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COVID-19 affected upstream oil and gas sector in 2020 – PIAC

The Public Interest and Accountability Committee (PIAC) says the outbreak of the COVID-19 pandemic and its associated shocks on the economy and major industry actors proved challenging to upstream oil and gas operations in 2020 compared with 2019. PIAC said the outbreak and effect of the COVID-19 pandemic brought some …

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Ghana crude oil declined by 6.3% – PIAC

The production of crude oil fell by 6.3 per cent in 2020 from the 2019 volume, the first such drop in over three consecutive oil production increases, the 2020 Annual Management Report of the Public Interest and Accountability Committee (PIAC) has shown. The report indicated that total gas production increased …

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PIAC calls for proper targeting of Annual Budget Funding Amount

The Public Interest and Accountability Committee (PIAC) has called for conscious efforts to ensure better targeting of the Annual Budget Funding Amount (ABFA) allocation for maximum impact. It said assessment of the management and utilisation of the ABFA mechanism over the years had shown that although four priority areas are …

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GOIL begins bitumen production

GOIL Company Limited steps into the production of bitumen, a venture Mr Kwame Osei Prempeh, GOIL Managing Director, described as strategy to widen its portfolio and consolidate gains already made in the fuel business. GOIL with over 400 Filling Stations across the country’s, entry into the otherwise multinational field, is …

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NPA reduces fuel price margins to 9p

The 17 pesewas per litre increase in fuel price margins previously announced by the NPA has been reduced to 9 pesewas per litre effective tomorrow Wednesday May 5, 2021. This was announced after a meeting held at the Ministry of Energy earlier on Tuesday,  May 04, 2021 between the Minister …

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Sludge dealers appeal to President to validate oil from Nigeria

Mr Edrorlali Adjoorlolo, a sludge dealer on Sunday appealed to the government to intervene and dialogue with oil importers from Nigeria to create more jobs for Ghanaians at the coastal areas. He said although Nigerians had for the past years imported oil to the Ghanaian coastline, there had been reports …

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Oil companies owe Ghana ground rent arrears to the tune of $2.1m in 2020 – PIAC

Some oil companies operating in Ghana owe the country surface rental payment arrears to the tune of $2.1 million in 2020, representing a 34.71 per cent increase over the 2019 arrears of $1.5 million, according to the 2020 Public Interest and Accountability Committee (PIAC) annual report issued today April 21, …

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Ghana Chamber of Bulk Oil Distributors swears in new board

The Ghana Chamber of Bulk Oil Distributors (CBOD) has sworn into office an 11-member board to steer the affairs of the body over the next three years. The new executive board is made up of members with vast experience in finance, taxation, engineering, corporate governance, accounting, management, marketing and oil …

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Bawumia unveils Fuel Monitoring System to halt illicit activities in petroleum downstream sector

Vice President Dr Mahamudu Bawumia on Wednesday launched the National Retail Outlet Fuel Monitoring System to sanitise the supply and distribution of petroleum products in the country. The system, also known as an Automatic Track Gauging and Forecourt Transaction Control System, was an initiative of the National Petroleum Authority (NPA), …

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