Category: Oil And Gas
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BOST workers fight management over new directive
More than 100 workers of the Bulk Oil Storage and Transportation Company Ltd (BOST) have been directed to reapply for their various posts as part of ongoing restructuring of the company’s operations. On December 2, 2014, management directed workers at BOST head office to re -apply for up to three different portfolios. But the Senior…
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GNPC to finalize $700m loan deal in May
The Ghana National Petroleum Corporation (GNPC) has told Citi Business News it is likely to finalize its move to borrow cash to finance its operations in three weeks. [contextly_sidebar id=”mwn0rZdARiHbhkU8xHfDXRbt3HNktwCS”]The state owned oil company last year announced its intention to borrow 700 million dollars to fund some of its operations. Its move to contract the…
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Tullow pays $313.5m in taxes to Ghana
Tullow has announced it paid government of Ghana a total of 313.5 million dollars in taxes in 2014. [contextly_sidebar id=”X7KXBZbb4bU2HOZrJDKPyUI9lTL4CIwK”]The cash comprises both direct and indirect taxes. Of the 313.5 million dollars 115 million dollars went into income tax, 43.5 million dollars went into withholding tax, while 4.6 million dollars and 3.8 million dollars went…
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Bidding process to select main contractor for Atuabo Free Port ends
Atuabo Free Port (AFP) and the China Harbor Engineering Company (CHEC) have signed a construction agreement establishing China Harbor Engineering Company (CHEC) as the main contractor of the free port project. [contextly_sidebar id=”2q0pchk3Sz1P9EuCyp6FxLZbRzoKVQ21″]AFP is to develop and operate a free port in Atuabo in the Elembelle district of the Western region of Ghana. The deep…
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IFS blames Terkper for Ghana’s 2.7 billion oil loss
The Institute of Fiscal Studies (IFS) says the Minister of Finance must be held solely responsible for the 2.7billion cedis loss in forgone oil revenue to Ghana due to the fall in crude price on the world market. [contextly_sidebar id=”M9bAa4gZQiK1r2n6nr9EKd4G4TpglsE0″]This is after the think tank rejected claims by the Minister of finance Seth Terkper that…
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Oil dips on profit-taking in Asia
Oil prices fell on profit-taking in Asia on Tuesday after rallying in the previous session owing to doubts the nuclear agreement between Iran and global powers will immediately boost Tehran’s crude exports, analysts said. [contextly_sidebar id=”HD3sB5gn5I2zBqnyx7zg8RNxY9Cda9NU”]US benchmark West Texas Intermediate (WTI) fell 35 cents to $51.79 while Brent dipped 51 cents to $57.61 in late-morning…
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Tullow to comply with ITLOS ruling
Tullow oil Ghana has told Citi Business News it is ready to comply fully with the judgment of the International Tribunal on the Law of the Sea (ITLOS) in the ongoing dispute over the maritime boundary between Ghana and Cote d’Ivoire. [contextly_sidebar id=”CsL8iqvS5c6XZzExBwLrlKGLaKFW095R”]According to Tullow it however supports wholly the position of Ghana in the…
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Tullow denies sacking core technical Ghanaian workers
Tullow has denied defying government’s directive not to layoff any core technical Ghanaian staff in its layoff exercise. [contextly_sidebar id=”kviLTaKvZmVVatcM6k9yRpjsL268ISgj”]The Ministry of Petroleum had on March, 18, 2015 directed Tullow Ghana Limited, not to lay-off any core technical staff after announcing plans to lay off some workers of the company as a result of the…
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Vivo Energy cedes 8% of its shares to Ghanaian company
Citi Business News has gathered Vivo Energy Ghana is to cede 8 percent stake of the company to a Ghanaian firm CH Group. It is unclear how much CH Group will pay for the shares. The sale of the shares which is subject to a number of formalities that are typical for an acquisition of…
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Total sells Nigerian oil field stake
French oil giant Total said Monday that it has sold its stake in a Nigerian oil field to a local company for $569m. [contextly_sidebar id=”HTfWI7ztcTkP9gzYiEzkrd4r6HUHyAcx”]Total’s sale of its share in the onshore Oil Mining Lease 29 to Aiteo Eastern E&P comes after the French group made two similar divestments in Nigeria. The three transactions reached…