Category: Oil And Gas
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Tullow Oil Plc commends resilience of Ghana’s operations despite difficult times
CEO of Tullow Oil Plc Rahul Dhir has cited governments’ effective handling of the COVID-19 pandemic as a contributory factor to the impressive performance of its Ghana operations. Despite recording a $1.3 billion dollar loss after tax for the first six months of 2020, Ghana saw the strongest performance in the entire group producing an…
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GNPC blames Gov’t indebtedness for its financial problems
The Ghana National Petroleum Corporation (GNPC), has blamed its financial constraints on government’s inability to pay debts owed them since 2014. According to them, government owes the Corporation over 21 million US dollars, and they are almost helpless in their quest to retrieve the money. Speaking at a Public Accounts Committee (PAC) sitting on Tuesday,…
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Fuel prices to go up slightly in 1st pricing window for Sept. – IES
Consumers of petroleum products are likely to pay a little bit more for the fuel they purchase at the various pumps for the next 2 weeks which is the first pricing window of September. That’s according to Energy think tank, the Institute of Energy Security. With the demand for fuel now going up as the…
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Government must partner with private sector to improve use of renewable energy – IES
The Institute of Energy Security (IES) has called for more partnerships between the government and the private sector regarding the increasing use of solar and renewable energy in the country. The call by the Institute follows growing concerns over the future and financial sustainability of the Electricity Company of Ghana (ECG) as companies increasingly utilise…
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Demand 10-litre can if you feel shortchanged at the pump – COPEC to consumers
The Chamber of Petroleum Consumers (COPEC), has asked customers who doubt the quantity of fuel sold to them at the pump to request for the fuel to be put in a ten litre can. The container can be used to test whether you’re being given fuel equal to your money’s worth. Speaking to Citi Business…
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Save TOR from collapsing – COPEC urges government
The Chamber of Petroleum Consumers (COPEC) is calling on government to invest in the Tema Oil Refinery (TOR) to prevent it from collapsing. According to COPEC, per its investigations the situation at the refinery is dire and maintaining its day to day operations is a challenge. Speaking to Citi Business News, Executive Secretary of COPEC,…
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GOIL records highest profit growth since 2016
GOIL Company Limited now GOIL Company Limited (PLC), has recorded its highest growth in 3 years. The company whose share price witnessed a drop of about 45 percent in 2019, said its impressive performance should improve demand for its shares which will boost its share valuation on the Ghana Stock Exchange. The company reported a…
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Akufo-Addo cuts sod for construction of $25 million GNPC office complex in Takoradi
President Nana Addo Dankwa Akufo-Addo on the last day of his Western Regional tour cut the sod for construction of the Ghana National Petroleum Corporation $25 million Takoradi Operational Headquarters. The President said the office upon completion will provide office space for 400 staff. He said this signifies the fulfilment of the NPP’s manifesto pledge…
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Plans underway to make renewable energy beneficial – Energy Ministry
The Energy Minister says there are plans to explore how best government can benefit from renewable energy and go-ahead to export to neighbouring countries. Energy experts have often called on relevant government agencies to consider making power production attractive for export and they believe Ghana must innovate and make its renewable energy attractive for neighbouring…
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PIAC urges government to stick to chosen oil-funded projects
The Public Interest and Accountability Committee (PIAC) has urged government not to exceed funding beyond four priority areas as permitted by law. Per the Petroleum Revenue Management Act 2011 (PRMA), government can only fund four out of 12 listed priority areas for a three-year period to ensure effective and adequate funding. PIAC has, however, observed…