Oil & Gas

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 …

Vice President Dr. Mahamudu Bawumia says significant progress has been made towards the pilot implementation of the Cylinder Recirculation Model under the National Liquefied Petroleum Gas Promotion Policy. He said the policy seeks to ensure that Liquefied Petroleum Gas (LPG) consumers have access to safe, efficient, affordable and environmentally-friendly LPG …

The Ministry of Energy, in partnership with the Business and Financial Times, has organised a two-day forum for policy makers and stakeholders in the Energy sector to dialogue and develop strategies to promote the industry. The Summit, which opened on Tuesday in Accra, would provide an opportunity for the global …

The Public Interest and Accountability Committee (PIAC), the statutory body mandated to monitor and ensure efficient management of petroleum revenue, has advocated alternative means of funding the government’s Free Senior High School (SHS) policy. “We should not pin all our hopes on oil revenue for the successful implementation of the …

ExxonMobil has opened a new office in Accra, Ghana to progress offshore exploration programmes. ExxonMobil Exploration & Production Ghana (Deepwater) Limited acquired rights in 2018 to explore the ultra-deepwater block Deepwater Cape Three Points. The petroleum agreement was ratified in April 2019. ExxonMobil plans to begin 3-D seismic acquisition later …

Italian oil company, Eni announces that the Ghana government has awarded it a new exploration and production licence in the country’s offshore. Eni announced in a press release copied to ghanabusinessnews.com, that the award comes as an outcome of Ghana’s first international competitive bid round, in which five Blocks have …

Parliament has called on the Minister of Finance and the Minister of Energy, Mr John Peter Amewu to as a matter of urgency,  activate the cash waterfall scheme and other prudent measures to address the debt accumulation in the energy sector. The lawmakers further called on the Minister of Finance, …

IMANI Centre for Policy and Education’s report has emphasized the need for transparency in the management of the nation’s oil and gas resources. The report titled “Effects of Upstream Gas Contracting on Electricity and Inclusive Growth – The Case of Sankofa-Gye-Nyame (SGN) Gas Project,” a purely academic exercise, was conducted …

Tullow Ghana Limited (TGL), the Operator of the Jubilee field, on Wednesday said it was aware of an incident offshore involving a contractor who jumped overboard the FPSO Kwame Nkrumah at 14:25 hours on Tuesday. A statement from the Company said full Emergency Response procedures were activated, and the contractor …

The management and union of Bulk Oil Storage and Transportation (BOST) Company Limited have signed a Collective Bargaining Agreement after 12 years of unsuccessful attempts. The Board of BOST and the Union reached an agreement which has been codified into legal binding document which would be reviewed every two years …