Category: Oil And Gas
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Prez Mahama orders Tekper to review oil revenue projections
President John Mahama has instructed finance minister Seth Tekper to review government’s oil revenue projections for 2015. According to Seth Tekper ‘ his Excellency has directed and we are doing an analysis which will go to cabinet and cabinet will take a decision on the impact on the crude oil prices and if necessary we…
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Global energy sector reels from oil price slump
Slumping oil prices are sending shock waves through the global energy industry, sparking the cancellation of projects and job losses, particularly at North Sea operations. British oil giant BP revealed Thursday it was shedding 200 staff jobs and 100 contractors in its North Sea activities, one month after taking a $1.0bn restructuring charge to combat…
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Tullow writes off billions due to oil price fall
Africa focused oil and gas explorer Tullow Oil has written off $2.3bn in relation to exploration work and some of its assets in 2014 and reduced its 2015 investment programme for a second time, the company said on Thursday, 15th January, 2015. The London-listed company, which is working to contain costs amid a dramatic fall…
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Users of petroleum products to be slapped with new levy
President John Dramani Mahama has hinted another levy will soon be slapped on petroleum products. The levy which will be called the mitigation levy will be introduced if crude oil price on the world market continues to fall and when government fully pays debt owed the Bulk oil distribution companies (BDCs). According to President Mahama,…
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MPs to appeal dismissed GNPC $700m loan injunction application
The three Members of Parliament, seeking to stop the Ghana National Petroleum Corporation (GNPC) from securing a $700 million dollar loan would appeal the dismissal of their injunction application by an Accra fast track high court, before close of week. This is according to one of the applicants, MP for Abuakwa South Constituency Samuel Atta…
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GNPC wins court case filed by MPs
The commercial division of an Accra Fast Track High court has dismissed an injunction application brought before it by three Members of Parliament, seeking to stop the Ghana National Petroleum Corporation (GNPC) from securing a $700 million dollar loan. According to the MPs; Dr. Mathew Opoku Prempeh, Dr. Anthony Akoto Osei and Samuel Atta Akyea,…
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MODEC to sack more workers this year
More workers of MODEC Ghana, operators of FPSO Kwame Nkrumah on the Jubilee oil field, would be laid off in 2015, following notice of a retrenchment exercise by the company. Management of the company had already terminated the appointment of 22 workers at its catering department explaning that “there was the need to outsource…
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Consumer groups demand reduction in fuel prices
Some consumer groups have joined calls for the National Petroleum Authority (NPA) to immediately reduce prices of petroleum products. This comes a few days after the Trades Union Congress (TUC) made similar demands. The price of crude oil on the world market has hit a five-year low; currently selling at around 60 dollars per barrel.…
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Opec won’t cut production – Saudi Arabia
Opec will not cut oil production even if the price drops to $20 a barrel and it is unfair to expect the cartel to reduce output if non-members do not, Saudi Arabia has said. “Whether it goes down to $20 a barrel, $40, $50, $60, it is irrelevant,” the kingdom’s Oil Minister Ali al-Naimi said…
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Work starts on components for Ghana’s second FPSO
A new fabrication facility for the oil sector has opened at Sekondi in the Western Region. The yard has been built by Tullow Oil to fabricate components for the TEN Project, Ghana’s next major oil development, on land leased from the Ghana Navy. Work at the site has started on the fabrication of nine anchor…