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Oil & Gas

Fishermen advised to obey regulations on fishing around Jubilee oil field

Commodore Tim Appiah, Flag Officer, Commanding the Western Naval Command, on Monday, advised fishermen to abide by the regulation, which requires them not to fish within a radius of 500 metres around the Jubilee oil field rigs. He gave the advice, when speaking to the press, after a meeting with …

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Ghana to adopt Norwegian model for petroleum revenue

Ghana is to adopt the Norwegian model which divides petroleum revenue into three pools – budget, heritage and stabilization funds. This is contained in the Petroleum Revenue Management Bill, which is before Parliament. Whereas the Heritage Fund will ensure intergenerational equity because of the finite nature of resource revenue which …

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Group campaigns for GNPC to acquire Kosmos shares

The Committee for Joint Action (CJA) on Wednesday launched signature campaign in support of Ghana National Petroleum Company (GNPC) efforts to acquire shares of Kosmos Energy. Mr Kwesi Pratt Jnr, member of CJA, launching the campaign in Accra, said there were forces which were desperately trying to deny Ghanaians an …

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Russia, Belarus to invest $1b in Ghana’s oil and gas sector

Since Ghana announced the discovery of oil in commercial quantities in June 2007, the country has never run short of possible investors in its nascent oil industry. Russian businesses were among the early ones to express interest in having a stake in Ghana’s oil and gas. During a meeting this …

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Turkey sees $220b oil business in Ghana

Turkey has taken notice of a promising $220 billion market of oil and oil products in Ghana. And as a result Turkey’s Foreign Economic Relations Board (DEIK) has signed an agreement with the Ghana Chamber of Commerce and Industry to open a business council in the country. The council is …

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CPP urges Mills to assist GNPC to buy Kosmos’ Jubilee shares

The Convention People’s Party (CPP) has appealed to President John Atta Mills to assist the Ghana National Petroleum Corporation (GNPC) to purchase Kosmos stake in the Jubilee Oil Field and its determination to achieve extensive deepwater capacity in the near future. “With GNPC as the shareholder all Ghanaians have the …

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Ghana to finalise $1b gas project

The Ghana National Petroleum Corporation (GNPC) is in the process of finalising a joint venture pact with the investor community and the World Bank to finance phase one of its onshore gas project estimated at a cost US$1 billion. The  equity debt ratio of 40:60 makes the project attractive to …

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World Bank groups provide $225m insurance cover for Ghana’s oil industry

MIGA, a member of World Bank Group, entered into a 225-million-dollar 20-year contract to provide political risk insurance for the Floating, Production, Storage and Offloading (FPSO) vessel that would produce and process oil and gas from the Jubilee offshore oil field in Ghana on June 30. This was contained in …

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