Category: Oil And Gas
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Tullow Oil to pay $254m for terminating rig contract in Ghana
A London judge has ordered Tullow Oil to pay rig owner Seadrill about $254 million for wrongfully terminating a rig contract it had with the company in Ghana on grounds of force majeure over a maritime dispute. Tullow cancelled the contract for Seadrill’s West Leo rig in December 2016 after Ghana set a drilling moratorium…
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Kosmos Energy supports 8th Agribusiness Exhibition
The 8th edition of the Pre-Harvest Agribusiness Exhibitions & Conference has received a major boost as Kosmos Energy, one of the world’s leading oil and gas production companies, and a partner at Ghana’s biggest oilfield the Jubilee Field, has presented a cheque as part of its sponsorship package towards the organisation of the event. At…
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Saltpond Oilfield ‘wasting’ petroleum revenue – PIAC
The Public Interest and Accountability Committee, PIAC, wants the Ghana National Petroleum Corporation (GNPC) to expedite processes to decommission the Saltpond Oil Production Company Limited. PIAC is alarmed at how the non functioning oilfield is still draining the nation’s meager oil resources and impeding other investments. The need to decommission the Saltpond oilfield forms part…
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PIAC accuses GNPC, GRA of ‘hijacking’ Ghana’s oil cash
The 2017 Annual Report published by the Public Interest and Accountability Committee (PIAC), has indicted two state institutions, the Ghana Revenue Authority (GRA), and the Ghana National Petroleum Corporation (GNPC) for hijacking monies realized from Ghana’s oil sector. According to PIAC, instead of releasing the monies to the Ghana Petroleum Holding Funds as stated by law,…
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TOR shuts down again over crude oil shortage
The Tema Oil Refinery (TOR), has shut down again following a shortage of crude oil at the facility. The refinery, which has the capacity to refine about 45,000 barrels of crude oil a day, has been operating below capacity for some time now. Confirming the shutdown to Citi News, the Executive Director of the Institute…
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PIAC accuses GNPC, GRA of ‘hijacking’ Ghana’s oil cash
The 2017 Annual Report published by the Public Interest and Accountability Committee (PIAC), has indicted two state institutions, the Ghana Revenue Authority (GRA), and the Ghana National Petroleum Commission (GNPC) for hijacking monies realized from Ghana’s oil sector. According to PIAC, instead of releasing the monies to the Ghana Petroleum Holding Funds as stated by law,…
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OPEC to increase oil production by 1 million barrels from July
The Organization of Petroleum Exporting Countries, OPEC, has agreed to raise oil production by around 1 million barrels per day from July 2018. The decision was arrived at after a meeting by representatives of member countries, on Friday [June 22, 2018]. Despite this decision to increase output, some analysts say the impact will be marginal…
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Depreciating cedi to negate fuel price drop – ACEP
The Executive Director of the Africa Centre for Energy Policy (ACEP), Ben Boakye has told Citi Business News petroleum prices at the pumps will not experience any significant drop in the coming weeks, even though crude oil price continues to drop on the international market. According to him, a continuous depreciation of the cedi against the…
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Foodstuff prices to stay high despite drop in fuel prices – Esoko
Esoko Ghana has dispelled any possibility of a drop in food prices following the reduction in the prices of petroleum products. Prices of petroleum products were reduced in the second week in June with a second prediction of a two percent drop. Prior to this, statistics released by Esoko showed that prices went up as much…
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Fuel prices to drop again this week
The prices of petroleum products are expected to drop by about 2 percent this week. This is the indication from Citi Business News’ checks with players within the petroleum industry following developments on the global market. This will also be the second time in less than a week that fuel prices have been reduced this…