Category: Oil And Gas
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Tullow to spend $780m on new wells on TEN oilfields
Tullow has disclosed to Citi Business News that it will cost the company about seven hundred and eighty million dollars ($780,000,000) to construct the remaining wells on its TEN oilfields. Tullow has so far completed one of the thirteen wells to be drilled on the oilfields in the western region. The Maritime border dispute between…
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Big shots at MTN bow out
At least three executive positions at MTN Ghana have been left vacant following the exit of two executives and the promotion of one. The positions that are vacant are that of the Chief Executive Officer, Corporate Services Executive as well as the Chief Marketing Officer. The positions were previously occupied by Mr. Ebenezer Asante, Madam…
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Fuel to go up by 2.5 percent
Fuel prices are likely to go up again by about 2.5% for the second pricing window in April. This is the prediction by the Institute of Energy Security (IES). By this, fuel prices are expected to go up between April 16, 2018 to April 30, 2018. The Institute, projected fuel prices to go up between…
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50% of oil-money projects missing, poorly executed – PIAC
Fifty (50) percent of government’s oil-funded projects from the 2016 annual budget funding amount (ABFA), allocated to the three regions of the north, are non-existent or have been poorly executed. This was revealed by the Public Interest and Accountability Committee (PIAC), which said this had cost the state about $1.2 billion dollars. Chairman of PIAC, Dr.…
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Oil companies yet to meet local content requirement
It has emerged that no oil company has been able to satisfy the minimum local content levels in employing Ghanaians, 10 years after the discovery of oil in commercial quantities in the country. Stakeholders in Ghana’s Oil and Gas industry have consistently bemoaned what they say is the low level of employment, as well as…
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Fuel prices increase by 1.5 percent in April
The prices of petroleum products at the pumps have gone up by about 2 percent for the first pricing window this month (April). For the first two weeks of this month, consumers should be prepared to pay more for fuel they purchase at the various retail outlets for the Oil Marketing Companies (OMCs). The first…
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Energy Ministry to prosecute culprits of fronting
The Ministry of Energy has given the strongest indication that it is ready to prosecute Ghanaians who are helping foreign companies operate in parts of the petroleum sector, which are solely reserved for local companies. According to the Ministry, a comprehensive plan to deal with such individuals and companies will be announced before the end…
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Fuel crisis looms over cartel in petroleum industry – BOST workers
The Senior Staff of the Bulk Oil Storage and Transportation Company (BOST) are predicting a shortage in fuel following what they say is the continuous interference by a cartel in the company’s activities. Secretary of the Senior Staff Association of BOST, Ekow Sey claims that some Bulk Oil Distribution Companies (BDCs) and highly placed individuals,…
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‘Great cartel’ manipulating fuel prices – BOST staff warn gov’t
The Junior and the Senior Staff unions of the Bulk Oil Storage and Transportation Company Limited (BOST), have called on the government to move against what they describe as a cartel within the company sabotaging fuel prices. In a statement, the executives of the two unions stated that BOST is the only institution with the adequate infrastructure…
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Shutdown of FPSO K. Nkrumah must not affect power supply–ACEP
The Africa Centre for Energy Policy (ACEP) has cautioned government against any potential distortions in power supply due to the planned shutdown of the FPSO Kwame Nkrumah later this year. The energy think tank argues that failure to contain the situation could lead to a power crisis which will discomfort consumers. Operators of the Jubilee…