Tag: Oil and Gas
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Akufo-Addo promises Guyana free technical assistance in oil exploration
President Akufo Addo has promised Guyana, free technical assistance following the discoveries of considerable deposits of oil and gas in South American country. Speaking at a state dinner held in his honour, as part of his official visit to Guyana, President Akufo-Addo indicated that Ghana will offer support to the oil and gas industry in…
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Tullow Ghana pays first dividend in four years
Tullow Plc has announced the payment of US$67 million as dividend to its shareholders for the year 2018 — the first time in four years. The company also announced a new dividend policy which will allow it to pay dividend of US$100 million annually to shareholders. Chief Executive of Tullow Group, Paul Mcdade said the…
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Find out why Exxonmobil, BP pulled out of bidding rounds–ACEP demands
The Africa Center for Energy Policy (ACEP) has charged the Ministry of Energy to undertake some serious introspection to find out why big companies like ExxonMobil and British Petroleum, (BP) pulled out of the competitive bidding process for the 3 oil blocks put on offer by the Government. Out of the 14 companies that were…
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Editorial: Transparency, accountability in extractives non-negotiable
Despite having numerous legal provisions and industry reports all aimed at deepening transparency in the oil and gas sector, these are yet to lead to any meaningful accountability. It does appear that not much has been done to demand accountability in the oil and gas sector. Ghana, since the discovery and commercial production of oil,…
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Stakeholders disappointed with low number of bids for new oil blocks
Stakeholders in the oil and gas sector have expressed their disappointment in the low number bids submitted for the 3 oil blocks put up for competitive bidding by the Government. At the close of the submission date for bidding yesterday, only 3 bids were submitted. Tullow Oil bid for block 3, ENI and Vitol jointly…
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ENI announces new gas discovery in Ghana
ENI Ghana has announced that it has discovered more gas and condensate in Cape Three Points, offshore Ghana. According to the company, the well, drilled on the Akoma exploration prospect, proved an estimated volume of between 550 and 650 bcf of gas and 18-20 mmbbl of condensate. A statement from the company said the field…
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NPA stops over 90% of fuel diversions
The National Petroleum Authority (NPA) has disclosed that it has curbed over ninety percent of illegal diversion of fuel over the past one year. As a result, petroleum product exports to neighbouring countries have reduced from 30 to two million litres between August last year and the same period this year [2018]. The CEO of…
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Fuel prices to remain stable in September
Prices of fuel are expected to remain relatively stable for the first pricing window in September. This means that for the first two weeks of September, consumers should be paying almost the same amount for fuel they purchase. The Institute of Energy Security (IES) who predicted this tells Citi Business News the stability could be attributed to…
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Foodstuff prices to stay high despite drop in fuel prices – Esoko
Esoko Ghana has dispelled any possibility of a drop in food prices following the reduction in the prices of petroleum products. Prices of petroleum products were reduced in the second week in June with a second prediction of a two percent drop. Prior to this, statistics released by Esoko showed that prices went up as much…
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Hedge oil revenue to protect Ghana from rising oil prices – Senyo Hosi
The Chamber of Bulk Oil Distributors (CBOD) wants the government to introduce new mechanisms to protect the country from the gradual rise in crude oil prices. The Chamber is impressing on the government to among others initiate processes that will stabilize oil revenue. The Chamber argues that this is necessary as Ghana is a net…