Category: Oil And Gas
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OMCs reject calls for reduction in fuel cost to reflect global crude prices
The Association of Oil Marketing Companies is urging restraint among some industry watchers and analysts who are demanding a reduction in prices to reflect the downward trends in global crude oil prices and the relative stability of the cedi. According to the CEO of the Association, Kwaku Agyeman Duah, the reduction can only be felt…
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Aker Energy’s investment key to the Ghanaian economy – Akufo-Addo
President Akufo-Addo has announced that Norwegian oil firm, Aker Energy, is set to make some huge investment in Ghana in the coming months. The company recently entered into a Letter of Intent with Yinson Holdings Berhad to award a bare-boat charter and an operations and maintenance contract for a floating, production, storage and offloading (FPSO)…
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NPA will not shield culprits in illegal fuel trade – Tampuli
The Chief Executive Officer of the National Petroleum Authority, NPA, Hassan Tampuli, says his outfit will not spare groups or individuals found to be engaging in illegal fuel trade. Mr. Tampuli, speaking at the launch of the second phase of the Petroleum Product Marking Scheme said the Authority will be tough with its mandate to…
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GOIL’s 0.2 percent fuel price reduction unacceptable – Alex Mould
Former Chief Executive of the National Petroleum Authority, Alex Mould has described as scandalous the recent fuel price reduction by Ghana Oil Company Ltd (GOIL) According to Mr. Mould, GOIL’s percentage price drop is insignificant as the price of oil on the international market has fallen drastically. “Oil prices down 7.5%, cedi appreciates from 5.7…
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OMCs welcome NPA’s Product Marking Scheme to check fuel diversion and adulteration
The Association of Oil Marketing Companies (AOMC), has welcomed the introduction of a new monitoring system for the petroleum sector known as the Petroleum Product Marking Scheme. The system, which also checks adulteration of fuel will help the National Petroleum Authority to check the quality level of fuel in the country. Speaking to Citi Business…
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Aker Energy to procure FPSO from Yinson Ghana
Aker has entered into a Letter of Intent (LOI) with Yinson Holdings Berhad to award a bare-boat charter and an operations and maintenance contract for a floating, production, storage and offloading (FPSO) vessel at the Pecan field, offshore Ghana. “We are continuing with our preparations for the Pecan project and awarding an LOI for the…
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CBOD committed to tackling corrupt practices in petroleum industry – Senyo Hosi
The Chief Executive Officer of the Chamber of Bulk Oil Distributors, Senyo Hosi, says his outfit is undertaking a self-assessment exercise to help reduce diversion of fuel in the petroleum industry. According to him, it is important for all stakeholders in the sector to help government expose corrupt acts in the downstream sector that is…
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Gov’t launches Petroleum Product Marking Scheme to check stealing of subsidized fuel
Government has expressed optimism that the diversion and stealing of subsidized fuel will be greatly reduced with the introduction of a new monitoring system known as the Petroleum Product Marking Scheme. The system uses a special marker to trace quantities of petroleum products at all operational depots in the country prior to distribution to the…
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COPEC urges OMCs to deliver value for money; commends GOIL’s high-grade fuel
Executive Director of the Chamber of Petroleum Consumers-Ghana (COPEC), Duncan Amoah, has called on Oil Marketing Companies, (OMCs) nationwide to ensure that Ghanaians get the best grade of fuel to protect their cars and the environment. This follows Ghana Oil Company’s (GOIL) introduction of a higher-grade petrol, RON 95, fuel type unto the market. Mr.…
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Petroleum Commission must probe Tullow Ghana’s job cuts – Alex Mould
A former Chief Executive Officer of the Ghana National Petroleum Corporation, GNPC, Alex Mould, is asking the Petroleum commission to probe Tullow Ghana’s decision to lay off Ghanaian workers due to Tullow Oil Plc’s massive disappointments in operations Africa and South America. A fortnight ago, Tullow Ghana announced that it is cutting down its workforce…