Category: Oil And Gas
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Fuel prices may go up if Exchange Rate is not stabilized – COPEC warns
The Chamber of Petroleum Consumers, COPEC, has warned that fuel prices at the pumps may go above five Ghana cedis in a few days if measures are not put in place to stabilize the cedi against the dollar. COPEC says the continuous depreciation of the cedi increased the price of a liter of petrol by…
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Paa Kwasi Anamua Sakyi writes: Fuel price increases; who is to be blamed?
It took the intervention of the coronavirus which emanated from China in early January 2020 to briefly halt the persistent increases in fuel prices in Ghana. Prior to that, the country has had to contend with persistent increases in fuel prices since January 2017. The revision and the neutralization of the Price Stabilization and Recovery…
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BP to cut 10,000 jobs as virus hits demand for oil
BP has announced plans to cut 10,000 jobs amid following a global slump in demand for oil because of the coronavirus crisis. This is according to the BBC. The oil giant had paused redundancies during the peak of the pandemic but told staff on Monday that around 15% will leave by the end of the…
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Aker Energy to start phased development on Pecan oilfield
Oil producing company, Aker Energy has begun negotiations with the government of Ghana to commence the first phase of the development of the Pecan oil field. The company in a statement said that the move should culminate in the production of oil from Ghana’s fourth oilfield as soon as practicable. The announcement by Aker comes…
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Minority calls for withdrawal of 100% increment in BOST margin
The Ranking Member on the Mines and Energy Committee of Parliament, Adam Mutawakilu, is asking the government to immediately withdraw the increment in the BOST margin announced by the National Petroleum Authority (NPA). He said the decision to increase the margin amidst the COVID-19 pandemic is unfortunate. He said the Minority in Parliament is concerned…
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ACEP insists Ghana Gas cannot act as national gas aggregator
Energy think tank, African Center for Energy Policy (ACEP), still stands by its suggestion that government should make the Ghana National Gas Company (GNGC) a subsidiary of the Ghana National Petroleum Corporation (GNPC) with regards to the implementation of the Gas Master Plan and not an aggregator. According to ACEP, Ghana’s oil and gas sector…
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IES urges BOST to use increased margin to boost its operations
The Institute of Energy Security (IES), which had backed calls by the Bulk Oil Storage and Transportation Company, BOST for an increase in the BOST margin, has welcomed the increment of the BOST Margin in the price build-up of petroleum products. The IES says it expects BOST to use the marginal increase prudently for the…
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Fuel prices go up slightly as BOST margin increases – NPA
Consumers of petroleum products should be paying an additional three pesewas per litre for the fuel they purchase at the various pumps from June 1, 2020. According to the National Petroleum Authority, NPA, this follows an increase of the BOST Margin in the price build-up of petroleum products. Currently, a litre each of petrol and…
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50 more Jubilee Field petroleum workers test positive for COVID-19
Fifty more petroleum workers at the Jubilee Field operated by Tullow Oil have tested positive for COVID-19. “There were two cases that were confirmed, and we did some contact tracing and about 50 of them are positive and they are asymptomatic,” the Western Regional Director of Health, Dr. Jacob Mahama, said to Citi Business News.…
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Fuel prices to go up in 1st pricing window in June – IES predicts
Consumers of petroleum products are likely to pay more for the fuel they purchase at the various pumps in the first pricing window in June. That’s according to Energy think tank, the Institute of Energy Security, IES. The Institute of Energy Security explained to Citi Business News that, per its analysis, it expects the prices…