Tag: Oil
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TEN Field’s challenges and crude price fluctuations reduced 2019 oil revenue – IES
The Institute for Energy Security, IES, says the drop in Ghana’s oil revenue in 2019 could be attributed to the movement of crude prices on the world market and the challenges faced by Tullow Oil in the TEN Fields. Oil revenue dropped by 5 percent to 925 million dollars in 2019 from 977 million dollars…
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Manage expectations from oil proceeds in mid-year budget – IES to Gov’t
The Institute of Energy Security, IES, has advised government to benchmark expected revenue from petroleum receipts around 35 dollars per barrel. The 2020 national budget pegged petroleum prices for export at 60 dollars per barrel. However, the outbreak of COVID-19 caused prices of crude oil on the world market to drop to as low as…
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Oil production in Ghana threatened by continuous drop in Brent crude prices – IES
The Institute of Energy Security, IES, says oil producers in Ghana may be compelled to halt their production if the global price of Brent Crude continues to fall. The price of US oil turned negative for the first time in history on Monday, 20th April, 2020. By this, oil producers are paying buyers to take…
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US oil prices turn negative as demand dries up
The price of US oil has turned negative for the first time in history. This is according to the British Broadcasting Corporation (BBC). That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May. Demand for oil has all but dried up…
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Dangote Refinery to end petroleum products import to Africa
Nigeria and other sub-Saharan African countries would soon heave a sigh of relief from the importation of petroleum products, with the imminent completion of the 650,000 barrels-per-day (bpd) Dangote Refinery at Ibeju-Lekki area of Lagos. Mr Devakumar Edwin, Group Executive Director, Strategy, Capital Project and Portfolio Development, announced this at the opening of the…
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Oil prices drop after IMF’s review of global economic growth
Oil prices fell on Tuesday [October 10, 2018] following the IMF’s downward review of the global economic growth forecasts. Reuters however reports that markets were supported as Hurricane Michael closed nearly 40 percent of U.S. Gulf of Mexico oil output and U.S. sanctions restricted Iranian exports. The Fund reduced the global economic growth from 3.9…
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Oil emerges as second largest export earner – BoG report
Ghana’s oil sector emerged as the second largest contributor to the country’s exports for 2017. The country raised an estimated three billion dollars from the oil resources in 2017. Official figures released by the Bank of Ghana show that the total revenue Ghana raked in from her exports stood at 13.8 billion dollars. A further…
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GRA to set up int’l commodity prices monitoring desk
The Ghana Revenue Authority (GRA), has said that it is setting up a desk at its headquarters which is going to be dedicated to monitoring the prices of commodities on the world market. The desk, according to the GRA, will help it reconcile prices of gold and other commodities to that are reported by local…
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Analysts urge private sector involvement in TOR
Analysts in the oil and gas sector are upbeat about government’s plans to revamp operations of the Tema Oil Refinery (TOR). Though they have largely lauded the move, the industry watchers have suggested the need to attract private sector participation in order to achieve the full objectives. The comments also follow recent fuel shortage and…
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Revamp TOR to reduce petroleum imports – IES
The Institute of Energy Security (IES) has urged government to work to revamp the Tema Oil Refinery (TOR) in order to reduce the country’s over dependence on imported fuel. The IES argues that the development has dire implications should there be threats of cuts in supply. The comments come on the back of shortage of…