Category: Oil And Gas
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BOST must work to keep strategic oil reserves – IES
The Institute of Energy Security, IES, says the current state of the Bulk Oil Storage and Transportation Company, BOST, puts the country at risk in case of oil price hikes. The IES says BOST for the past three years has not been able to strategically store enough oil to cushion the country in an emergency…
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Goil introduces new fuel grade unto Ghanaian market
From Monday, February, 17, 2020, customers of Goil should be able to access the company’s higher grade petrol (RON 95). Goil says the new product will be sold country-wide at no extra cost to its customers. A statement announcing the new fuel type said, “by the game changing development, consumers no longer need to pay…
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Deliberate efforts needed to boost women’s participation in energy sector – Tullow Ghana MD
Managing Director of Tullow Ghana Limited and Executive Vice President of Tullow Oil Plc, Kweku Awotwi, has called on firms within the oil and gas sector to deliberately design gender policies to boost women’s participation and presence within the industry. According to him, young women ought to be encouraged to take up courses in the…
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BOST clears 12-year old GH¢64 million GCB Bank debt
The Management of the Bulk Oil Storage and Transportation Company, BOST, is confident its agenda to turn around the fortunes of the loss-making entity is on course following its ability to fully settle a 12-year old credit facility contracted from GCB Bank. The loan sourced from GCB in 2008 has been in arrears and attracted…
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Boost TOR’s capacity and spend less dollars on oil import – Energy Consultant
An Energy Consultant with Petroleum Development Oman, an exploration and production company, Yusif Sulemana has called for the immediate retooling of the Tema Oil Refinery, TOR, to play its role of refining crude oil within the petroleum value chain. His call comes barely a month after Ing. Herbert Ato Morrison was appointed Managing Director of…
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Gov’t must review revenue projections over Tullow Ghana’s woes – IES
The Institute for Energy Security (IES) is urging the government to review its revenue projections from oil after Tullow Ghana announced that it will reduce its staff strength by 25 percent on the account of production challenges. Tullow Ghana, which is the operator of the Jubilee and TEN oil fields in Ghana, over the weekend…
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Protect Ghanaians from layoffs with local content policy for oil & gas sector – Union
The General, Transport, Petroleum and Chemical Workers Union of the Trades Union Congress, wants government to take a second look at the local content policy for the oil and gas sector, to ensure that Ghanaians are protected from layoffs when production companies face operational challenges. This follows Tullow Oil Ghana’s decision to reduce its workforce…
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Gov’t clears $1bn legacy debt owed Bulk Oil Distributors
Government has completed payments of all legacy debts due the Chamber of Bulk Oil Distributors, CBOD, according to the Chamber’s CEO, Senyo Hosi. A statement from the Chamber to Citi Business News said the government made payment to the tune of one billion dollars as at January 13, 2020. According to the bulk oil distributors,…
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Norway’s Aker Solutions stock dives to record low on revenue warning
Shares in Norway’s largest oil services firm Aker Solutions (AKSOL.OL) lost nearly a quarter of their value on Friday, hitting a record low after the company warned 2020 revenue was likely to fall by 14% year-on-year. Suppliers to the oil industry are struggling to recover from the market’s fall in 2014-2016 as competition is cut-throat…
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Petroleum Commission urged to engage GSA to standardize oil measurement
Parliament has urged the Petroleum Commission to work with the Ghana Standards Authority, (GSA), to check the measurement of Ghana’s oil meant for export. This follows concerns raised by some civil Society Organizations about the metering system used by multinational companies producing oil in Ghana. After debating the issue on the floor of Parliament, Executive…