Category: Oil And Gas
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Tullow Ghana appoints Kweku Awotwi as Managing Director
Tullow Ghana has appointed Kweku Awotwi as the Managing Director of the company. A statement from the company copied to Citi Business News said Mr. Awotwi will take over from Charles Darku who will be retiring from the company in April after serving for five years. Charles Darku joined Tullow Ghana Limited in 2013 as…
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Scrap 15% Special Petroleum Tax–IES
The Institute of Energy Security (IES) has called for the outright abolishment of the 15 percent Special Petroleum Tax. The call comes after the Chamber of Petroleum Consumers (COPEC) and the Industrial and Commercial Union (ICU) embarked on a demonstration over frequent hikes in petroleum prices. The Special Petroleum Tax is one component in the…
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Gov’t reaffirms reduced tariffs despite high proposals
Government is optimistic of a reduction in the cost of electricity for the rest of this year. The optimism comes despite proposals for an increase in utility tariffs by service providers. This also follows a stakeholders’ forum ahead of the announcement of new tariffs by the end of this month. The average 14 percent reduction…
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Tullow records loss after tax of 189 million dollars
Tullow Oil has posted a loss after tax of 189 million dollars for 2017. At least this is the second time in a row that the oil company has posted a loss after tax. For 2017, Tullow’s loss after tax amounted to 189 million dollars; this is an improvement of about 408 million dollars or…
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Gov’t must increase petroleum stock to absorb price shocks
Former Minister of Energy and Petroleum, Emmanuel Armah Kofi Buah has told Citi Business News that government needs to grow the country’s stock of reserve petroleum products, to help prevent the frequent increases in the price consumers pay at the pumps. He also reiterated his call for the scrapping of the Special Petroleum Tax, to…
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Confidence in Ghana’s oil industry attracting investors
President Akufo Addo has expressed confidence in the growth of Ghana’s oil industry, following the agreement signed between Ghana and Exxon Mobil recently According to him, the ruling of the three-year-long maritime dispute case between the country and Ivory Coast has engendered a new hope in Ghana’s oil industry, attracting investors. “One obvious and immediate…
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ExxonMobil deal yet to reach Parliament for approval
Citi Business News is learning that government is yet to submit the ExxonMobil deal to Parliament for ratification, three weeks after the resumption of the House. This is however expected to be carried out before the operators could commence exploration activities at the oilfields. The submission of the agreement to Parliament is in fulfillment of…
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Scrap special petroleum tax – Wereko-Brobby urges govt
A former CEO of the VRA, Dr. Charles Wereko Brobby has impressed on government to scrap the special petroleum tax in order to relieve consumers of the burden of escalating petroleum prices. He maintains that consumers will continue to bear the brunt despite attempts to review the mode of calculating the tax. Dr. Wereko Brobby’s…
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Consumers demand disclosure on petroleum price stabilization levy
Pressure is mounting on government to come clear on the implementation of the price stabilization levy on petroleum products. Industry watchers argue that consumers risk being shortchanged, if the regulators fail to regulate the application of the levy. The comments come in the wake of marginal rise in the prices of petroleum products for the…
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Hedge Ghana’s oil—IFS to govt
The Institute for Fiscal Studies (IFS) is urging government to immediately hedge its oil import and export to control the price of fuel at the pumps, and also generate enough revenue. According to the institute, the move will insure the country against cost of importing crude oil and also cushion government against exchange rate volatilities.…