Category: Oil And Gas
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Brent crude steady below $60 a barrel
Brent crude held below $60 a barrel, near a five-and-a-half year low, on Friday 19th December, 2014 as a global oversupply of oil showed little sign of receding, even as companies cut upstream investments next year. Oil prices were on track for a fourth straight week of declines after Opec members last month decided…
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Price of fuel to remain unchanged till next year
Price of petroleum products in Ghana will not be reduced until mid February next year. This is according to the National Petroleum Authority (NPA). A number of stakeholders have bemoaned the refusal of the NPA to reduce the price of fuel even though crude oil on the world market has fallen by over 40%. The…
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Oil stays below $60 as Opec keeps pumping
Brent crude held below $60 a barrel on Wednesday, 17th December,2014 near 5-1/2-year lows, as major oil producers signalled that they would maintain output despite a supply glut and faltering demand in Russia and Europe. Core Gulf Opec members have said they are prepared to wait as long as a year for the market…
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NPA maintains prices of petroleum products
Users of petroleum products will have to forget about benefiting from a decrease in the price of fuel, at least for the next two weeks. This is because the National Petroleum Authority (NPA) has maintained the prices of fuel at the pumps in its regular review of the prices of petroleum products. Petrol continues to…
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Failure to notify us over GNGC takeover smacks of disrespect – Botchwey
As the turf war between the Ghana National Gas Company (GNGC) and the Energy ministry continues, board chairman of the GNGC has told Citi FM failure of authorities to notify the company over the takeover smacks of disrespect and dishonesty. ‘The fact is incontrovertible and am making a point that such a fundamental decision…
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Oil hits lowest in more than 5 years
Brent crude oil slipped on Friday 12th December, 2014 to $63 a barrel, its lowest since July 2009, dragged down by persistent concerns over a global supply glut and a sluggish demand outlook. Brentwais down 8% this week, 45% below its June peak above $115 per barrel. The Organisation of the Petroleum Exporting Countries (Opec),…
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Oil producers face ‘huge liabilities’
Saudi Arabia’s top climate negotiator said on Monday that growing pressure to phase out fossil fuels does not help the UN climate negotiations and that a new climate deal should help oil producers diversify their economies. As UN climate change negotiations enter their second week in Lima, chief Saudi Arabian negotiator Khalid AbuLeif said a…
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Negotiations on gas transport commences
Negotiations on whether Ghana will construct an independent pipeline to transport gas to Tema or tie the West African Gas Pipeline Company (WAPCO) and that of Ghana National Gas Company (GNGC) to enable a reverse flow of gas from Aboadze to Tema have commenced. According to the Energy Ministry this is to allow for the…
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GNGC to increase gas production by close of year
Businesses and individuals may see some improvement in power supply in the coming days. This follows moves by the Ghana National Gas Company (GNGC) to produce the full complement of gas required at the Aboadze thermal plant to generate some 550megawatts of electricity by the close of December,2014. According to a statement from GNGC ”…
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Oil price fall good news for world economy-IMF
The plunge in oil prices since June,2014 may hurt some crude exporters but is overall a good thing for the world economy, International Monetary Fund (IMF) Managing Director Christine Lagarde has said. “There will be winners and losers, but on a net basis it’s good news for the global economy,” she said in Washington. Oil…