Tag: GNPC
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2021 petroleum revenue forecasts pegged at US$886 million
Government is expecting to realize roughly US$886 million as petroleum revenue for 2021. This was announced by the caretaker Finance Minister and Minister of Parliamentary Affairs, Mr. Osei Kyei-Mensah-Bosnu during the 2021 budget presentation in Parliament on Friday, March 12, 2021. The amount is made up of royalties of US$201.0 million, Carried and Participating Interest…
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Gas sub-sector becoming a fiscal burden to the country – IES study
The Institute for Energy Security’s (IES’) study of the petroleum industry reveals that the natural gas sub-sector is rapidly becoming a fiscal burden to the country due poor energy strategies, and delays in building the necessary and relevant infrastructure to off-take the processed domestic gas. Government’s poor handling of the gas sub-sector is greatly contributing…
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Debt owed Ghana Gas nears $1 billion – PIAC report
The cumulative indebtedness to the Ghana National Gas Company (GNGC) is almost a billion dollars according to the Public Interest and Accountability Committee’s (PIAC) half-year report for 2020. PIAC has warned that the debt which is currently $942,260,510 has reached an unsustainable level. The Committee noted that companies Ghana Gas provides gas to have failed…
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GNPC blames Gov’t indebtedness for its financial problems
The Ghana National Petroleum Corporation (GNPC), has blamed its financial constraints on government’s inability to pay debts owed them since 2014. According to them, government owes the Corporation over 21 million US dollars, and they are almost helpless in their quest to retrieve the money. Speaking at a Public Accounts Committee (PAC) sitting on Tuesday,…
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Akufo-Addo cuts sod for construction of $25 million GNPC office complex in Takoradi
President Nana Addo Dankwa Akufo-Addo on the last day of his Western Regional tour cut the sod for construction of the Ghana National Petroleum Corporation $25 million Takoradi Operational Headquarters. The President said the office upon completion will provide office space for 400 staff. He said this signifies the fulfilment of the NPP’s manifesto pledge…
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Supreme Court throws out suit challenging GNPC CEO’s stay in office
The Supreme Court on Wednesday dismissed a suit challenging the continuous stay of the Chief Executive Officer of the Ghana National Petroleum Corporation, Dr. K.K Sarpong in office, over claims that he had reached retirement age. The court dismissed the suit after the applicant, a Deputy Youth Organizer of the opposition National Democratic Congress, Edem…
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ACEP opposes approval of Ghana Gas Company as national gas aggregator
Energy think tank, African Center for Energy Policy (ACEP), has kicked against the approval of the Ghana National Gas Company (GNGC) as the national gas aggregator by the Office of the President . According to the think tank, GNGC does not have the capacity to assume the liabilities of the commitments that come with the…
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Oil Exploration: Tullow fails to secure oil blocks in competitive bidding
Tullow Oil failed to make it to the next stage in the maiden licensing round for oil blocks in Ghana. The oil company was not shortlisted as part of companies whose bid qualified for the next process in the bidding rounds. The development comes on the back of a statement issued by the Ministry of…
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VRA responsible for 98% of Ghana Gas’ debt stock – PIAC report
It has emerged that the Volta River Authority, VRA, alone is liable for almost ninety-nine (98.99) percent of the amounts owed the Ghana Gas Company by its suppliers. According to the 2018 annual report of the Public Interest and Accountability Committee, PIAC, the VRA owes Ghana Gas over two hundred million dollars as at the…
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ExxonMobil deal: Gov’t likely to extend timeline for local partner
ExxonMobil may get an extension of the timeline to select a local partner for its operations in Ghana. Citi Business News understands this may be the option since the government is keen on getting the company to operate in the country’s oil sector. Deputy Energy Minister, Dr. Mohammed Amin Adam disclosed this in an interview…