Oil & Gas

Professor Rashid Sumaila, a Director at the Fisheries Economics Research Unit of the University of British Colombia says the continuous pre-mix fuel subsidy by the government is fueling the depletion of fish stock. In his view, the fuel subsidy does not inure to the benefit of the small-scale fisher folks …

A careful study of Ghana’s petroleum sector by ghanabusinessnews.com shows that the country will miss its local content target with the deadline set for 2020. The country’s inability to meet its target by next year is mainly due to improper execution of the local content policy which aims at opening …

Ghana National Petroleum Corporation (GNPC) is financing the west to east reverse flow of natural gas in Ghana. A statement issued by the GNPC and copied to the Ghana News Agency announced the completion of the initial phase (Takoradi scope) of the project to reverse the flow of gas from …

The Public Interest and Accountability Committee (PIAC), the Constitutional body established to monitor receipt and use of Ghana’s oil money is reminding the government to refund an amount of $3.8 million spent on the maritime dispute between the country and Cote d’Ivoire. The PIAC in its annual report for 2018 …

The Public Interest and Accountability Committee (PIAC) says Ghana has received over $977 million from petroleum in 2018 and earned interest of over $1.6 million on Petroleum Holding Fund (PHF). This was made known as the country’s Parliament passed the report of PIAC on the management and use of petroleum …

The Government will renegotiate all take-or-pay contracts in the energy sector, by converting them to take-and-pay contracts to help save the sector and prevent citizens from consistently paying energy they had not used. Mr Ken Ofori-Atta, the Minister of Finance said there was the need to renegotiate the contract to …

A large number of tanker drivers have threatened to stop lifting petroleum products from the Tema Oil Refinery (TOR) if management does not to fix its deplorable parking space. The drivers, who park their gas and oil tankers at the TOR tanker park did not load for hours even when …

The Tema Oil Refinery (TOR) says the purported GH¢186,349 million loss incurred in four months by the refinery is mainly charges it incurred on legacy debts. A statement signed by Mr Daniel Appiah, General Manager-Finance, stated that “the amount in question (GH¢186 million) was mainly incurred as a result of …

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 …

Ghana’s oil revenue inflow into the Heritage Fund has reached $485,172,436.04 as at 2018, seven years after the country commenced commercial production of crude oil. The nation’s Petroleum Revenue Management Act (PRMA) 2011, set the Ghana Heritage Fund to save oil revenues for future generations of Ghanaians. But, the closing …