Category: Oil And Gas
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Tullow defies Petroleum Ministry’s directive on layoffs
Citi Business News has learnt Tullow Ghana Limited, has defied the directive by the Petroleum Ministry not to lay off core technical staff. [contextly_sidebar id=”85sHDSUsGblf1LzTqb8DnGx2utmsyZlw”]According to the General Transport, Petroleum and Chemical Workers Union (GTPCWU) Tullow has laid-off more than 30 workers including core technical staff. GTPCWU, which is the umbrella union of workers in…
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Dumsor to be ‘tightened’ temporarily
The current load shedding exercise is expected to be aggravated in a couple of days as the country’s major thermal plants shut down, sources close to the producers have told Citi News. [contextly_sidebar id=”0Em9vs66Fq5TBkNE1CiHO7PTUqDTWN9W”] The plants have been shut down because there is no gas from Nigeria to keep them running. The gas pressure through the West African…
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Ghana opens defence against Ivory Coast in oil dispute
Ghana’s legal team has opened its defense at the International Tribunal of the law of the Sea (ITLOS) after Ivory Coast sued Ghana, seeking to stop Tullow Oil and its partners from exploring oil over a disputed oil block. [contextly_sidebar id=”9cTsYdvypynGj6QB6WY60Hj6Nb0z9VTT”]The dispute involves ownership of portions of the country’s second biggest oil field the Tweneboa-Enyenra-Ntomme…
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Moody’s downgrades Tullow
Ratings agency Moody’s has downgraded oil giant Tullow. [contextly_sidebar id=”JbIff3ZziC4jxBCISsFZv8SKk0Il0x97″]Moody’s downgraded the corporate family rating and probability of default rating for Tullow to B1 from Ba3. The ratings on its $650m 2020 and $650m 2022 senior notes were downgraded to B3 from B2. Ghana’s recent downgrade by the rating agency as well as its current…
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Opec has to keep output ceiling – Kuwait
The Organisation for the Petroleum Export Countries (Opec) members have no choice but to maintain current production levels despite falling oil prices in order to preserve their market share, Kuwait’s oil minister said on Thursday. “Within Opec, we don’t have any other choice than keeping the ceiling of production as it is because we don’t…
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Don’t lay-off any core technical staff, Petroleum ministry warns Tullow
The Ministry of Petroleum has directed Tullow Ghana Limited, not to lay-off any core technical staff after announcing plans to layoff some workers of the company as a result of the slump in crude prices on the international market. [contextly_sidebar id=”1qseKkZHm9cj48ovb3NQaL5MaYcoJ0xH”]According to a statement signed by the Communications Consultant to the Energy Ministry, Edward Bawa,”…
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Carmen Bruce-Annan joins GNPC
Citi Business News has gathered the former Head of Brand and Corporate Communication at Vodafone Ghana Carmen Bruce-Annan has been appointed as the corporate affairs manager for the Ghana National Petroleum Corporation (GNPC). Carmen is believed to have joined the state owned oil company about two months ago. Carmen Bruce-Annan resigned from Vodafone in…
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Gov’t lowers 2015 oil revenue target by 64%
The new projection for Ghana’s oil revenue has been pegged at 1.5 billion dollars after an initial figure of 4.2 billion dollars stated in the 2015 budget. [contextly_sidebar id=”OGoDPBkXSr5vLAtrdVuXQYTpYb9LK3ej”]The new figure shows a 64% drop from the earlier projections. Government was forced to review its oil revenue projections following the drop in the prices…
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Gov’t falls on Stabilization Fund to support budget
Government has confirmed plans to withdraw 19.488 million cedis from the Ghana stabilization fund following the drastic fall in Ghana’s projected oil revenue due to the consistent decline in price of crude oil on the world market. [contextly_sidebar id=”weVdNRvYekMCi2eHP44aBHvguWmLhwcF”]”An amount of 4.872 million cedis will be drawn from the Ghana Stablization Fund on a quarterly…