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World Bank approves $700m guarantee for Ghana gas project

The Board of Directors of the World Bank today approved $700 million in guarantees for Ghana’s Sankofa Gas Project, the bank says in a press statement issued in Washington and copied to ghanabusinessnews.com. The statement describes the guarantee as a “record investment” for a transformational project that will help address …

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TEN project 65% complete, to produce first oil mid 2016 – Tullow

Oil producer, Tullow says the (Tweneboa-Enyenra Ntomme) TEN development project, offshore Ghana is about 65 per cent complete and is on schedule produce first oil in the middle of 2016. Tullow says among other things that it is running two well completions and starting work on a third; installing four …

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GNPC expands search for more oil fields

The Ghana National Petroleum Corporation (GNPC) has stepped up the search for more oilfields as it begins work on the Voltaian Basin Project. The project seeks to confirm the presence of petrochemicals in the voltaian basin that stretches across Volta, Northern, Ashanti, Brong-Ahafo and Eastern regions. It is being jointly …

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Ghana TEN Oil Fields 57% complete – Terkper

The Minister of Finance, Mr. Seth Terkper says the Tweneboa-Enyenra Ntomme (TEN) Fields Development is 57 per cent complete. Making a supplementary budget request in Parliament today July 21, 2015, he said, “I am pleased to inform you that the Tweneboa-Enyenra Ntomme Fields Development is 57 per cent complete. The …

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Oil Marketing Companies reduce fuel prices

Oil Marketing Companies (OMCs) on Thursday reduced prices of petroleum products in conformity with the de-regulation of petroleum products which took effect from June 16. The reduction was attributed to the marginal appreciation of the local currency to the cedi and fall in world crude oil price during the third …

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NPA urged to build capacity to avoid unfair competition

The Africa Centre for Energy Policy (ACEP), has called on the National Petroleum Authority (NPA) to build its capacity to detect, monitor and ensure prosecution of companies involved in cartelisation and unfair competition The Centre urged the Authority to create a public portal for publishing real-time prices of major Oil …

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CSOs demand explicit petroleum contracts disclosure provision

Civil society organizations (CSOs), have recommended to the Parliamentary sub-committee on Mines and Energy that explicit provisions on contracts and beneficial ownership disclosure be included in the Petroleum, Exploration and Production Bill. Mr Samuel Bekoe, Africa Regional Associate of the Natural Resources Governance Institute (NGRI), told the Ghana News Agency …

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Ghana Parliament passes Petroleum Revenue Management Law

Parliament has passed the Petroleum Revenue Management (Amendment) Bill, 2015 into law. The Bill seeks to address irregularities and operational challenges in the management of revenue from the oil and gas sector. The object of the Bill was to amend the Petroleum Revenue Management Act, 2011 (Act 815) to provide …

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Kosmos Energy appoints Joe Mensah as Ghana Country Manager

Kosmos Energy Ghana HC, a wholly owned subsidiary of Kosmos Energy Limited, has appointed Mr Joe K. Mensah, as its new country manager. Mr Mensah, who would be based in Accra, replaces Mr Ken Keag, who served as the country manager since 2013, and would retire from the company at …

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GNPC holds consultation on Voltaian Basin

The Ghana National Petroleum Corporation (GNPC) has begun holding stakeholders’ consultative forums in some local government assemblies in the Northern Region to seek concerns of residents in relation to planned seismic activities on the Voltaian Basin. GNPC has already held stakeholders’ consultative forums in 12 Metropolitan, Municipal and District Assemblies …

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