Category: Oil And Gas
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Developing countries could lose up to 85% of oil & gas income in 2020 – OPEC, IEA warn
Developing countries’ oil and gas income could fall to their lowest levels in more than two decades if current energy market conditions persist, the International Energy Agency, (IEA), and the Organization of the Petroleum Exporting Countries (OPEC) have warned in a rare joint statement. IEA Executive Director, Fatih Birol, and OPEC Secretary General Mohammed Barkindo,…
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It’ll be disappointing if fuel prices don’t go down further – COPEC
The Chamber of Petroleum Consumers Ghana, COPEC, says it expects prices of petroleum products at the pumps to go down further after some Oil Marketing Companies reduced prices by about seven percent on Monday, March 16, 2020. Following a drop in global crude oil prices and the relative stability of the cedi for about two…
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Stop interfering in fuel price movement – OMCs tell stakeholders
The Association of Oil Marketing Companies, has advised against what it calls undue interference in the pricing decisions of its members. This follows a statement by the Chief Executive of the National Petroleum Authority, Hassan Tampuli indicating that the Authority was anticipating a 15 percent reduction in the prices of fuel at the pumps, due…
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Tullow Oil to stop re-injecting Jubilee Field gas after reaching deal with gov’t
Tullow Oil says it will no longer re-inject gas at the Jubilee fields as government has agreed to accept the gas produced at the nation’s premier oilfield. The company in 2019 bemoaned government’s inability to off-take gas from the Jubilee fields forcing the company to re-inject the associated gas from its oil which led to…
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IES predicts 5 to 8% drop in fuel prices from today
The Institute of Energy Security (IES), has predicted about 5 to 8 percent drop in the prices of fuel at the pumps from Monday, March 16, 2020. It follows the drop in global crude oil prices as well as the relative stability of the cedi, which are two of the major determinants for the prices…
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Tullow Oil Plc strengthens Board’s oversight after 2019 troubles
Tullow Oil Plc has announced that it has strengthened the oversight of its board of directors on the operations of the company. The company’s board was accused of not doing enough as a string of issues in its operational countries saw the company plunged into a loss in excess of US$1.6 billion. Tullow’s reporting of…
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Human resource development and road safety are key priorities for us – Puma Energy
The West African Regional Human Resource Manager of Puma Energy, Francis Kwame Agyakwa, has reiterated the company’s commitment towards developing the capacity of its workforce through stakeholder partnerships. Speaking to citibusinessnews.com during Ashesi University’s 2020 Annual Career Fair, Mr. Agyakwa lauded the university’s initiative of offering students the opportunity to interact with renowned entrepreneurs and…
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Tullow Oil banks hope on hedging; restructuring to escape impact of COVID-19
Troubled oil producer, Tullow Oil plc, is in a hurry to forget 2019. It was a year that the company showed loads of promise and even much greater disappointment, which culminated in the departure of its CEO, Paul McDade and Head of Exploration, Angus Mcoss. While Tullow had run into problems with the Ugandan tax…
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Chamber of IPPs kick against gov’t’s plan to buy some of them with $2bn energy fund
The Chamber of Independent Power Producers, Distributors and Bulk Consumers [CIPDiB], wants the government to reconsider its decision to use a proposed two billion dollar energy sector fund to re-finance the existing debt and buy some Independent Power Producers. The Chamber contends that the move will not augur well for the country’s energy sector, as…
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OMCs to reduce fuel prices from Monday, March 16
The Association of Oil Marketing Companies (AOMCs), has indicated that its members will reduce their fuel prices at the pumps from Monday [March 16, 2020], to reflect market conditions. The CEO of the Association, Kwaku Agyeman Duah, however failed to mention the percentage of reduction consumers should expect. Following a drop in global crude oil…