Category: Oil And Gas

The Chamber of Oil Marketing Companies (OMC) has taken a swipe at the Member of Parliament (MP) for Bawku West, Cletus Avoka, over his comments that the increasing number of filling stations sited along the Navrongo – Paga road in the Upper East Region could be an avenue for smuggling petroleum products to neighbouring Burkina…

The Petroleum Ministry has objected to suggestions that government lists the Ghana National Petroleum Corporation (GNPC) and the Tema Oil Refinery (TOR) on the Ghana Stock Exchange (GSE). The Ministry argues that government’s continuous support to those state institutions is to make them viable. Civil society groups including the Extractive Industries Transparency Initiative have made…

Oil giant Tullow says oil production and gas export at the jubilee field is continuing as normal despite a potential issue identified with the turret area of the Jubilee Floating Production Storage and Offtake vessel (FPSO) Kwame Nkrumah. According to Tullow, following a recent inspection of the turret area of the Jubilee Floating Production Storage…

Some players in the oil and gas industry have made a strong case for government to cede majority stakes of non-performing state institutions in the energy sector to the public. They describe as unsustainable, government’s continuous allocation of resources to institutions like the Ghana National Petroleum Corporation (GNPC). They have also attributed the underperformance of…

About 30 percent of Ghana’s energy needs are expected to be provided by Turkish investors within the next few years. At least this is the assurance from the Turkish Ambassador to Ghana, Nesrin Bayazit. Ghana’s economic prospects, according to the ambassador present investors with an opportunity for growth. Ghana recently engaged a Turkish company, Karpower…

Political parties have agreed on the need for an effective policy on efficient use of the country’s oil revenues. According to them, having a guiding principle will reduce instances of misappropriation, leading to the exploitation of Ghanaians. The consensus was disclosed at the launch of the political parties’ policy positions on oil and gas. Under the…

Finance Minister, Seth Terkper has defended the continuous imposition of levies on the energy sector as part of efforts to address major financial challenges facing some State Owned Enterprises (SOEs) within the sector. According to him, the levies will provide revenue to offset the about 1.2 billion cedis debt owed by institutions including the ECG,…

Finance Minister Seth Terkper has hinted a return to cabinet to review downwards the country’s oil revenue targets for 2016. During his presentation of the 2016 budget statement in November, 2015, Mr Terkper said government had pegged its bench mark projection for a barrel of oil at 53.05 dollars for 2016, in line with the…

The Minister of Petroleum, Emmanuel Armah Kofi Buah has hinted to Citi Business News that government was in the process of settling all the debts owed the Ghana National Gas Company by the end of March 2016. According to him, a new debt restricting plan has been put in place which will ensure full payment of outstanding debts…