Category: Oil And Gas
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Transparent power deals to reinstate World Bank guarantees – Analyst
Energy sector analysts want the government to be firm in adopting competitive bidding processes in power purchase agreements (PPAs) in order to regain financial guarantee support from the World Bank. The Director of Research at the Institute of Energy and Climate Change Policy, Dr. Philip Adom warns of unfavourable developments in the energy sector should…
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WAPCo rules out pressure on gas supplies over FPSO shut down
The West African Gas pipeline Company Limited (WAPCo) has assured that the temporary shutdown of FPSO Kwame Nkrumah by Tullow will not put pressure on gas that will be required to be transported to the Volta River Authority (VRA). According to WAPCO, various measures have been put in place to avert possible debts when Tullow…
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Ghana to suffer reputation crisis over illegal fuel trade
Ghana’s international reputation will suffer a dip if it fails to stop the illegal sale of petroleum products in the immediate term. According to some industry watchers, the country could serve as an attractive destination for pirates as they would capitalize on the lax regime to perpetuate their illegal acts. The caution comes days after…
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COPEC demands arrest of illegal petroleum traders
The Chamber of Petroleum Consumers (COPEC) is calling on government to urgently investigate and arrest culprits involved in the illegal sale of petroleum products. COPEC believes this will ensure the immediate halt of the illegal activity and revamp the once vibrant sector. Oil Marketing Companies on Tuesday revealed that about 4,000 workers may lose their…
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Banks’ NPLs to worsen over huge petroleum debts – OMCs
The Non-Performing Loans (NPLs) of commercial banks is likely to worsen if government fails to stop the illegal trade in the petroleum downstream sector. According to the Association of Oil Marketing Companies (AOMCs), the development has made it difficult for their members to repay debts due to the low sales. The caution by the OMCs…
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Power to be restored in three hours’ time – GRIDCo
The Ghana Grid Company (GRIDCo) is assuring consumers of electricity that power will be restored at least within the next three hours. Power was cut to most parts of the country on Wednesday night and it is yet to be restored in some of the affected areas. But the CEO of GRIDCo, Engineer William Amuna…
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Expedite plans to clear 2.4bn cedis energy debts – Industry to govt
Players in the energy sector are urging government to act briskly in issuing the 15-year bond to clear the 2.4 billion dollars debt. In their view, the plan will bring relief to affected entities and revive the energy sector. Government has announced plans to issue a 15-year bond to settle all outstanding debts in the energy…
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Fuel prices to remain fairly stable in May
Fuel prices will remain fairly stable in the first pricing window in May. This is a prediction by the Institute for Energy Security (IES). According to the institute, the slight fall of Brent crude price, stability of the fuel stock levels among other factors will ensure the stability of fuel prices. The IES further hints…
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More OMCs threaten layoffs over illegal trade
More workers are set to be laid off in the petroleum downstream sector as the illegal sale of petroleum products continue unabated. Already, the CEO of the Association of Oil Marketing Companies, Kwaku Agyeman-Duah has warned of some 4000 job losses in the next few months due to the development. The Association contends that profits…
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OMCs to sack 4000 workers over illegal trade
About 4,000 workers in the petroleum sector are likely to lose their jobs within the next few months if government fails to stop the illegal sale of petroleum products in the country. This is the caution from the Association of Oil Marketing Companies (AOMCs). The Association explains that the illegal trade which has been perpetrated…