Category: Oil And Gas
-
Price of domestic gas will drop soon — Deputy Energy Minister
Deputy Energy Minister, Mohammed Amin Adam says the price of domestic gas will soon drop on the markets. According to him, the government is recalibrating domestic gas prices to be able to achieve the target. The decision to recalibrate follows various complaints from businesses about the high cost of the commodity which makes it difficult…
-
Akufo-Addo promises Guyana free technical assistance in oil exploration
President Akufo Addo has promised Guyana, free technical assistance following the discoveries of considerable deposits of oil and gas in South American country. Speaking at a state dinner held in his honour, as part of his official visit to Guyana, President Akufo-Addo indicated that Ghana will offer support to the oil and gas industry in…
-
Ghana makes maiden appearance at Global Petroleum Show in Canada
Ghana made its first appearance at North America’s leading energy event, the Global Petroleum Show (GPS) underway in Calgary, Canada. The three-day event which is expected to attract over 50,000 upstream petroleum professionals provides a platform for Petroleum Commission, Ghana’s Upstream Petroleum Regulator to pitch to prospective investors about opportunities that exist in the nation’s…
-
Article: Why crude oil price forecasts proves to be inevitably wrong
Predicting Oil Prices For the oil price forecasting fraternity, the great oil bust of 2014 signal one more failure. That in a matter of six months, Brent oil price dropped over 40 percent from $115 per barrel to $70 per barrel; and tumbled to mid-$20s of a barrel in first month 2016. And after struggling…
-
Aker Energy touches lives of Ghanaians
Aker Energy, operator of the Deepwater Tano Cape Three Point (DWT/CTP) Block offshore of the Western Region of Ghana has distinguished its brand by touching lives of Ghanaians as well as adding up to national growth. The company since taking over from HESS Petroleum between 2017/2018 has positioned itself to becoming one of the most…
-
![[Article] At what cost must TOR be allowed to refine a portion of local crude?](https://citibusinessnews.com/wp-content/uploads/2019/06/ToR.jpg)
[Article] At what cost must TOR be allowed to refine a portion of local crude?
Among the Ghanaian news headlines that accompanied this year’s Offshore Technology Conference (OTC) in Houston Texas, is the call by the Managing Director of the Tema Oil Refinery (TOR) Mr. Isaac Osei for TOR to be allowed to refine portions of Ghana’s crude oil for the local market, instead of selling all on the international…
-
Kwame Osei-Prempeh is new acting Managing Director of Goil
The Board of Directors of Goil Company Limited has appointed Kwame Osei-Prempeh as the acting Managing Director and Group Chief Executive of the company. His appointment took effect on Monday, June 3, 2019. A statement from Goil and signed by the Public Relations Manager, Robert Kyere confirmed the appointment. Mr. Osei-Prempeh has been a Board…
-
Local suppliers in petroleum upstream sector cry over high cost of credit
Local suppliers in the Petroleum Upstream sector are asking commercial banks to review downwards the cost of credit. The companies complain most of the banks charge relatively higher rates on loan packages which affect their returns. The local suppliers in the Petroleum Upstream sector are businesses that provide various services to major oil companies that…
-
Article: Why most refineries in sub-Saharan Africa fail to report profits
On annual basis, millions of dollars of tax-payers money are spent on oil refineries within sub-Saharan Africa (SSA), in the name of repairs and turn-around maintenance. Yet these refineries are unable to work close to installed capacities, forcing the region to continue importing almost all the refined oil products it consumes. These refineries have failed…
-
Bulk of exports responsible for Ghana’s trade surplus coming from foreign entities — Economist
Economist Professor Godfred Bokpin is warning that the full benefits of the recent trade surpluses that Ghana has been recording, will not be enjoyed if the local content contribution to Ghana’s export figures is not improved. According to Professor Bokpin, Ghana’s exports are currently dominated by the activity of foreign firms, especially in areas like…