Category: Oil And Gas
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Timing of energy bond critical for its success – Prof. Bokpin
Economist, Professor Godfred Bokpin has told Citi Business News the seeming delay in the issuance of the energy bonds may be deliberate to attract more buyers. He has however urged government to expedite processes to issue the energy sector bonds and improve the financial and energy sectors. According to Professor Bokpin, the country will suffer…
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Ghana’s nuclear power project gets major boost
Ghana’s quest to establish the first Nuclear Power Plant in West Africa has received a major boost as the International Atomic Energy Agency presents it findings for the Phase One of the project. Ghana officially started the process to establish a nuclear power plant as part of its energy needs for the industrial use in…
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New GOIL Board promises to double market share
The new Board Chairman of GOIL Kwamena Bartels has set a target to double the company’s market share in the Oil Marketing Industry. GOIL which is currently the market leader in the Oil Marketing Industry is also listed on the Ghana Stock Exchange. Speaking to Citi Business News after an Annual General Meeting in Accra,…
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TEN to produce first gas mid 2017
The TEN oilfield is expected to deliver its first gas to the Ghana Gas Company by the middle of 2017. This is the indication from Managing Director of Tullow Ghana, Charles Darku. It follows the completion of a tie in facility on the FPSO John Evans Atta Mills by the operators. This however comes later…
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2017 production not affected by faulty turret bearing – Tullow
Tullow Oil has told Citi Business News its production from the Jubilee Oilfields this year has not been affected by the challenges that have been associated with the turret bearing. The oil company says its production target for 2017 will therefore not be affected as a result. Tullow, in its 2016 financial report projected a…
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Fuel prices to drop in 2nd pricing window of May – IES
The Institute of Energy Security (IES) has predicted an average drop of 1.03% percent in fuel prices for the second pricing window. According to IES, current developments across the globe indicate that fuel prices will drop slightly for the next pricing window in May. World Oil Market Indices for Benchmark Brent crude prices have been…
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Government’s debt to ECG hits 1.6 billion cedis
Government’s total indebtedness to the Electricity Company of Ghana (ECG) has hit GH¢1,599,800,195 as at March 2017. The figure increased from the GH¢1,390,966,034 recorded as at December 2016. This also represents a 15 percent increase in the government’s debts owed the power distributor between 2016 and March this year. Government subsidy to some electricity consumers…
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Frances Essiam is new CEO for Cylinder manufacturing company
Frances Essiam has been appointed as the CEO of the Ghana Cylinder Manufacturing Company. The appointment was made by the President, Nana Addo Dankwa Akufo Addo. The appointment was also contained in a letter dated 8th May, 2017 and signed by the Energy Minister, Boakye Agyarko. It also stated that Madam Essiam was nominated for…
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Freddie Blay chairs GNPC Board
President Akufo Addo has appointed Mr. Freddie Blay as Board Chairman for the Ghana National Petroleum Corporation (GNPC). He is to head the seven member board which includes the Managing Director of GNPC, Dr. K. K. Sarpong. Other members on the board of the GNPC are Prof. J.S Nabila, Mr. Kwabena Kwakye and Mr. Yaw…
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Banks demand payment plan for BDC debts
Banks that are exposed to the Bulk Oil Distribution Companies (BDCs’) debts want government to draw out a plan to facilitate payments from the Energy Sector Levies Act [ESLA]. They argue that the plan will facilitate payments and help them make the necessary provisions accordingly. Explaining the impact of the absence of a detailed plan…