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Oil & Gas

Oil revenue alone cannot support Ghana’s development – Prof. Buah-Bassuah

Professor Paul Buah-Bassuah of the University of Cape Coast and Chairman for the Public Interest and Accountability Committee (PIAC), has called on government to invest into other sectors as the revenues from oil alone cannot sustain the country’s economy. He said the country receives only five percent of the royalty interest …

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Gas from TEN field will help stabilize energy situation – Terkper

The Finance Minister, Seth Terkper says production of oil and gas from the Tweneboa, Enyenra and Ntomme (TEN) fields offshore Ghana which started today, is good news, as the availability of gas from the fields would help stabilize the current energy situation in Ghana. Speaking to the BBC Focus on …

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Tullow reports first oil from TEN

Tullow Oil says first flows of oil has been reached at the Tweneboa, Enyenra and Ntomme (TEN) fields offshore Ghana. According to the British oil producer, first oil has been reached on time and on budget three years after the Ghana government gave approval for the development plan of the …

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Mahama to turn-on valve on FPSO Atta Mills for start of production at TEN

President John Dramani Mahama will on Thursday August 18, 2016, symbolically turn-on the production valve on the Floating Production Storage and Offloading Vessel (FPSO) John Evans Atta Mills to officially commence production of oil in commercial quantities at the Tweneboa, Enyenra and Ntomme (TEN) Fields. A statement from the Ministry …

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Low oil production causes Kosmos Energy net loss of $108m

Due to low oil production, Kosmos Energy, one of the oil companies operating at Ghana’s Jubilee fields has announced a net loss of $108.3 million for the second quarter of 2016. The company sold one cargo of oil in 2016 as against two cargoes the same period in 2016. On …

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GNPC appoints two deputy CEOs

The Board of Directors of the Ghana National Petroleum Corporation (GNPC) has appointed two Deputy Chief Executives for Exploration and Production and Commercial and Corporate Services. A statement, issued by GNPC and copied to the Ghana News Agency, said the appointments were part of the continuous roll-out of GNPC’s evolving …

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Stakeholders call for regular feedback on petroleum revenues

Stakeholders at a forum to discuss petroleum revenue have called for regular feedback on the utilisation of the funds to eliminate the perceived corruption and misappropriation. The forum, organised by Friends of the Nation (FON), an environmental NGO, brought participants from various youth groups, assembly members and traditional rulers, as …

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Nigeria loses $69.8b from under invoicing of oil exports

Nigeria was yet to overcome the shock arising from the on-going probe of corruption in its oil industry when the United Nations Conference on Trade and Development (UNCTAD) divulged the massive fraud arising from under-invoicing of crude oil exports from Nigeria to the United States. In just 18 years, Nigeria, …

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Local content: Ghanaian companies earn $1.3b in contracts in five years

From 2003-2016, Ghana had increased the deployment of indigenous professionals in the petroleum industry, under the Local Content and Local Participation Policy. Out of the 675 registered companies; 440 are Ghanaian companies registered with Petroleum Commission, Ghana to provide both direct and indirect services, whilst 66 others are engaged in …

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