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Oil & Gas

Police hunt for oil fraudsters

The petroleum industry has been rocked by fraudsters, with the Western Regional Police Command hunting for an employee of a petroleum logistical company in Takoradi who allegedly swindled two bulk fuel stations in the metropolis of petroleum products amounting to over GH¢525,000. The two petroleum dealers are said to have …

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Crude oil pushes Ghana’s economy up 34% in second quarter 2011

Oil production and its related-businesses have expanded Ghana’s economy 34.0% year-on-year in the second quarter of 2011 as compared to 31.5% during the same quarter in 2010, according to the Ghana Statistical Service (GSS) in its gross domestic product (GDP) report released today September 22, 2011. In 2011 first quarter, …

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Ghana sets up Public Interest, Accountability Committee to manage oil revenues

The Public Interest and Accountability Committee to serve as an independent committee to monitor the use and management of oil revenues has been inaugurated by the Minister of Finance and Economic Planning, Dr. Kwabena Duffour. The 13-member committee is in line with the Petroleum Revenue Management Act, 2011(Act 815) which …

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Total Petroleum to remain strong force in Ghana’s energy sector – New MD

Total Petroleum Ghana new Managing Director, Guillaume Larroque has pledged the company’s commitment to enhance service delivery nationwide pledging the renewal of its joint campaign with the Ghana National Fire Service to improve road safety. “Our involvement in Road Safety as a reference shareholder will be pursued and our joint …

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Finance Minister inaugurates committee on petroleum revenue

Finance Minister Dr Kwabena Duffuor has inaugurated a 13-member Public Interest and Accountability Committee (PIAC) to provide an independent assessment of how petroleum revenues are managed and used. The Petroleum Revenue Management Act calls for the establishment of PIAC to monitor and evaluate compliance with the Act by government and …

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Norwegian company, EMGS wins $5.5m contract to find oil offshore Ghana

Norwegian company, Electromagnetic Geoservices ASA (EMGS) says it has been awarded a survey contract to acquire and process 3D electromagnetic (EM) data offshore Ghana. The company made the announcement on its website today September 16, 2011 but left out the client who offered the $5.5 million contract. It is believed …

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Nigeria’s ‘unfavourable’ Petroleum Bill leads to loss of over $2b FDI inflows

Foreign direct investment inflows into Nigeria, Africa’s most populous nation, have dropped by $2.55 billion due to the uncertainty of the country’s Petroleum Industry Bill (PIB). According to the latest world investment report 2011 prepared by the United Nations Conference on Trade and Development (UNCTAD), FDI inflows to the country …

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