Category: Oil And Gas
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Cylinder Re-circulation: COPEC warns of chaos if NPA rushes implementation
The Chamber of Petroleum Consumers (COPEC) has advised the National Petroleum Authority (NPA) to enhance public education on the implementation of the Cylinder Re-circulation Model before its complete rollout in September 2023. Perry Okudzeto, Deputy Director of the NPA, explained during a press briefing on Thursday [August 3, 2023] that the model had undergone successful…
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LPG Marketers kick against ‘early’ implementation of Cylinder Re-circulation Model
The Liquefied Petroleum Gas (LPG) Marketers Association has kicked against plans by the National Petroleum Authority (NPA) to implement the Cylinder Re-circulation Model in September. The Association argues that the September date is too early for the policy’s implementation and could lead to misunderstandings. The association thus emphasized the need for intensified public education before…
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Ghana loses $8.3m for failing to charge penalties on surface rentals
The Auditor General has disclosed that the failure to impose penalties on oil companies for delayed payment of surface rental has resulted in a loss of more than $8.3 million in revenue. The Auditor General’s report highlighted that companies defaulting on their payments were not being penalized as required by the Petroleum Revenue Management Act,…
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NPA to commence Cylinder Recirculation Model in September
The National Petroleum Authority (NPA) will, from September, begin the implementation of the revised cylinder re-circulation policy. This first phase is being rolled out six years after the approval of the model. According to the NPA, four bottling plants are ready for takeoff hoping to increase capacity by 50 percent by 2030. The NPA adds…
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IPPs considering shut down of plants as govt fails to settle $2bn debt
The Independent Power Producers (IPPs) in Ghana are facing an imminent crisis as they contemplate shutting down their power plants in the coming days if the government fails to settle their debt, which now stands at over $2 billion. The IPPs had initially decided against shutting down their plants following discussions with the Electricity Company…
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Ghana’s oil revenue drops to US$540m in first half of 2023
Ghana has recorded a total of US$540 million in petroleum receipts during the first half of 2023, as reported by the Petroleum Holding Fund report released by the Bank of Ghana, which provides insights into the Fund’s performance. However, this amount represents a decrease compared to the US$731 million recorded during the same period in…
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Govt’s indebtedness to IPPs increases to US$ 2.3 billion; prompts emergency meeting
The government’s inability to pay arrears owed Independent Power Producers (IPPs) despite assurances has forced the producers to convene an emergency meeting because the debt has risen from US$ 2 billion to about US$ 2.3 billion. The meeting is set to take place tomorrow, Thursday, July 27, 2023. The IPPs halted their planned shutdown of…
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Use mid-year budget to review benchmarks for crude oil prices – Energy analyst
Ahead of the presentation of the Mid-Year Review of the Budget Statement and Supplementary Estimates for the 2023 Financial Year to Parliament, an energy analyst Benjamin Nsiah is impressing on Government to review downwards its projected benchmarks for crude oil price. The government had earlier projected a benchmark oil price of 88.55 dollars per Barrel…
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Budget review: COPEC warns against introduction of new taxes on fuel
The Chamber of Petroleum Consumers (COPEC) has issued a strong warning to the government to refrain from plans to introduce new taxes on petroleum products in the mid-year budget review. The Finance Minister, Ken Ofori-Atta, is expected to present the Mid-year budget review to Parliament on July 25, 2023. COPEC says its sources have revealed…
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Jubilee field producing over 100,000 bopd
Tullow Oil has announced that gross crude production on the Jubilee Field has surpassed 100,000 barrels per day for 2023. This was captured in an operational update to investors on July 17, 2023. According to Tullow Oil, this was after the recent start-up of the Jubilee South East (JSE) project well was brought on stream.…