Category: Oil And Gas
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A review of the fuel prices hike from increases in energy sector levies
Two days ago at the Starbite Shell fuel station in Tema Community 8, I parked my car at one of the filling points to purchase Gasoil (Diesel). I had asked the Attendant at the pump to fill the tank to the tune of Two Hundred Ghana Cedis (Gh¢200), and I was hoping to see the…
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Ghana Gas to start supply of gas to Karpowership in October
The setting up and laying of pipelines to power the relocated Karpowership from Tema to the Sekondi Naval Base is about 85 percent complete. Ghana Gas Company Limited will, as a result, push its first gas from Atuabo Gas Processing Plant to the power ship in October this year. Ernest Owusu Bempah, Head of Communication…
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Gov’t to outdoor action policy to protect Ghana in awarding petroleum contracts
The Vice President Dr. Mahamudu Bawumia has reiterated government’s commitment to introduce policies that will protect Ghana’s oil and gas industry to benefit Ghanaians. The vice president was hopeful an action policy will soon be announced by the regulator—the Petroleum Commission to protect the country’s interest when giving out oil blocks to multinational companies. Speaking…
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Tullow Plc makes discovery of oil in Guyana
Tullow Plc has made oil discovery in its Jethro-1 exploration well, drilled on the Orinduik licence offshore in Guyana. The well is expected to hold 100 million barrels of oil in excess of expectations. Tullow Guyana B.V. is the operator of the Orinduik block with a 60 per cent stake. Total E&P Guyana B.V. holds…
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Gov’t rakes US$434.5m in petroleum revenues in first half of 2019
The Bank of Ghana has revealed that the government made an amount of US$434.5 million from oil sale from its three oil fields as well as in other fees and taxes. The central bank in its publication of the first-half performance of the Ghana Petroleum Funds revealed that oil sale from Tweneboa, Enyenra, Ntomme, Jubilee…
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Article: Why the Special Prosecutor (SP) must be interested in PDS saga
Since March this year, the Power Distribution Services (PDS) Ghana had been responsible for managing the retail, and distribution business of the Electricity Company of Ghana (ECG), following government’s decision to executed the second Millennium Challenge Compact (MCC) with the U.S. government with the objective of, inter alia, increasing private sector investment and the productivity…
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Legacy debt repayment: Banks to access another tranche by end of August
Banks that are exposed to the legacy debts within the energy sector say they are expecting some disbursements by the end of this month to defray part of the outstanding debt. They are also anticipating a swift clearing of the remaining amount with Parliament’s approval of the increase in the Energy Sector Levy. The NPP…
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Article: Time to end petro-politics in Ghana
It was speculated that government was once more going to increase taxes on petroleum products during the 2019 mid-year budget review, contrary to the expectation of Ghanaians. The Minority Caucus in Parliament joined sections of Ghanaians to launch a protest, a situation that often comes up when politicians want to score political points against their…
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‘We’ll picket at Finance Ministry if increases in energy levies are not reversed’–COPEC
The Chamber of Petroleum Consumers Ghana (COPEC) has indicated that it will engage the Finance Minister to reverse a decision to increase some components in the petroleum price buildup. The group, however warned that it will picket at the Finance Ministry if all attempts aimed at getting the government to overturn the decision fails. The Finance…
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Removing take or pay clauses may result in judgement debts – Analyst
The government risks being slapped with judgment debts if producers of fuel and power fail to comply with terms of proposals to cancel take or pay clauses in the energy sector. That is the comment from Executive Director of the Kumasi Institute of Technology, Energy and Environment (KITE), Ishmael Edjekumhene. It follows the disclosure by…