Category: Oil And Gas
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Use petroleum funds for critical infrastructure in 2020 – PIAC to Gov’t
The Chairman of the Public Interest and Accountability Committee (PIAC), Dr. Steve Manteaw, has challenged government to dilute the funding sources for its Free Senior High School Policy, in order to free up funds for critical infrastructure projects in 2020. According to PIAC’s 2018 Annual report, out of the amount utilized from the Annual Budget…
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Oil and Gas capital expenditure to grow by 18 percent in 2019 — GSS
The Ghana Statistical Service is projecting that the total volume of capital expenditure in the oil and gas sector will be in excess of US$3.1 billion by the end of 2019. The projected figure represents an 18 percent increase in the US$2.62 billion recorded in the oil and gas industry in 2018. Total investment expenditure…
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BOST must justify any increase in its margin on petroleum prices – IES
The Institute for Energy Security (IES), says managers of the country’s petroleum sector could have a stronger case to increase the BOST margin on petroleum products only if BOST accounts for its use of the revenue. It follows a withdrawal of the proposed one hundred percent increase in the BOST margin on the prices of…
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Withdraw ‘insensitive’ increase in BOST margins – COPEC to NPA
The Chamber of Petroleum Consumers (COPEC), wants the National Petroleum Authority (NPA), to withdraw an increment it has introduced to some petroleum products. The National Petroleum Authority on Friday directed Oil Marketing Companies (OMCs) and LPG Marketing Companies to apply an upward review of a combined 4 pesewas increase in fuel prices, but COPEC says…
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Tullow Ghana MD decries govt’s decision to ditch free Jubilee gas for take or pay Sankofa gas
Oil production in Ghana’s Jubilee fields is in grave danger after the government stopped taking associated gas from the field forcing the operators to reinject the gas into the wells of the country’s premier oil field. The lead partner of the field, Tullow, had been reinjecting the accompanying gas which comes with the oil before…
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Reinjecting gas in Jubilee partially responsible for Tullow’s troubles – Awotwi
The Executive Vice President and Managing Director of Tullow Ghana, Kweku Awotwi, says the company’s decision to revise its production target by about 30 percent is a result of challenges regarding the reinjection of gas into its wells at the Jubilee Fields. “In Jubilee, one of the most important reasons for why we did not…
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Encourage local firms to take major roles in Oil and Gas sector to secure revenue — IES
The Institute of Energy Security (IES), says it is high time the government pursues an agenda that would encourage local players to take up major roles in the country’s oil and gas sector. The comments follow the production difficulties encountered by Tullow Oil at the Jubilee and TEN oil fields. According to the Executive Director…
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Aker Energy appoints Svein Liknes as new CEO
Aker Energy revealed Tuesday that its board of directors has named Svein Jakob Liknes as acting chief executive officer following the decision by Jan Arve Haugan to resign. Liknes’ appointment to acting CEO is effective immediately and will remain in effect “until further notice”, Aker Energy revealed. Liknes was previously Aker Energy’s head of operations.…
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ACEP builds dossier on poorly executed oil-funded projects to demand prosecution
The Africa Center for Energy Policy (ACEP) is worried that Ghana may not have a good story to tell in terms of how its revenue from the petroleum industry has been utilized. ACEP, which has complained about how oil funded projects are either abandoned or executed poorly, says it is putting together a dossier to…
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Tullow Oil is not up for sale but we will listen to offers — Corporate Affairs
The Head of Corporate Affairs at Tullow Oil Plc, George Cazenove, says although the oil firm has faced some challenges in recent times with its Ghana operations, the company is not actively looking for buyers. “We are a listed company, people have shares in our company and so we are always open to offers and…