Home / Oil & Gas (page 2)

Oil & Gas

PIAC urges timely disbursement of oil revenues for projects

The Public Interest and Accountability Committee (PIAC) has urged government to disburse oil revenues earmarked for projects, rather than accumulating it over time. According to the Committee, which has oversight responsibility over the prudent management of the country’s petroleum revenue, there are oil-funded projects that face funding challenges and it …

Read More »

PIAC demands accountability for GH¢1.5b unutilised ABFA from Finance Ministry

The Public Interest and Accountability Committee (PIAC) has called on Parliament to compel the Ministry of Finance to account for a GH¢1.5 billion unutilised funds in the Annual Budget Funding Amount (ABFA) for 2019. The ABFA is the portion of petroleum revenues earmarked for government spending in a particular year, …

Read More »

Parliament urges GNPC to position itself for better financial prudence

Parliament on Tuesday approved the programme of activities for the Ghana National Petroleum Corporation (GNPC) for 2020, with a call on the state agency to better position itself to be more financially prudent. The Emmanuel Akwasi Gyamfi chaired the Committee on Energy and Mines, whose report on the 2020 schedule …

Read More »

Ghana’s petroleum revenue drops in 2019 – PIAC

Ghana’s annual petroleum revenue dropped in 2019, though production of crude oil in the country’s three major fields witnessed sharp increment. The 386,460,893 barrels of crude oil produced from the three oil fields – Jubilee, TEN and SGN in 2019 fetched the nation $925 million as against $977 million of …

Read More »

PIAC urges GNPC to decommission Saltpond oil field

The Public Interest and Accountability Committee (PIAC) has called on the Ghana National Petroleum Commission (GNPC) to make determinations to decommission the Saltpond Oil Field (SOF) in the Mfantseman Municipality of the Central Region. The Committee believes the move will reduce huge cost of skeletal staff maintaining the rig that …

Read More »

GNPC discusses COVID-19 impact on operations

The Ghana National Petroleum Corporation (GNPC) on Monday said the COVID-19 pandemic had impacted negatively on the oil and gas industry in Ghana and called for support in its operations. Mr James D. Yamoah, Acting Chief Operating Officer, GNPC, said because of the pandemic, international oil companies (IOCs) took business …

Read More »

BOST shuts head office over COVID-19

The Bulk Oil Storage and Transportation Company Limited, (BOST) has shut its head office at Dzorwulu in the Ayawaso West Municipality effective Monday, July 6 to Monday, July 13. This was after some staff of the Company were said to have tested positive for COVID-19. A statement issued by the …

Read More »

Ward-off unauthorised invasion of filling stations – AOMC

The Association of Oil Marketing Companies (AOMC) on Sunday called on the security agencies to ward-off unauthorized intruders of the Oil Marketing Companies (OMC) operational landscape ‘filling stations.’ “OMCs have noted with concern the breach of the functions of National Petroleum Authority (NPA) and the Ghana Standards Authority (GSA) the …

Read More »

Oil production in Ghana increases by 15% in 2019 – PIAC

A total of 71.4 million (71,439,585) barrels of oil were obtained from the three producing fields – Jubilee, Sankofa  Gye Nyame (SGN) and Tweneboa  Enyera Ntomme (TEN) in 2019. The total oil production in 2019 exceeded that of 2018 by 15 percent. A statement issued in Accra by the Public …

Read More »

PIAC asks Parliament to ensure Finance Ministry accounts for $1.5b petroleum fund

The Public Interest and Accountability Committee (PIAC), an independent statutory body, has urged Parliament to ensure that the Ministry of Finance accounts for the $1.5 billion unutilized Annual Budget Funding Amount (ABFA). In its key findings presented at the launch of the 2019 Report, Mr Noble Wadza, Chairman of the …

Read More »