Category: Oil And Gas
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Ghana risks brain drain if TOR remains nonoperational – Energy Consultant
Energy Consultant, Dr. Yussif Sulemana, has raised concerns about the continuous redundancy of the Tema Oil Refinery (TOR), suggesting that it may lead to human capital challenges soon. According to him, the current situation at TOR has compelled many skilled workers from the refinery to leave the country in search of greener pastures. “In fact,…
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We don’t foresee further rise in fuel prices soon – AOMCs
Board Chairman of the Association of Oil Marketing Companies, Henry Akwaboah has said that members of his association are unlikely to increase fuel prices as being anticipated. “Even though prices on the world oil markets have gone up slightly, I do not foresee oil marketing companies increasing their prices during this window. At least I…
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IES MarketScan: A year on, why hasn’t ENI and Springfield unitized as directed
In April 2020, the then Energy Minister John Peter Amewu wrote to the subsidiary of the Italian oil major Eni Ghana Exploration and Production Limited (ENI), and Springfield Exploration and Production Limited (Springfield) a subsidiary of Springfield Group, directing them to execute a Unitization and Unit Operating Agreement (UUOA). The purpose of executing the UUOA…
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Consider lifting ban on construction of new LPG stations – LPG Marketers
The Liquefied Petroleum Gas (LPG) Marketing Companies Association says it may lose GH¢60million worth of investment made into building some 100 LPG retail outlets which remain incomplete. The government, after the Atomic Gas explosion in 2017, placed a ban on new LPG retail points to allow for proper assessment of all LPG outlets nationwide. Although…
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Fuel prices likely to go up by 8 pesewas today – COPEC
The Chamber of Petroleum Consumers (COPEC) has indicated that fuel prices are likely to go up by 8 pesewas from today, May 17, 2021. Executive Secretary of COPEC, Duncan Amoah, stated that this was due to a hike in prices of the product on the global market. “Geopolitical events over the past few days have…
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Aker Energy to submit revised plan of development to Government of Ghana
Two years after its initial Plan of Development to facilitate the optimization of the Deepwater Tano/Cape Three Points (DWT/CTP) block was rejected by government, Aker Energy is set to submit a revised plan of development to government by the end of this year. This was disclosed in a press statement issued by Aker Energy Ghana…
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GRA must clamp down on tax evaders in oil sector – AOMCs
The Association of Oil Marketing Companies is urging the Ghana Revenue Authority to ensure that the new taxes introduced in the country are charged on every litre of fuel sold on the market. The association also wants the GRA to put in place measures to stop tax evasion to ensure that government realises the purpose…
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Government urged to set up renewable energy authority
A fellow of the Institute of Energy Security (IES) and former Ranking Member on the Mines and Energy Committee in Parliament, Adam Mutawakilu, has reiterated the need for government to make renewable energy a critical component of Ghana’s power mix and create an enabling environment for the private sector to enter the industry. Government has…
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OMCs likely to implement tax-induced price adjustments from May 4 – COPEC
It appears most Oil marketing companies are yet to adjust upwards their prices of fuel in the national capital, Accra two days after the set implementation date for the newly introduced taxes. The government during the presentation of the 2021 Budget Reading introduced some taxes including the Energy Sector Recovery Levy of 20 pesewas per…
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Government must balance energy sector taxes or risk collapsing economy – Energy Consultant
Energy Consultant Dr. Sulemana Yussif, has stated that the implementation of the new taxes on the energy sector risks stifling the growth of the economy. The taxes were introduced in the 2021 budget statement and will take effect on May 1, 2021. Dr Yussif argues that the new taxes have the tendency to reduce expenditure…