Category: Oil And Gas
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Prices of fuel exceed 5 cedis per litre mark—IES
Consumers should brace themselves to pay more for fuel at the various pumps as the price exceeds 5 cedis per litre. This is according to the Institute of Energy Security (IES). The IES says the increment in price of fuel is occasioned by the 6.33% rise in average Brent crude price, as well as a…
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NPA intensifies works on safety standards at fuel pumps
About one hundred Oil Marketing Companies (OMC’s) and LPG Marketing Companies (LPGMC’s) have taken part in the 2019 Safety Declaration Certificate signing ceremony organized by the National Petroleum Authority (NPA) in Accra. The ceremony forms part of the launch of the 2019 National Petroleum Safety Campaign, under the Theme: “PEOPLE SAFETY FIRST”. The National Petroleum Authority’s Safety…
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PIAC, EOCO sign MoU to fight corruption in petroleum sector
The Public Interest and Accountability Committee (PIAC) and the Economic and Organised Crime Office (EOCO) have agreed to collaborate to protect Ghana’s petroleum revenues from embezzlement and financial abuse. The two separate entities signed a Memorandum of Understanding (MoU) to back the agreement between them. The collaboration between the PIAC and the Economic and Organized…
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Minority demands withdrawal of GNPC’s ‘controversial’ 2019 work programme
The Minority is demanding the withdrawal of the Ghana National Petroleum Corporation’s (GNPC) work programme for the year 2019 currently before the House. According to the Minority Spokesperson on Finance, Cassiel Ato Forson, the allocations for items such as corporate social responsibility and the use of GNPC as a vehicle to borrow some 250 million…
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ACEP raises alert over GNPC’s $43m CSR budget
The Africa Centre for Energy Policy (ACEP) is unhappy with plans by the Ghana National Petroleum Corporation (GNPC) to spend about $43 million on Corporate Social Responsibility (CSR) and less on its operational functions. According to ACEP, GNPC is spending $20 million on its operations in the Voltain Basin which is less than 50% of…
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VRA debt owed Ghana Gas hits $735 million
Management of the Ghana Gas Company has revealed that the Volta River Authority (VRA) owes the company 735 million dollars. The debt was incurred as a result of VRA’s inability to pay for gas supplied to power its thermal plants. The development according to Ghana Gas is affecting its financial status. Speaking at a press…
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Minority group in parliament unhappy about recent power outages
The Minority Spokesperson on Mines and Energy, Adam Mutawakilu has expressed concern about the recent wave of power outages across the country. Sections of Ghanaians especially on social media, have in the past week complained about the incessant power outages in their neighborhoods. Some have been questioning if the popular phenomena of load shedding locally called ‘Dumsor’…
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IES urges Nana Addo to resolve GNPC CEO Board Chairman impasse
The Institute of Energy Security (IES) has urged President Akufo-Addo to step in and resolve disagreements between two leaders at the Ghana National Petroleum Corporation (GNPC). IES insists the turf war between the CEO and the Board Chairman of the company has the potency to fuel a weak front in Ghana’s negotiation with independent oil…
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Ghana’s oil production estimated to go up substantially
Aker Energy ASA has confirmed a significant offshore resource base in Ghana and has committed to scale up new development in the Deepwater Tano Cape three points block (DWT/CT). A Government of Ghana delegation led by Finance Minister, Honourable Ken Ofori-Atta, Wednesday announced to investors in Oslo, Norway, that overall crude oil production from Ghana…
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Tullow PLC to increase oil production in Ghana as its revenue surges
Tullow Oil Plc has announced an increase in revenue for its 2018 operations. The company’s revenue increased to $1.9 billion in 2018 compared to 1.7 billion dollars in 2017. There more in this news desk report. In a financial statement released by the company, Tullow PLC recorded a profit after tax of 85 million dollars…