Category: Oil And Gas
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COPEC urges Gov’t to tread cautiously over increasing cost of LPG
The Chamber of Petroleum Consumers (COPEC), says the implementation of government’s Cylinder Re-circulation policy and the efforts to get more Ghanaians to use LPG for domestic purposes, may come to naught if the rising cost of LPG is not reversed. LPG prices at the pumps have risen significantly affecting both commercial and domestic users. According…
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25% of Tullow Ghana workforce to lose jobs due to 2019 production challenges
Tullow Oil Ghana is set to reduce its workforce by at least 25 percent due to Tullow Oil Plc’s massive disappointments in operations Africa and South America. The planned restructuring process, Bloomberg notes, is likely to lead to nearly 40 percent loss of the workforce in its Kenya operations as well as the shut of…
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Ghana’s petroleum revenues dip amidst production challenges
Ghana’s petroleum revenues for 2019 fell by more than four percent according to provisional data released by the Bank of Ghana. The central bank’s data released earlier this week shows that the country recorded US$503.1 million from crude oil liftings, surface rentals and corporate taxes in the second half of 2019. The first half of…
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ACEP urges 40% projected revenue in Stabilization Fund against oil price volatility
In order to avoid the impact of revenue shortfalls from the oil and gas sector often due to price volatility on the international market, the Africa Center for Energy Policy (ACEP), is asking government to secure at least a 40 percent projected revenue in the Stabilization Fund. According to a report on petroleum funds published…
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Corporate taxes from oil producers slump in 2nd half of 2019
Corporate taxes due to the government from oil producing companies, dropped by 42 percent for the second half of 2019, compared to the first half of the same year. According to the Petroleum Funds report released by the Bank of Ghana, the state recorded 51 million dollars less in corporate taxes between July and December,…
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Kadijah Amoah heads Aker Energy Ghana as first Ghanaian woman to lead an oil firm
Aker Energy AS has appointed Mrs. Kadijah Amoah as Country Director of Aker Energy Ghana Ltd, effective 1 February 2020. The appointment follows Aker Energy’s strategy to strengthen the company’s local presence and management in Ghana. By this, she becomes the first Ghanaian woman to lead an oil firm operating in the country. “We are…
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Fuel prices to drop in first February pricing window – IES
The Institute of Energy Security (IES) is predicting that prices of petroleum products are likely to fall at the pumps in the first pricing window of February. The expected fall, the energy policy think tank said, reflects the fall in the prices of Brent crude, gasoil and gasoline prices on the world market. According to…
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Petroleum Commission meets survivors of 2014 offshore helicopter crash over compensation
The Chief Executive Officer of the Petroleum Commission, Egbert Failbille Jnr., together with other top managers of the Commission, has met the two helicopter crash survivors in Takoradi. The invitation by the Chief Executive to the two survivors follows a Citi News’ report about the non-payment of compensation to the oil workers six years after…
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NPA to receive technical support from India to implement new gas distribution policy
The National Petroleum Authority, NPA, is to be assisted by the Indian Oil Corporation Limited (IOCL), to implement the Cylinder Recirculation Model of the new LPG policy. This follows a Memorandum of Understanding (MoU) signed between the two companies in India. Officials from both the NPA and Ministry of Energy are in India to discuss…
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Ghana set for nuclear power generation by 2030
The Executive Director for Nuclear Power Ghana (NPG), Ing. Theo Nii Okai, says Ghana is on course to meet the generation of power from nuclear sources by 2030. His comment follows efforts to complete the first phase of the implementation plan by the end of 2020. The NPA boss made the remark in an interview…