Category: Oil And Gas
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Total introduces new device to check fuel adulteration
Total Ghana has introduced a new device to check fuel adulteration. According to the Oil Marketing Company, which is the fifth largest publicly-traded integrated international Oil and Gas Company in the world with presence in over 100 countries, the device will ensure quality petroleum products are sold to its customers at all its pump stations…
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We’ll build another refinery at TOR –Mahama
President John Mahama has disclosed government’s plans to build another refinery within the Tema Oil Refinery (TOR) enclave. According to him, the move will enable Ghana become a downstream petroleum hub, to increase the distribution of petroleum products within the sub-region. The President’s comment follows the resumption of operations at the oil refinery for about…
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Power challenge to ease as Ghana Gas receives supply
Citi Business News has gathered the Ghana National Gas Company (GNGC) will today (Thursday) begin receiving gas from the FPSO Kwame Nkrumah after a close to three months halt. Despite the resumption which begun yesterday, only 20 million standard cubic feet of gas will be produced against the 120 million standard cubic feet. The Volta…
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Tullow slashes oil production from jubilee field by over 50%
Lead operator of the Jubilee field Tullow Oil, has cut production output from the field by over 50 percent after resuming operations there a few days ago. Tullow will now only produce 33,000 barrels of crude oil per day as against the 100,000 per day it was producing prior to the shut down. The figure…
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FPSO Kwame Nkrumah resumes operations
Operations on the FPSO Kwame Nkrumah have resumed, lead operator of the jubilee oil field, Tullow Oil has announced. Citi Business News has learnt operations resumed a few days ago. Tullow in March, 2016 was forced to halt operations on the vessel after it detected a damaged turret bearing, following planned routine maintenance works. Though…
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GOIL to raise GH¢155m from Renounceable Rights Issue
GOIL has launched a Renounceable Rights Issue of 139,639,640 ordinary shares to raise GH¢155 million cedis. The shares which will be of no par value at GH¢1.24 per share, Citi Business News understands forms part of measures to boost the company’s capital investments. The offer which will end on May 18 2016, is expected to also improve…
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Fuel prices up by 4%
Some Oil Marketing Companies (OMCs) in Ghana have increased the prices of petroleum products sold at the pumps by about 4 percent. The increment is part of a two week price review window, following the full deregulation of the petroleum downstream sector. The increase has been largely attributed to the rise in world market price…
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Petroleum consumers demand tax cuts as oil prices rebound
The Chamber of petroleum consumers has reiterated its call asking government to reduce the 17.5 % taxes imposed on petroleum products which took effect in January this year. [contextly_sidebar id=”K8Z7vhu887TMQy3FRGhQRX3epIujAAy3″]The Chamber contends that the continuous imposition of the taxes will adversely affect Ghanaians. “The chamber is unhappy at all with the 17.5% special petroleum tax;…
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FPSO offloads stored crude to allow oil production
The Petroleum Commission has indicated to Citi Business News that a process has commenced to offload close to 1 million barrel of crude stored on the FPSO Kwame Nkrumah to allow the vessel; to resume production of crude and gas. This has become necessary following the delayed production of crude and gas after the vessel…
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ACEP demands total audit of FPSO Kwame Nkrumah
The African Center for Energy Policy (ACEP) has demanded for a total technical audit of the FPSO Kwame Nkrumah. ACEP says the move if carried out will enhance gas supply to Ghana Gas Company. Deadline for routine maintenance works which began on the FPSO Kwame Nkrumah about a month has been postponed several times over…