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Ghana to sign major energy deal with GE

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Ghana will today sign a deal with American energy giant, General Electric (G.E) for the production of the single largest power source in the history of the country. The Ghana 1000 megawatt project, which is a gas powered thermal plant is expected to be completed over the next five years. The $1 billion project will have its first phase add ...

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VRA to use coal to generate power

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The Volta River Authority (VRA) is considering using coal to generate power to augment the current energy capacity. In view of this, the VRA has signed an MOU with China’s Shenzen Energy Group to commence work on the coal plant in the western region. Ghana presently has a power demand of about 2,000 megawatts but a current shortfall in generation ...

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Rejoinder:  Ghana Gas awaits VRA – Kwesi Botchway

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We refer to the article on Ghanaweb Website with the above caption, indicating that Ghana gas is waiting for VRA to bring up all its plants so that Ghana gas can increase production to 120 million standard cubic feet per day. Currently, all units at the VRA’s T1 and T3 plants are running on gas supply from Ghana Gas Company ...

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Gov’t considers hedging oil prices

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The Finance Minister, Seth Terkper has revealed that government has begun discussions over a new hedging policy. In 2014, government announced its intentions to hedge but the move received stiff opposition from energy analysts and some opposition elements. Per the hedging program, crude oil prices will be fixed at a particular figure over a period of time to contain any price hikes ...

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Debt Collection C’ttee very necessary – ECG to ACEP

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The Electricity Company of Ghana (ECG) has the establishment of  a committee to oversee the collection of unpaid bills owed by consumers. “It is a clear directive backed by the government for us to do that and this is more efficient than what we used to have – the normal team. It’s not the same,” said the Public Relations Officer ...

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Germany to help Ghana end ‘dumsor’

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Germany has pledged massive support for Ghana’s energy and education sector, a way of fostering bilateral ties between the two countries. German Chancellor, Angela Merkel revealed this after holding a closed-door talks with visiting Ghanaian President John Dramani Mahama. According to her, the two key areas were part of the broader issues touched on during their discussions and the need ...

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Ghana leads search for vessel carrying stolen crude

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Ghana’s Navy is leading an international force in search of a vessel suspected to be carrying stolen cargo from the ship hijacked by Nigerian Pirates. Ghanaian Security Services believe that the pirates managed to transfer the ship’s cargo into another vessel prior to their arrest. Eight Nigerian pirates were arrested on Sunday by the Eastern Naval Command in Tema for hijacking ...

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Prez Mahama orders Tekper to review oil revenue projections

Seth Tekper, Finance Minister

President John Mahama has instructed finance minister Seth Tekper to review government’s oil revenue projections for 2015. According to Seth Tekper ‘ his Excellency has directed and we are doing an analysis which will go to cabinet and cabinet will take a decision on the impact on the crude oil prices and if necessary we will go to parliament…………..So if ...

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Global energy sector reels from oil price slump

crudeoil

Slumping oil prices are sending shock waves through the global energy industry, sparking the cancellation of projects and job losses, particularly at North Sea operations. British oil giant BP revealed Thursday it was shedding 200 staff jobs and 100 contractors in its North Sea activities, one month after taking a $1.0bn restructuring charge to combat sliding revenues. BP employs around ...

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Tullow writes off billions due to oil price fall

industry-oil-and-gas

Africa focused oil and gas explorer Tullow Oil has written off $2.3bn in relation to exploration work and some of its assets in 2014 and reduced its 2015 investment programme for a second time, the company said on Thursday, 15th January, 2015. The London-listed company, which is working to contain costs amid a dramatic fall in oil prices, also said ...

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