building a Floating Production Storage and Offloading (FPSO) vessel in the country may be far from possible, Vice President of Atlantic FPSO Project Development of MODEC International Inc, Puneet Sharma has said. According to him, it will not be economically prudent for Ghana to make a 600 million dollars investment to…
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Ghana gains despite sharp drop in crude oil prices-NRGI
The Natural Resource Governance Institute (NRGI) has stated that Ghana gained from the drop in oil prices on the world market despite a significant decrease in revenue accrued from export of the commodity. In 2015, government reviewed its projected oil revenue from 4.2 billion dollars to 1.5 billion dollars, indicating a 64 percent decrease after…
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Veep pushes Russia to invest in Ghana’s oil industry
Ghana has intensified moves to get Russia to become one of the biggest players in the country’s oil and gas sector. Russia, which is rich in oil and gas, has not shown significant interest in Ghana’s oil and gas sector despite its involvement in some industries in Ghana. [contextly_sidebar id=”9AWK0DuihAQTQLwhHN8RAi58rDd01L5U”]Ghana-Russia trade statistics indicates that external…
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Ongoing power cuts will be resolved by Sunday – Ghana Gas
The Ghana National Gas Company has hinted to Citi Business News that operational challenges at the Atuabo Gas Processing plant will be fixed by Sunday. According to Ghana Gas an order has been placed for a replacement of a faulty equipment on the gas plant which has resulted in the plant’s inability to receive the…