Category: Oil And Gas
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Mahama begs IPPs to reconsider shutdown over $1.73 billion debt
Mahama begs IPPs to reconsider shutdown over $1.73 billion debt Former President John Dramani Mahama has urged the Independent Power Producers (IPPs) to reconsider their decision to shut down their plants on July 1 due to the government’s outstanding debt of $1.73 billion. In a Facebook post on June 30, the former President emphasized that…
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Chamber of IPPs orders members to suspend power supply from July 1
There is an impending power crisis as the Chamber of Independent Power Producers (IPPs) has directed its members to cut supply to the national grid from July 1. The directive to nominate nothing and not declare an availability of power to the system operator is to last till July 8. Members of the Chamber include…
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Govt yet to engage IPPs over debts as power crisis looms
With just a day to the expiration of the deadline given by the Independent Power Producers to shut down over outstanding arrears, the group is yet to meet government for a favorable response. The two parties were expected to meet this week for an agreement on demands for a 30 percent interim payment of the…
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Torentco deal best option to revive TOR – Management
The management of the Tema Oil Refinery (TOR) has declared the Torentco deal as the best option to revitalize the refinery and ensure its long-term sustainability. TOR, a crucial entity in Ghana’s energy sector, has faced significant challenges in recent years, including operational inefficiencies, financial constraints, and the need for infrastructure upgrades. Recognizing the urgency…
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Leasing TOR to Torentco bad deal – COPEC cautions
Stakeholders within the oil and energy sector are raising red flags over the government’s proposal to lease the Tema Oil Refinery (TOR) to Torentco Asset Management (TAM). The Executive Secretary of the Chamber of Petroleum Consumers (COPEC) Duncan Amoah is questioning the capacity of the new entity to take over a huge company such as…
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Ghana’s oil reserve recording steady growth – GNPC CEO
The oil and gas industry having gone through a global slump during the covid pandemic is now on the path of a steady recovery. In the context of the current shift towards a cleaner energy transition, according to Chief Executive Officer of Ghana National Petroleum Corporation (GNPC), O-A Danquah, is to expedite the responsible and…
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Fuel pricing: COPEC predicts marginal drop in first window of June 2023
The Chamber of Petroleum Consumers Ghana (COPEC) is projecting a marginal decline in the prices of fuel in the first pricing window of June 2023. COPEC attributes this projection to the relative stability of the forex rates although the international market benchmark prices of crude oil haven’t been that favorable. The Chamber is further predicting…
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ACEP pushes for research in Africa’s energy sector
With the African Oil and Gas market projected to register a compounded annual growth rate of more than 5.5 per cent between 2022- 2027, the African Center for Energy Policy (ACEP) is calling for holistic research into the energy sector to secure the future of the continent. The Think Tank explains that with the global…
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African leaders urged to employ energy policies that will transform Africa
Third World Network Africa, a research and advocacy organization is urging African leaders to re-look their respective energy transitions plans to make it more tactful to address the economic needs of the continent. The advocacy group maintains that although the continent is working towards a shift from fossil fuels to renewable energy, the current energy…
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GNPC hasn’t signed any deal with PetroSA – Freddie Blay clarifies
Board Chair of the Ghana National Petroleum Corporation (GNPC), Freddie Blay, has refuted claims of a contract being brokered to sell a 50% stake in Jubilee Holdings Limited to South African oil business, PetroSA, despite the significant revenue this interest has for the state. Mr. Blay has been accused by 29 civil society organizations of…