Category: Oil And Gas
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GOIL to lose GH¢9M monthly over fuel price reduction, it’s not sustainable – COPEC
The Chamber of Petroleum Consumers (COPEC) is worried that the directive to GOIL to reduce fuel prices could cost it GH¢9 million every month, insisting that is not a sustainable solution. Speaking on Eyewitness News, the Executive Secretary of COPEC, Duncan Amoah, said the directive was “very problematic” because of the possible effects on GOIL.…
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New COVID-19 variant to blame for global crude price falls – DR Sulemana
Fuel prices on the global markets have fallen sharply from over 80 dollars a barrel to about 72 dollars per barrel. This comes after some international agencies like Goldman Sachs projected the commodity could hit 90 dollars a barrel by the end of the year. What could be the cause of this sudden downturn? Energy…
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Achieving renewable energy goals should not be rushed – UENR Vice Chancellor
Even though there have been a lot of calls for Ghana to switch to renewable energy as soon as possible, not everybody thinks it is going to be achieved in the short to medium term. The Vice-Chancellor of the University of Energy and Natural Resources, Prof Elvis Asare-Bediako is one of such people. He believes…
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BOST takes delivery of 5,400 pipes for expansion
The Bulk Oil Storage and Transportation Company Limited, BOST, has finally taken delivery of 5,400 pieces of 12- inch pipe among other equipment to support the rehabilitation and expansion works on its petroleum transmission lines from Tema to Akosombo. The pipes, which include valves, flow meters, pumps and generators were procured in 2009 for $63.2 million…
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OMCs sacrificing a lot to keep fuel price below GH¢7 – Oil Marketing Assoc.
Kwaku Agyemang-Duah, CEO of the Association of Oil Marketing Companies, says oil marketing companies are making a lot of sacrifices to keep the price of fuel in Ghana below GH¢7 per litre. According to him, with dealers barely compromising on their margins and the government maintaining all its taxes on petroleum products, the marketers are…
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Fuel shouldn’t cost more than GH¢6 per litre in Ghana – IES
The Institute for Energy Security (IES) believes fuel in Ghana should not sell for more than GH¢6 per litre if the government effectively manages the sector. According to its Executive Director, Nana Amoasi VII, many of the variables that influence the price of fuel in Ghana are within the control of the government either directly…
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BoG must give special forex concessions to fuel importers to mitigate price hikes – COPEC
The Chamber of Petroleum Consumers (COPEC) is proposing that the Bank of Ghana (BoG) should give concessionary dollar rates to fuel importers in Ghana. COPEC believes this will go a long way to mitigate the constant hike in the price of fuel in the country. Executive Secretary of COPEC, Duncan Amoah stated that “we have…
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PRMA must be reviewed to restrict government’s use of oil money – Dr. Antwi
The Vice Dean of the School of Graduate Studies at the University of Professional Studies, Accra, Dr Samuel Antwi is calling for a review of the Petroleum Revenue Management Act (PRMA) to further regulate the government’s expenditure of funds generated from the sale of the country’s oil. He argued that the government under the current…
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Gov’t must use revenue raised from Price Stabilisation and Recovery Levy to mitigate hike in fuel prices – Akwaboah
As the price of fuel at the pump continues to rise, a former board chairman of the Association of Oil Marketing Companies, Henry Akwaboah, says the government must begin drawing from the Price Stabilisation and Recovery Levy account to help reduce the impact of the rampant increase on consumers. He said he “thinks that all…
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First Ghanaian-owned and Ghanaian-flagged marine vessel arrives
Tullow Ghana says it has taken delivery of the MV Flat Confidence following the successful Offshore Vessel Inspection Database (OVID) testing on November 5, 2021. The MV Flat Confidence vessel is the first Ghanaian-owned, Ghanaian-flagged marine vessel to support offshore activities in the oil and gas industry in Ghana. The MV Flat Confidence was acquired…