Tag: Ghana Gas
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Power will be supplied by close of day to affected areas – PDS
The Power Distribution Services (PDS) is hoping to restore power to all areas which experienced cuts in supply on Sunday [April 7, 2019]. The company tells Citi Business News engineers are on site working to reconnect all such areas. Parts of Accra had their power cut due to storms that associated the rains on Sunday…
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VRA debt owed Ghana Gas hits $735 million
Management of the Ghana Gas Company has revealed that the Volta River Authority (VRA) owes the company 735 million dollars. The debt was incurred as a result of VRA’s inability to pay for gas supplied to power its thermal plants. The development according to Ghana Gas is affecting its financial status. Speaking at a press…
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FPSO shuts down for three weeks
Operators of the FPSO Kwame Nkrumah on the Jubilee oilfields in the Western region, have from today May 28, 2018, shutdown the vessel temporarily. The shutdown, according to the Ghana National Gas Company is to allow for maintenance works on the turret bearing of the vessel. The shutdown is also expected to last for 21…
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Parliament assures critical probe of ExxonMobil deal
The Mines and Energy Committee of Parliament has indicated that it will ensure Ghana gets the best out of the deal signed with ExxonMobil. The agreement is expected to be presented to Parliament for ratification when the House resumes. Citi Business News understands that certain key aspects will dominate the deliberation on the agreement. The…
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Gov’t signs agreement with ExxonMobil
Government is anticipating increased activities in Ghana’s oil exploration activities with the coming on board of ExxonMobil. The Minister of Energy, BoakyeAgyarko tells Citi Business News the move will also increase government’s revenue from the sector to propel economic growth and transformation. ExxonMobil’s investment in the oil sector becomes the first major one in Ghana…
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Industry divided over reduced cost of gas
There have been mixed reactions to government’s announcement of a 26% reduction in the cost of gas to businesses that rely heavily on the product. While industry has wholly welcomed the move, some industry analysts have cautioned against the outstanding debts facing institutions involved in the supply of gas. Citi Business News spoke to a…
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Energy bond: Ghana Gas upbeat about repayment
Institutions to benefit from proceeds of the energy bond are upbeat about the allocations to hit their accounts soon. One of such is the Ghana Gas Company which is owed by the VRA alone, to the tune of over 500 million dollars. The debt which is believed to have accumulated over a three year period…
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Gov’t woos foreign investors for its $ 2.4 bn energy sector bond
Foreign investors have shown interest to buy government’s 2.4 billion dollar energy sector bond. Citi Business News understands this is the response following an international road show by the transaction managers for the energy sector bond. The Deputy Energy Minister in charge of Finance, Joseph Cudjoe who disclosed this to Citi Business News explained that…
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Hedge Ghana’s oil to protect economy from shocks – PIAC
The Public Interest and Accountability Committee (PIAC) has impressed on the Bank of Ghana and Finance Ministry to target hedging Ghana’s oil reserves to protect the economy from massive revenue losses due to declining global oil prices. In its 2016 Annual report, PIAC warned of extreme financial losses in the near future following the over…
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Encroachers pose no direct risk to gas supply – WAPCo
The West African Gas Pipeline Company (WAPCo) has assured of continuous flow and supply of gas despite heavy encroachment on its lands. The company has bemoaned the unregulated takeover of lands close to its pipelines especially in Tema in the Greater Accra region. According to the company, the move poses great risk to both life…