Category: Oil And Gas
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Ghana to adopt new formula for royalties in mining sector
Dividends accruing to Ghana from mining activities should increase significantly with the adoption of a new formula for calculating the figure. The new system has become necessary as the country is reported to have been losing millions in revenue to the mining sector over reports of little or no profits by the mining companies. These…
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Fuel prices go up by 2%–IES
Prices of fuel are likely to go up by about 2 percent for the second pricing window in May. This means that from today [May, 16, 2018] till the end of the month, consumers should be prepared to pay more for any quantity of petrol or diesel they purchase at the various pumps. “For this…
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Energy Ministry opens Ghana’s oil blocs for competitive bidding
The Minister for Energy, Boakye Agyarko has inaugurated a committee to supervise the open competitive bidding of Ghana’s oil blocs to prospective oil exploration companies. The committee, known as the Licensing Bid Evaluation and Negotiation Committee will assess investors seeking to start oil exploration and production in Ghana, and advise the minister before an agreement…
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Banks, BDCs to shave off GH¢800m from GH¢1.6bn debt
It appears the woes of commercial banks regarding their exposure to Non Performing Loans (NPLs) may not be ending anytime soon with the latest development from the Bulk Oil Distributors regarding their indebtedness to some banks. Information available to Citi Business News indicates that banks that are owed by the Bulk Oil Distributors (BDCs) are…
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Hedge oil revenue to protect Ghana from rising oil prices – Senyo Hosi
The Chamber of Bulk Oil Distributors (CBOD) wants the government to introduce new mechanisms to protect the country from the gradual rise in crude oil prices. The Chamber is impressing on the government to among others initiate processes that will stabilize oil revenue. The Chamber argues that this is necessary as Ghana is a net…
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Cylinder Recirculation Model will cause LPG shortage—Group warns
Shortage of LPG is set to hit the country in the coming weeks if government fails to avert a possible strike by the Association of LPG retailers. The Association at a press conference this week, gave the government a one week ultimatum to rescind its decision to implement the Cylinder Recirculation model or face its…
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Fuel prices go up by 2% in May – IES
The Institute of Energy Security (IES) has predicted an increase in fuel prices for the first two weeks of May. The Institute tells Citi Business News prices will go up by about 2 percent barring an intervention from the National Petroleum Authority (NPA). “In the first pricing window for May 2018, we are expecting fuel prices to go…
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Total Petroleum Ghana rewards dealers
Total Petroleum Ghana Limited, a locally listed oil marketing company and the 2017 AGI Award winner for ‘Overall Best in Quality’ has rewarded its Dealers and Frontline workers at the company’s eleventh Dealer Convention and Awards event in Koforidua. The programme gathered over two hundred station staff from the retail network across the country. According…
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Goil pursues MMT, others over GH¢12m debt
Oil marketing company, Goil, is hopeful that it will be able to recover the estimated 12 million cedis owed it by state transport company, Metro Mass Transport (MMT), by the end of the year. It follows what the company says is its plan to recover its debts and invest the proceeds into its business from…
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Shutdown of FPSO not to affect power supply—IES
The Institute of Energy Security (IES) has told Citi Business News it is confident Ghanaians will be spared any power outages during the shutdown of the Floating, Production, Storage, and Offloading (FPSO) Kwame Nkrumah later this year for repairs. According to the IES, it expects the contingency plans, being put in place by the key…