Tag: petroleum
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NPA holds downstream compliance workshop for industry players
A three-day downstream compliance workshop to equip managers and supervisors of oil marketing companies (OMCs) with industry-related information began in Accra on Tuesday. Organized by the Business Development Department of the National Petroleum Authority (NPA), the workshop seeks to improve OMCs’ compliance with the Authority’s regulatory requirements and avoid sanctions. Opening the workshop, a Deputy…
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Policy Certainty: Key to reversing Oil Production Decline and optimizing indigenous natural usage in Ghana
The need to prioritize the development of indigenous petroleum resources have become ever critical for two key reasons; the energy transition and energy security in a volatile energy market. Recent global geopolitical issues and energy trends teaches Ghana that lesson— to prioritize its God-given oil and natural gas resource, to secure its energy requirement and…
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CBOD calls for a more structured supply of Forex for petroleum products
The Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors (CBOD), Senyo Hosi, has blamed the inadequate supply of foreign exchange for the procurement of petroleum products at the doorsteps of commercial banks in the country. The remark comes on the back of a report from Bloomberg which claimed that Ghana faces a…
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NPA launches fuel monitoring system to seal revenue leakages
As part of efforts aimed at eliminating illicit activities associated with the transportation and effective distribution of petroleum products across the country, government has introduced the National Retail Outlet Fuel Monitoring System. The system will also help reduce revenue losses within the petroleum downstream sector. Already, data from the National Petroleum Authority, NPA, show that…
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Don’t allow OMCs who evade tax to distribute petroleum products – Bawumia to NPA
Vice President, Dr. Mahamudu Bawumia has charged the National Petroleum Authority, NPA, to halt third party distribution of petroleum products to Oil Marketing Companies (OMCs) who evade taxes. The instruction comes on the back of data from the National Petroleum Authority (NPA), which indicates that between 2015 and 2019, government lost over four billion Ghana…
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Ghana must explore deep waters to avoid exhausting oil reserves – Amoako Tuffour
The secretary to government’s Economic Management Team (EMT), Prof. Joe Amoako-Tuffour has stated that Ghana risks exhausting its oil reserves in the next ten years if it doesn’t move into deep waters to explore oil. His comments come on the back of a warning of an imminent collapse of the country’s petroleum industry by the…
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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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COVID-19: Gov’t urged to make use of Ayalolo buses to ensure social distancing
The General Transport, Petroleum and Chemical Workers Union, is calling on government to revive the ailing ‘Ayalolo’ buses which operate the BRT system in the country to alleviate pressure on public transportation as the novel Coronavirus continues to spread. Earlier this week, the President in an announcement directed all commercial transport drivers to restrict the…
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Petroleum workers’ union push for reinstatement of members
The General Transport, Petroleum and Chemical Workers’ Union (GTPCWU) has told Citi Business News it will continue negotiations with management for its members to be reinstated at the Atuabo Gas processing facility. Though the union has lauded the processes to reinstate two of the four workers whose contracts were terminated, it maintains the rights of…
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Petroleum workers petition Ghana Gas Board over dismissals
The General Transport, Petroleum and Chemical Workers’ Union, (GTPCWU), is petitioning the Ghana National Gas Company Limited over the dismissal and suspension of some workers at the Atuabo Gas Processing plant. A total of forty-five workers have been affected in various disciplinary measures taken by the management of the Ghana Gas Company Limited for demonstrating against…