Category: Oil And Gas
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Subject appointments of heads of GNPC, Petroleum Commission etc to scrutiny — Jantuah
Energy analyst and Chief Executive Officer of African Energy Consortium Limited, Kwame Jantuah, has called on the government to desist from appointing persons who lack the right expertise to head public institutions in the oil and gas industry. According to him, the appointment of such individuals could lead to massive losses in the petroleum industry.…
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More hurdle for Eni, Vitol despite winning bid to explore oil in Deep Tano Basin
Despite winning the bid to explore oil in block 3, of the Deep Tano Basin, petroleum companies ENI and Vitol would still have to meet other regulatory requirements before they can sign a contract with the government to begin operations. The Energy Ministry which revealed this to Citi Business News said it is currently in…
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Gov’t losing US$200mn in tax revenue to illicit activities in petroleum sector
The Chief Executive Officer of the National Petroleum Authority (NPA), Hassan Tampuli, has revealed that the country loses about US$200 million in tax revenue due to the incidence of smuggling of petroleum products. Speaking at the at this year’s Ghana International Petroleum Conference in Accra, Mr. Tampuli stated that these activities is also responsible for…
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ExxonMobil opens office in Ghana to progress offshore exploration
ExxonMobil has opened a new office in Accra, Ghana to progress offshore exploration programs. ExxonMobil Exploration & Production Ghana (Deepwater) Limited acquired rights in 2018 to explore the ultra-deepwater block Deepwater Cape Three Points. The petroleum agreement was ratified in April 2019. ExxonMobil plans to begin 3-D seismic acquisition later this year. Once the seismic…
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ENI, Vitol win new oil block in Ghana
Eni and its partner Vitol have been awarded rights to Block WB03, located in the medium deep waters of the prolific Tano Basin, offshore Ghana. This result allows Eni to further consolidate its presence in the Country. A statement from ENI said ENI has 70 percent stake while Vitol has 30 percent Eni will be…
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Oil Exploration: Tullow fails to secure oil blocks in competitive bidding
Tullow Oil failed to make it to the next stage in the maiden licensing round for oil blocks in Ghana. The oil company was not shortlisted as part of companies whose bid qualified for the next process in the bidding rounds. The development comes on the back of a statement issued by the Ministry of…
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OMCs compensate consumers for shortchanging fuel purchases
Stakeholders in the petroleum downstream sector have begun processes to compensate consumers that were shortchanged by some fuel stations in Accra. According to the Chamber of Petroleum Consumers Ghana, (COPEC) which disclosed this to Citi Business News, discussions are ongoing with the Association of Oil Marketing Companies and the managers of the affected fuel stations…
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Government’s Gh¢1.32 billion owed GNPC needs urgent attention — Parliament
A report by the Finance Committee of Parliament has revealed that state-owned entities (SOEs) have defaulted in paying some GH¢1.32 billion owed the Ghana National Petroleum Corporation (GNPC) — an act which the committee warns would negatively impact on the company’s operations. The Committee in its assessment of the 2018 PIAC Semi-Annual Report on the…
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Tullow Oil posts $500m in profits for 2019 first half
Tullow Oil has announced five hundred million dollars in profits for the first half of this year [2019]. The company’s revenue also recorded 900 million dollars. Tullow is however hopeful that the figure will inch up when production levels increase to expected levels. Tullow, in its trading statement, said the increase in production in West…
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Local suppliers in oil and gas industry awarded US$453m worth of contracts in 2018
Indigenous Ghanaian companies operating in the oil and gas sector received more than US$450 million worth of contracts for the supply of goods and services in 2018. According to a report prepared by the Finance Committee of Parliament, the Ghanaian participation in the upstream petroleum industry was on the increase in the period under review.…