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PIAC lauds a decade long implementation of PRMA despite challenges

The Public Interest and Accountability Committee (PIAC) says the implementation of the Petroleum Revenue Management Act (PRMA) has been largely impactful in the last 10 years despite some challenges. It said among the notable achievements arising from the committee’s recommendations were the procurement of a Loss of Production Insurance by …

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Eni announces significant oil discovery in Block 4, offshore Ghana

Eni has announced a significant oil discovery in CTP Block 4, offshore Ghana. Preliminary estimates place the potential of the Eban–Akoma complex between 500 and 700 million barrels of oil equivalent in place. The Eban – 1X well is the second well drilled in CTP Block 4, following the Akoma …

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Oil prices stagnate as OPEC+ plans to continue negotiations

Oil prices hardly moved at the start of the week, as a cautious market eyes stalling talks between the major oil-producing nations on future production policy. A barrel (159 litres) of North Sea Brent cost $76.18 on Monday morning, about the same as on Friday. The price for a barrel …

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OPEC+ negotiations stall on oil production limits

The Organization of the Petroleum Exporting Countries and its 10 partner countries (OPEC+) were unable to reach an agreement on a common oil production strategy, as negotiations faltered on Friday. An online session originally scheduled for the afternoon was postponed until Monday afternoon, the OPEC secretariat later confirmed. In the …

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South Africa cancels contract of Ghana power producer Karpowership over environmental concerns

South African authorities have cancelled a contract between the country and Turkish company Karpowership to generate electricity. The country’s Department of Forestry, Fisheries and the Environment says the environmental impact assessment (EIA) presented by the power company doesn’t meet its standards which require that Karpowership have open and transparent engagements …

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GOIL profit after tax drops to GH¢90m in 2020

GOIL Company Limited’s profit after tax in 2020 dropped to GH¢90.03 million down by 14.5 per cent compared to the previous year. Consequently, earnings per share also fell by 14.5 per cent in 2019 GOIL’s Profit after tax stood at GH¢105.5million. A final dividend of GH¢0.045 per share amounting to …

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Ghana petroleum revenue declines in 2020 – PIAC

The Public Interest and Accountability Committee (PIAC), says revenues accrued from upstream petroleum operations in Ghana declined significantly in 2020 as compared to 2019. It attributed the decline to the outbreak of the COVID-19 pandemic and its associated effects on the global economy and other upstream petroleum industry actors. This …

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Petroleum Black marketers still a threat to industry – AOMC

The Association of Oil Marketing Companies (AOMC) on Friday said activities of Petroleum Black Market dealers pose a threat to the country’s downstream petroleum sector and called on National Security to tighten the noose. Mr Henry Akwaboah, Chairman of the Board of Governors of AOMC, said that the growing Petroleum …

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PIAC reiterates call for National Development Plan

The Public Interest and Accountability Committee (PIAC) has reiterated the call for the development of a national plan to guide the use of oil revenues in the country’s development process. The PIAC said such a development framework would help the country to monitor progress to ensure accelerated development. A national …

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