Category: Oil And Gas
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Stay away from predictions on fuel price movements – COPEC advises NPA
The Chamber of Petroleum Consumers Ghana (COPEC), has asked the National Petroleum Authority (NPA), to desist from making pronouncements on fuel price movements at the pumps. This follows the NPA CEO, Hassan Tampuli’s suggestion that per their calculation, consumers should expect about 15 percent reduction in fuel prices from March 15, 2020, which is the…
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Petroleum product pricing and deregulation rules can’t be sidestepped – Hassan Tampuli
The National Petroleum Authority, NPA, says it is committed to ensuring that the rules of petroleum product pricing and deregulation are adhered to. Oil Marketing Companies and regulators have often been accused of dragging their feet when fuel prices ought to go down at the pumps after reduced crude prices on the international market, but…
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Fuel prices may go down by 15% – NPA Boss
The National Petroleum Authority (NPA) says per its calculation, fuel prices at the pumps may go down by 15% on March 15, which is the next pricing window. This follows the 30% drop in global crude prices and the relative stability of the cedi against major international currencies. Groups like the Chamber of Petroleum Consumers…
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Anamua Sakyi writes: Absolutely nothing wrong with ‘Take-or-Pay’ power purchase agreements
In recent times, there has been a strong debate on factors necessitating Ghana’s rising energy sector debt. One of such factors as mentioned, is the “take-or-Pay” (ToP) clause in the Power Purchase Agreements (PPAs) between the Government of Ghana (GoG) and Independent Power Producers (IPPs). GoG as the buyer of the power produced by the…
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COPEC contemplates court action if OMCs fail to reduce fuel prices
The Chamber of Petroleum Consumers Ghana (COPEC), says it will not rule out the possibility of going to court to compel Oil Marketing Companies (OMCs) in the country to reduce fuel prices at the pumps. The threat comes after a conflict over crude oil prices between Saudi Arabia and Russia pushed the global price of…
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Shortfall in projected petroleum revenue likely due to drop in oil prices -IES
The Institute of Energy Security (IES), is predicting a shortfall in goverrnment’s revenue from oil exports this year by half due to the continuous drop in global oil prices. The Executive Director of IES, Paa Kwesi Anamuah Sakyi, told Citi Business News although Ghana exports oil from its three production fields, the volumes are relatively…
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COPEC demands reduction in fuel prices as global crude prices drop again
The Chamber of Petroleum Consumers, COPEC, wants Oil Marketing Companies (OMCs) in the country to reduce their ex-pump prices for consumers to reflect the sustained decline in the global crude oil prices. According to COPEC, consumers could be benefitting from a reduction of between 10%-32% compared to the 2% that consumers have been given over…
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Oil price drop by about 30%; lowest in 4-years as Saudi-Russia ‘crude war’ escalates
Oil prices saw its lowest drop since 1991 on Monday, March 9, 2020, after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak. Prior to this huge slash, crude prices had been…
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Challenges with FPSO Kwame Nkrumah’s turret bearing fully resolved – Tullow Ghana
The Jubilee Offshore Field Manager in-charge of the FPSO Kwame Nkrumah, Bruce Tait, says challenges with the FPSO’s turret bearing have been completely resolved. He said the problem was fixed with an industry groundbreaking innovation, placing it in a safer location after the damaged bearing was replaced. The Jubilee Offshore Field Manager, who was speaking…
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Analysts commend Ghana’s commitment to nuclear energy policy
The Comprehensive Nuclear Test Ban Treaty Organisation (CTBTO) has commended Ghana’s efforts at adopting nuclear energy within the next decade to augment its energy supply needs. The Executive Secretary of the Organisation, Lassina Berbo, told Citi Business News the progress with researches and policies being carried out by the Ghana Atomic Energy Commission shows the…