Category: Oil And Gas
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Blue Ocean Investments, GTPCWU sign agreement to forestall agitations in oil and gas sector
Blue Ocean Investments Limited, has signed a collective bargaining agreement with the General Transport, Petroleum and Chemical Workers Union (GTPCWU), an umbrella body for oil and gas sector workers in the country. The agreement, which was signed on Monday, August 10, 2020, seeks to govern all labour and remuneration issues between Blue Ocean Investments and…
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GRIDCo’s debt recovery from the ECG worsens: IES Analysis
From data collated by the Institute for Energy Security (IES), the debt of GH¢850.993 million owed to the Ghana Grid Company (GRIDco) by the Electricity Company of Ghana (ECG) in December 2019 has shot up by almost 31 percent to GH¢1.114 billion as of end June 2020. The Institute’s trend analysis of cash receivables of…
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Petroleum Holding Fund for 2020 Q1 drops by $124m as against 2019 Q1
A new report by the Bank of Ghana shows that the country received a total of 310.14 million dollars into Ghana’s Petroleum Holding Fund (PHF) for the first half of 2020. Compared to same period in 2019, the figure dropped by $124. 34 million dollars as the figure for last year was $434.48 million dollars.…
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Supreme Court throws out suit challenging GNPC CEO’s stay in office
The Supreme Court on Wednesday dismissed a suit challenging the continuous stay of the Chief Executive Officer of the Ghana National Petroleum Corporation, Dr. K.K Sarpong in office, over claims that he had reached retirement age. The court dismissed the suit after the applicant, a Deputy Youth Organizer of the opposition National Democratic Congress, Edem…
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Schlumberger eyes deeper cost cuts as oil rout triggers $3.7 billion charge
Oilfield services giant Schlumberger NV (SLB.N) on Friday outlined plans for deeper spending cuts after recording a $3.7 billion charge and a second straight quarterly loss on thousands of job cuts and a pipeline outage in Ecuador. The large loss capped second-quarter reports from U.S. oilfield services providers that laid bare the damage wreaked by…
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Widen tax net to make up for oil revenue shortfalls in mid-year budget – COPEC to Gov’t
The Chamber of Petroleum Consumers Ghana, COPEC, says government would have to be more serious about broadening the tax net especially by capturing the informal sector if it hopes to make up for the revenue shortfalls created by fallen crude oil prices. According to COPEC, the COVID-19 pandemic has presented an opportunity for government to…
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IES predicts marginal stability in fuel prices for 2nd pricing window in July
The Institute of Energy Security, IES, says fuel prices will be marginally stable for the second pricing window for July 2020 across various pumps in the country. According to them, the stability of the cedi against major currencies and a rise in the prices of Gasoline and Gasoil on the international market, will be the…
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Gov’t must review petroleum agreements in Mid-Year budget – COPEC
The Chamber of Petroleum Consumers Ghana, COPEC, has asked government to immediately review all petroleum agreements and possibly consider the subsequent annulment of non-performing contracts in the interest of the country. According to COPEC, the evidence of non-performance from some of the existing contracts does not paint a sustainable picture for the industry as the…
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OPEC adjusts oil demand to 8.9m bpd as uncertainty cloud extension of production cuts
The Organization of the Petroleum Exporting Countries (OPEC), on Tuesday, July 14, revised downward its world oil demand in 2020, to an estimated 8.9 million barrel per day (bpd) adjusting it up by 0.1 million bpd against last month’s projection. OPEC’s projections enclosed in its July Monthly Oil Market Report, comes amid uncertainties clouding the…
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COVID-19: 236 local oil & gas workers rendered jobless; more to follow
Some 236 Ghanaian employees in the oil and gas sector have lost their jobs whereas others have taken pay cuts since May this year, due to the impact of the COVID-19 pandemic on global oil production. This is just a fraction of the about 2,000 Ghanaian employees in the sector, out of which nearly a…