Category: Oil And Gas
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Ongoing power cuts likely to intensify following shortfall in gas supply
The Ministry of Power has attributed the power outage experienced in parts of the country on Tuesday to the limited supply of lean gas from the Ghana National Gas Company. According to the ministry, the situation which has lasted for about two days now, has also affected power production at the Aboadze Thermal plant in…
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Fuel prices likely to go up by 2%
The Chamber of Petroleum Consumers has indicated that fuel prices are likely to increase during the second pricing window for the month of June. According to the chamber information and figures it has gathered from industry players suggest that prices are likely to be adjusted upwards by some 2 percent on current pump prices. In…
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Ghana’s Oil & Gas sector needs more skilled labour-MODEC
The Country Manager of MODEC, Neil Woodcock has called for a larger representation of skilled local human resource in the Ghanaian oil and gas industry. According to him, there is a gap in the skill sets needed for the oil and gas industry. “Majority of indigenous people who call themselves ‘welders and fabricators’ do not…
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Consider mergers to be competitive-Top Oil MD
The Managing Director of local Oil Marketing Company–Top Oil, Ben Atsu Agbomanyi has called for mergers of indigenous and wholly-owned Ghanaian companies to compete with multinational companies in Ghana’s petroleum downstream industry. According to him, an increase in local participation of indigenous companies in the petroleum downstream sector will spur economic growth and reduce forex…
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Majority of BDCs likely to collapse over unpaid debts
Majority of bulk distributors of petroleum products will be forced to halt operations by the end of 2016 if government fails to pay debts owed them. They are about 35 bulk distributors in the country with about 17 of them being owned in excess of 500 million cedis by government. [contextly_sidebar id=”mEha2aLAgB4EUUxx3VJW5MVbLYltYUqw”]Government last month promised…
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Direct petroleum negotiations overtake competitive bidding in Africa – Report
The adoption of direct negotiation for petroleum contracts has become a norm rather than the exception for most oil producing African countries. This is the position of the Africa Oil Governance Report. According to the report, nine out of the eighteen countries studied have adopted competitive bidding processes for the award of petroleum contracts but…
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Stability clauses in petroleum agreements to cause revenue losses
Tax analyst, Abdallah Ali Nakyea has warned that Ghana risks losing revenue accruing from withholding taxes from specialized sectors following a revision of aspects of petroleum agreements. According to him, the stability clauses in new petroleum agreements which protects investors from economic shocks until after a period of time, limits the imposition of taxes on…
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Petroleum prices likely to increase again this week – Petroleum consumers
The price of petroleum products are likely to go up by three percent in the first pricing window in June. This is according to the Chamber of Petroleum Consumers. The comment follows a rebound in the global oil market price of crude oil which is now trading around 50 dollars a barrel. The prices of…
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Tanker drivers want transporters’ contracts scrapped over poor salaries
The National Union of Petroleum Tankers Drivers (NUOTD) is calling on the Bulk Oil Storage and Transportation Company Limited (BOST) to abrogate contract of transporters who fail to properly remunerate their drivers. According to the union, the under payment of salaries by transporters is causing the siphoning of petroleum products in transit which creates shortages…
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Account for tax revenue before paying BDC debts – Analysts to gov’t
Players in the oil and gas sector are demanding that government discloses proceeds generated from the energy sector levies before going ahead to clear outstanding debts owed the Bulk Oil Distribution Companies (BDCs). They argue that tax payers are likely to be overcharged in the absence of proper accountability from government. The comments also come…