Category: Oil And Gas
-
IES raises concern as PURC, ECG delay major policy decision making
The Institute of Energy Security, IES, is warning that the technical and operational challenges within the ECG may escalate if the process for the handing over to the Power Distribution Services (PDS) is delayed any further. The IES also wants the PURC to be swift in announcing the new tariffs as the delay is impacting…
-
Low financial support affecting local firms in petroleum sector—ACEP
The Africa Centre for Energy Policy (ACEP) has reiterated calls for improved financial support for local companies in the petroleum sector to enable Ghanaians undertake opportunities in that sector. As at September 2018, there were about 600 indigenous Ghanaian companies participating in the upstream petroleum industry with a total fund of $799 million dollars’ worth…
-
Current state of TOR cannot attract required private investor—Analyst
Energy Analyst Ishmael Agyekumhene has expressed doubt about the ability of the Tema Oil Refinery (TOR) to operate fully should private investors get involved. He believes more needs to be done to revamp the nation’s only oil refinery. The Tema Oil Refinery, with a capacity to refine roughly 45,000 barrels of crude oil a day,…
-
CSOs must monitor activities of Upstream Petroleum Chamber—IES
The Institute of Energy Security (IES) has urged civil society groups to closely monitor the activities of the newly formed Upstream Petroleum Chamber. The formation of the chamber is to promote upstream oil and gas exploration in the country. Some of the companies that are part of the chamber include Tullow Oil Ghana, Kosmos Energy…
-
Petroleum Commission sanctions 15 companies for flouting local content law
The Petroleum Commission has revealed to Citi Business News that it has for the past two years sanctioned about 15 companies in the Petroleum Upstream sector for violating the local Content Law. Chief Executive of the Commission, Egbert Faibille who revealed this said the companies were sanctioned after several discussions to ensure those companies complied…
-
IES predicts fuel price increase by 2 pesewas for a litre
The Institute for Energy Security (IES) is predicting a substantial rise in fuel prices at the pumps. Consumers are expected to pay 2 pesewas more for every litre of fuel purchased at the pump. The news comes after more than six Pricing-windows of continuous fuel price declines and stability. IES attributes the increase to a…
-
Bidding for oil blocks: 14 companies progress to next stage
Fourteen out of the sixteen companies that applied to explore oil blocks put on offer by the government, have qualified for the next stage of the bidding process. According to the Ministry of Energy, the fourteen companies will now have up until May 21, 2019 to submit their bids for three (3) out of the…
-
Tullow Ghana hopeful of wining oil block in bidding process
Tullow Oil says it is one the best suited companies to explore the 5 oil blocks that were put on offer by government during a bidding process last year. That’s according to the Managing Director of the company Kwaku Awotwi. The President, Nana Addo Dankwa Akufo-Addo, on October 15, opened the blocks up for competitive tendering…
-
Tullow records 1.8 billion dollars in revenue for 2018
Tullow Oil’s 2018 revenue reached 1.8 billion dollars, according to its January Trading Statement released on Wednesday, January 16, 2018. The oil company also recorded additional proceeds of 0.2 billion dollars from Corporate Business Interruption insurance. Again, the Trading Statement said that Tullow’s net debt at the end of 2018 is estimated at 3.1 billion…
-
Aker energy to increase oil revenue by 15% by 2021
Ghana could be earning about 640 million dollars or (15%) in oil revenue by next the next two years with the coming on board of Aker Energy’s new production wells. The oil company has announced that its oil exploration works in the Deepwater Cape Three Points block has been successful as it shows oil quantities…