Category: Oil And Gas
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OMCs not likely to reduce prices soon – Senyo Hosi
The Chief Executive Officer of the Chamber of Bulk Oil Distributors, Senyo Hosi has cast doubt over a possible reduction in the retail price of petroleum products within the next pricing window. According to him, the continuous increase in global oil prices is likely to push retail prices up. “Petroleum prices are rising; they are…
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GNPC defence of US$37,000 royalty holdback untenable if … – PIAC
The Public Interest Accountability Committee (PIAC) says the justification by the Ghana National Petroleum Corporation (GNPC), for failing to pay royalties from the Saltpond Oil fields in 2015, may not be tenable if it emerges that the company produced at least a barrel of oil during the period. According to the committee, the oil company…
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GH¢2bn debt payment not to affect petroleum prices – BDCs
Bulk Oil Distributors (BDCs) in Ghana have ruled out any positive effect of the payment of government’s outstanding debts owed them, on the prices of petroleum products. According to the oil distributors, the amount expected to be paid by government fall within the existing pricing structure which will have no significant impact on prices. “All…
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Cut down carbon emission with quality fuel-Transport Minister
The Minister for Transport Mr. Fifi Kwetey has called on Oil Marketing Companies (OMCs) to supply high quality fuel to Ghanaians to help reduce carbon emissions. According to him, the ministry is working vigorously to cut down on carbon emissions by encouraging the use of efficient fuel and low carbon emitting vehicles. The minister, who…
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GNPC justifies $37,000 royalty hold back
The Ghana National Petroleum Corporation (GNPC) has justified its decision of not paying royalties due government from the Saltpond Oil Production Company Limited (SOPCL) in 2015. The 2015 Semi-Annual Public Interest Accountability Committee (PIAC) report revealed that the SOPCL failed to pay a minimum of US$ 37,129 representing 3% of revenues as royalties to government…
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GNPC boss defends ‘numerous’ projects
The CEO of the Ghana National Petroleum Corporation (GNPC) Alex Mould, has hit back at critics who have called for his dismissal for signing onto deals which will hurt the finances of the company. “I can assure you that I have the total support of my management team, staff and the Board as to whatever…
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Total Ghana forecasts positive outturn
One of the leading petroleum companies in Ghana, Total Ghana has predicted a positive improvement in its annual performance. According to the company, it still managed a strong performance in 2015 despite the volatility in the world oil sector and numerous competitive challenges faced in the industry. Speaking at the company’s Annual General Meeting in…
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Goil to take over ‘smaller’ OMCs to develop petroleum sector – MD
State owned oil marketing company, Goil has hinted to Citi Business News plans to acquire smaller OMCs to consolidate its operations in the retail of petroleum products. The decision also comes at a time when some players in the oil and gas industry have advocated consolidation of the numerous OMCs to improve the downstream sector…
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GOIL’s 2015 profits up by 10%
Oil marketing company, Goil reported an increase in profit after tax of 10.4 percent in 2015. According to the company, its profit after tax increased from 20.1 million cedis in 2014 to 22.2 million cedis in 2015. Although Goil admitted to the current economic challenges, it attributed its performance to competitive pricing, delivering of quality…
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Trinidad & Tobago lobbies to build Ghana’s next gas processing plant
Trinidad and Tobago has expressed interest in building Ghana’s next gas processing plant. The country believes it possesses the requisite skills and personnel to undertake such activity and develop Ghana’s oil and gas sector. [contextly_sidebar id=”s0Oz2v0BGFStoviJLk9MzDUEMK8Hi4K8″]Currently, the Atuabo gas processing plant provides about 70 percent of Ghana’s gas needs. The plant processes about 180,000 tonnes…