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Oil & Gas

Government to renegotiate ‘take-or-pay’ contracts in the energy sector

The Government will renegotiate all take-or-pay contracts in the energy sector, by converting them to take-and-pay contracts to help save the sector and prevent citizens from consistently paying energy they had not used. Mr Ken Ofori-Atta, the Minister of Finance said there was the need to renegotiate the contract to …

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Tanker drivers say they would boycott TOR over deplorable parking space

A large number of tanker drivers have threatened to stop lifting petroleum products from the Tema Oil Refinery (TOR) if management does not to fix its deplorable parking space. The drivers, who park their gas and oil tankers at the TOR tanker park did not load for hours even when …

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GH¢186m loss is mainly charges on legacy debts – TOR

The Tema Oil Refinery (TOR) says the purported GH¢186,349 million loss incurred in four months by the refinery is mainly charges it incurred on legacy debts. A statement signed by Mr Daniel Appiah, General Manager-Finance, stated that “the amount in question (GH¢186 million) was mainly incurred as a result of …

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Dangote refinery to end petroleum products import to Africa – Edwin

Nigeria and other sub-Saharan African countries would soon heave a sigh of relief from the importation of petroleum products, with the imminent completion of the 650,000 barrels-per-day (bpd) Dangote Refinery at Ibeju-Lekki area of Lagos. Mr Devakumar Edwin, Group Executive Director, Strategy, Capital Project and Portfolio Development, announced this at …

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Ghana oil Heritage Fund accumulates about $500m – PIAC  

Ghana’s oil revenue inflow into the Heritage Fund has reached $485,172,436.04 as at 2018, seven years after the country commenced commercial production of crude oil. The nation’s Petroleum Revenue Management Act (PRMA) 2011, set the Ghana Heritage Fund to save oil revenues for future generations of Ghanaians. But, the closing …

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LPG Cylinder Recirculation pilot programme begins in October

Vice President Dr. Mahamudu Bawumia says significant progress has been made towards the pilot implementation of the Cylinder Recirculation Model under the National Liquefied Petroleum Gas Promotion Policy. He said the policy seeks to ensure that Liquefied Petroleum Gas (LPG) consumers have access to safe, efficient, affordable and environmentally-friendly LPG …

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Ghana Energy Summit opens

The Ministry of Energy, in partnership with the Business and Financial Times, has organised a two-day forum for policy makers and stakeholders in the Energy sector to dialogue and develop strategies to promote the industry. The Summit, which opened on Tuesday in Accra, would provide an opportunity for the global …

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Free SHS should not solely be funded with petroleum revenue – PIAC

The Public Interest and Accountability Committee (PIAC), the statutory body mandated to monitor and ensure efficient management of petroleum revenue, has advocated alternative means of funding the government’s Free Senior High School (SHS) policy. “We should not pin all our hopes on oil revenue for the successful implementation of the …

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ExxonMobil Opens Office in Ghana to progress Offshore Exploration

ExxonMobil has opened a new office in Accra, Ghana to progress offshore exploration programmes. ExxonMobil Exploration & Production Ghana (Deepwater) Limited acquired rights in 2018 to explore the ultra-deepwater block Deepwater Cape Three Points. The petroleum agreement was ratified in April 2019. ExxonMobil plans to begin 3-D seismic acquisition later …

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Ghana awards Eni new oil exploration and production license

Italian oil company, Eni announces that the Ghana government has awarded it a new exploration and production licence in the country’s offshore. Eni announced in a press release copied to ghanabusinessnews.com, that the award comes as an outcome of Ghana’s first international competitive bid round, in which five Blocks have …

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