Category: Oil And Gas
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Fuel prices remain unchanged at pumps
The prices of petroleum products will remain unchanged at the pumps at least for the first two weeks in December, despite a reduction in the price stabilization and recovery levy. As a result, the Chamber of Petroleum Consumers (COPEC) is urging consumers to disregard reports of reduction in fuel prices due to the development. The…
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NPA revises petroleum prices downward through Price Stabilization levy
The National Petroleum Authority (NPA) has directed all Oil Marketing Companies, and LPG Marketing Companies to use revised prices in the Price Stabilization and Recovery Levy Act to control recent price increases in petroleum products. This follows a directive from the Ministry of Energy, raising concerns over recent fluctuations in the prices of petroleum products…
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Fuel prices to be stable in early December
Consumers will not experience any significant price change at the pumps in the first pricing window of December. This is according to the Institute of Energy Securities (IES) which has predicted that prices will remain fairly stable in the next pricing window. Principal Research Analyst at the IES Richmond Rockson who spoke to Citi Business…
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Private firms barred from lifting BOST’s contaminated fuel – Agyarko
Energy Minister, Boakye Agyarko, has told Parliament that no individual is now allowed to lift contaminated oil from Ghana’s Bulk Oil Storage and Transportation Company (BOST). This, he said, is part of interim measures to prevent the supply of contaminated fuel onto the Market following the BOST scandal where some 5 million liters of the contaminated…
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Jubilee field to shut down twice in 2018
Energy Minister, Boakye Agyarko has announced that the FPSO Kwame Nkrumah will shut down twice in 2018 to allow for some repair works on the vessel. The temporary shutdown is scheduled for January and March 2018. The repair works will be carried out on the turret bearing of the oil and gas production vessel. The…
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Ghana to save $ 7.2bn from 11 terminated power deals
Ghana is expected to save $7.217 billion from the termination of 11 Power Purchase Agreements (PPA) over a 13 year period, the Energy Minister, Boakye Agyarko has said. These terminations, following a recent review, will come at cost of $402.39 million, Mr. Agyarko told Parliament on Friday. As indicated by the government earlier in 2017, it was reviewing…
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IES predicts 3% increase in fuel prices
Consumers will be expected to pay more at the pumps in the second pricing window of this month. The Institute of Energy Securities (IES) is predicting a three to six percent increase in fuel prices. Principal Research Analyst at the IES, Richmond Rockson who spoke to Citi Business News attributed the development to the marginal…
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Ghana supplies Burkina Faso with 100MW electricity
Government has agreed to supply 100 megawatts of power to Burkina Faso after the country demanded for electricity from Ghana. Ghana has over the years supplied and received power from some West African countries, including Ivory Coast. Speaking at press conference in Accra, the Minister for Energy, Boakye Agyarko explained that the move is aimed…
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2018 Budget: Economists warn against ambitious oil revenue projection
As the Finance Minister Ken Ofori Atta prepares to present the 2018 budget statement before parliament tomorrow, some financial observers have caution against ambitious oil revenue projection. According to them, previous experiences must serve as a guide to government as Ghana has no control over the price of oil. In the 2017 mid-year budget review…
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Tullow MD urges swift end to VRA thermal asset sale
Energy sector players want government to expedite processes in the decoupling of thermal assets management from the Volta River Authority (VRA). They argue that a further delay of the process will hamper efforts to reform the energy sector for efficiency. Deliberations are underway with relevant stakeholders over plans to limit VRA’s mandate to the management…