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OMC complexities impose enormous challenges – Marketing Expert  

The complexities in the oil marketing supply-chain impose enormous challenges for both operators and consumers of petroleum products, Mr David Afiawo, a Marketing Consultant, said on Saturday and called for cooperation among stakeholders. He said management of petroleum products was not the responsibility of filling station attendants, dealers, and managers …

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Exchanges over GNPC’s over GH¢5m CSR spending end PAC’s hearings abruptly

A question by Mr Samuel Nartey George, Member of Parliament for Ningo Prampram, at the Public Accounts Committee (PAC) hearing on the Ghana National Petroleum Corporation’s (GNPC) corporate social responsibility degenerated into heated exchanges and brought the hearing to an abrupt end. Mr George wanted to know why the Board …

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Petroleum funds must improve health service delivery – PIAC

The Public Interest and Accountability Committee (PIAC) has asked the Government to increase the disbursement of petroleum revenue allocated to the health sector through the Annual Budget Funding Amount (ABFA). It said the GH¢68 million allocated to the health sector in the last nine years must be spread across both …

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GOIL records growth higher than industry levels – Chairman

Mr Peter Kwamena Bartels, the Board Chairman of GOIL Company Limited, has said for the first time in several years, growth in fuel sales volume was higher than that of the Industry. “Whilst the Industry grew by 6.44 per cent, GOIL grew by 9.66 per cent. Surprisingly, the main drivers behind …

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PIAC not happy with government spreading petroleum revenue beyond 12 listed priority arears

The Public Interest and Accountability Committee (PIAC), has expressed concern about the thin-spread of petroleum revenues for projects, resulting in paltry allocations. It said the inadequate funding made it difficult to appreciate any meaningful impact associated with the expenditure. In an assessment of the management and utilisation of the Annual …

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Tullow Oil says Ghana operational performance in first six months strong

Tullow Oil PLC has said its operational performance in Ghana has been strong in the first half with uptime on both Floating Production and Storage and offloading vessels in excess of 95 per cent. Overall, the Company said it produced 77,700 barrels per day in the first half of the …

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Impact of COVID-19 on Ghana’s petroleum upstream sector

The fangs of the new Coronavirus, since its appearance in late 2019, have cut through all sectors of national economies leaving nothing unscathed.  For the global energy sector, it has resulted in a historic dive in oil prices, way below projections of many oil-based entities and budgets of national governments. …

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PIAC proposes amendment to the petroleum revenue management Act

The Public Interest and Accountability Committee (PIAC) has recommended an amendment to the Petroleum Revenue Management Act (PRMA) to remove the ministerial discretion in the allocation of excess revenue over the Stabilisation Fund (SF) cap. Currently, the Minister has the power to determine how much of the excess funds go …

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PIAC urges timely disbursement of oil revenues for projects

The Public Interest and Accountability Committee (PIAC) has urged government to disburse oil revenues earmarked for projects, rather than accumulating it over time. According to the Committee, which has oversight responsibility over the prudent management of the country’s petroleum revenue, there are oil-funded projects that face funding challenges and it …

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PIAC demands accountability for GH¢1.5b unutilised ABFA from Finance Ministry

The Public Interest and Accountability Committee (PIAC) has called on Parliament to compel the Ministry of Finance to account for a GH¢1.5 billion unutilised funds in the Annual Budget Funding Amount (ABFA) for 2019. The ABFA is the portion of petroleum revenues earmarked for government spending in a particular year, …

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