Tag: Oil and Gas
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Anamua Sakyi writes: The oil market must brace for another price plunge, if…..
The oil and gas industry appeared to have weathered the storm of the 2015 price collapse and had responded with considerable accomplishments. By November 2017, domestic crude oil production reached its highest level in U.S. history. International trade in crude oil and petroleum products was booming with exports of 6.6 million and imports of 10.3…
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ACEP pushes for supplementary budget to manage impact of low oil prices, COVID-19
The African Centre for Energy Policy, ACEP, is calling on government to prepare a supplementary budget that will help manage the effects of low oil prices on the market. According to ACEP, the impact of revenue shortfalls from the oil and gas sector due to price volatility on the international market, has severe implications for…
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Anamua Sakyi writes: Absolutely nothing wrong with ‘Take-or-Pay’ power purchase agreements
In recent times, there has been a strong debate on factors necessitating Ghana’s rising energy sector debt. One of such factors as mentioned, is the “take-or-Pay” (ToP) clause in the Power Purchase Agreements (PPAs) between the Government of Ghana (GoG) and Independent Power Producers (IPPs). GoG as the buyer of the power produced by the…
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Deliberate efforts needed to boost women’s participation in energy sector – Tullow Ghana MD
Managing Director of Tullow Ghana Limited and Executive Vice President of Tullow Oil Plc, Kweku Awotwi, has called on firms within the oil and gas sector to deliberately design gender policies to boost women’s participation and presence within the industry. According to him, young women ought to be encouraged to take up courses in the…
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Norway’s Aker Solutions stock dives to record low on revenue warning
Shares in Norway’s largest oil services firm Aker Solutions (AKSOL.OL) lost nearly a quarter of their value on Friday, hitting a record low after the company warned 2020 revenue was likely to fall by 14% year-on-year. Suppliers to the oil industry are struggling to recover from the market’s fall in 2014-2016 as competition is cut-throat…
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Oil and Gas capital expenditure to grow by 18 percent in 2019 — GSS
The Ghana Statistical Service is projecting that the total volume of capital expenditure in the oil and gas sector will be in excess of US$3.1 billion by the end of 2019. The projected figure represents an 18 percent increase in the US$2.62 billion recorded in the oil and gas industry in 2018. Total investment expenditure…
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Encourage local firms to take major roles in Oil and Gas sector to secure revenue — IES
The Institute of Energy Security (IES), says it is high time the government pursues an agenda that would encourage local players to take up major roles in the country’s oil and gas sector. The comments follow the production difficulties encountered by Tullow Oil at the Jubilee and TEN oil fields. According to the Executive Director…
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ACEP builds dossier on poorly executed oil-funded projects to demand prosecution
The Africa Center for Energy Policy (ACEP) is worried that Ghana may not have a good story to tell in terms of how its revenue from the petroleum industry has been utilized. ACEP, which has complained about how oil funded projects are either abandoned or executed poorly, says it is putting together a dossier to…
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80 percent of registered indigenous Petroleum companies not active
Despite the Petroleum Commission’s claim that local content participation in Ghana’s oil and gas sector is improving, it says more than 80 percent of indigenous companies registered with the Commission are currently not operational due to limited capacity. Speaking to Citi Business News on the sidelines of the Local Content Conference in Takoradi, the Business…
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Removing take or pay clauses may result in judgement debts – Analyst
The government risks being slapped with judgment debts if producers of fuel and power fail to comply with terms of proposals to cancel take or pay clauses in the energy sector. That is the comment from Executive Director of the Kumasi Institute of Technology, Energy and Environment (KITE), Ishmael Edjekumhene. It follows the disclosure by…