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Oil & Gas

Ghana Commercial Bank to finance upstream oil sector

The Ghana Commercial Bank (GCB) is to extend its participation in the oil industry to the midstream segment of the industry, the Managing Director of the bank, Mr Simon Dornoo, has indicated. He said the bank would potentially extend its participation to the upstream segment of the industry with focus …

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World Bank gives Ghana $38m credit to build capacity for oil management

Less than a week after Ghana started commercial production of oil, the World Bank Monday December 20, 2010 approved a credit of $38 million to the government for the implementation of an Oil and Gas Capacity Building Project. The amount is a concessional loan to be repaid over a period …

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Government proposes increase in petroleum levies to pay TOR debt

The government has proposed an increase in existing levies on petroleum products to raise additional money for the payment of the Tema Oil Refinery (TOR) debt. The Tema Oil Refinery Company Fund Amendment Bill, which was submitted to parliament, was referred to the Parliamentary Committee on Finance for consideration and …

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Majority in Parliament kicks against proposed Petrol Development Fund

Controversial clause 17 of the Petroleum Revenue Management Bill, on Monday set Parliament apart again into voting sending the minority tumbling with 60 votes against 81. By the decision there would not be a separate account for petroleum revenue as proposed in the amendment that stood in the name of …

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Bishop calls for goodwill to make oil discovery a blessing

Most Reverend John Martin Darko, Bishop of the Catholic Diocese of Sekondi-Takoradi, on Sunday noted that goodwill was required of all Ghanaians to ensure that the oil find became a blessing to the country. A press release on his Christmas message in Takoradi, said: “We need goodwill in abundance, now …

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Western region people to co-exist peacefully with oil companies

Awulae Attibrukusu III, President, Western Regional House of Chiefs, has urged the chiefs and people of the region to co-exist peacefully with oil companies to ensure a successful oil and gas business in the region. He said there would not be any meaningful socio-economic development in an atmosphere of chaos …

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Job seekers in oil and gas industry attend workshop

The Western Regional Chamber of Commerce and Industry (WRCCI) and the London-based Business Performance Institute have organized a three-day workshop about prospects in the oil and gas industry for 45 job seekers at Takoradi. Speaking at the workshop Mr. Ato Van-Ess, Chairman of the WRCCI, advised those wishing to work …

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Absence of Petroleum Revenue Law will not cause loss in oil revenue – Majority Leader

Mr Cletus Apul Avoka, Majority Leader, on Wednesday said there would be no revenue loss to the State even though the Petroleum Revenue Management (PRM) bill has not yet been passed. Speaking in an interview with the Ghana News Agency (GNA),  Mr Avoka indicated that a number of challenges had …

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Ghana, Turkey in oil barter deal

Turkey says it has reached an agreement with Ghana to buy oil from the country through a barter scheme arrangement. News in the Turkish media seen by ghanabusinessnews.com says Turkey’s State Minister for Foreign Affairs, Zafer Çağlayan has indicated that he has had talks with two oil producing countries in …

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Ghana joins oil producing nations as first oil flows

Ghana on Wednesday joined the league of oil producing countries when it officially poured its first oil at the Jubilee Oil Field offshore Cape Three Points in the Western Region. At exactly 1000 hours, President John Evans Atta Mills steered the wheel on the control device of the Floating Production …

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