Category: Oil And Gas
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‘Volatile’ oil price hard to predict- Shell boss
Royal Dutch Shell chief executive Ben van Beurden has told the BBC a recovery in the price of oil is hard to foresee. “It is a very, very volatile business in terms of supply and demand. The oil price responds to very small mismatches between supply and demand,” he told BBC Radio 4’s Today programme.…
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UK’s oil sector loses 65,000 jobs-Report
The contraction of Britain’s offshore oil sector has already stripped out 65,000 jobs, according to a new report. [contextly_sidebar id=”E2K9ddiKy4K0D29r6G2GNanxpWXfiLPS”]The calculation of a 15% drop since the start of last year came from the annual economic impact report of trade body Oil and Gas UK. It said the number of jobs supported by direct, supply…
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Ghana to review downwards oil revenue targets again
The Ministry of Finance has hinted it will consider going back to cabinet to review oil revenue targets for the second time this year. [contextly_sidebar id=”F8QKf64F1auIJQvndUbl2deOwDfZ58xg”]”One of the main areas where we’ve suffered some major impact is crude oil prices , just after we read the budget , we in March at a media briefing…
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Banker questions Ghana’s oil investments
Investment Banker and CEO of Africa Investment Group, Dr. Sam Ankrah has questioned government’s investments choice for the country’s oil revenue. [contextly_sidebar id=”gKnvZK1lkHkCXcQteEQfSju8pgn6UBMI”]According to him ‘why are we investing our stabilization and heritage funds which has accrued up to $448M in foreign portfolios at a rate of 2% and 2.5% respectively? And our banking and…
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No cash deposits made into stabilization & heritage funds in 2015
The Ghana stabilization and heritage funds have received no cash inflows for the first half of 2015 as compared to the 215 million, 7 thousand dollars paid into the two funds during the second half of 2014. [contextly_sidebar id=”1A8lCet5zQ85bSB7gXXQdJr09AS1uP70″]This is according to the Bank of Ghana semi-annual report on the Petroleum Holding Fund & Ghana…
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Tullow cuts crude production
The Lead operator of the Jubilee field, Tullow oil has cut crude production by 27,000 barrels due to the continuous reinjection of gas into the oil wells. [contextly_sidebar id=”CuFnAv2sVWuvjnuYyM45cfS0T0cn7oNA”]According to the deputy Minister of petroleum Benjamin Dagadu, Tullow oil is now producing 76,000 barrels per day. The recent problems with the compressors on FPSO Kwame…
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Suspend fuel price deregulation – AGI
The Association of Ghana Industries (AGI) is calling for a suspension of the full price deregulation of the petroleum downstream sector. According to the AGI, businesses are being stretched and are currently investing heavily in buying fuel to power their operations. [contextly_sidebar id=”GDTSGoOs0qUiV8WWdVUfjAmMA5ZGBpTZ”]The business community is concerned the two week adjustments in fuel prices will…