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Oil & Gas

US to become major oil exporter by 2024 – report

The US will become the world’s second major oil exporting country by 2024, overtaking Russia and closing in on Saudi Arabia, the top oil exporter, according to the Paris-based International Energy Agency (IEA). In its latest report on the sector, Oil 2019, the IEA said the US was driving global …

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PIAC calls for efficient use of petroleum revenue

Ms Marilyn Aniwa, the Coordinator of the Public Interest Accountability Committee (PIAC) has called for the sustainable management and efficient utilisation of the Ghana’s petroleum revenues. She noted that the petroleum reserves of a country are non-renewable and therefore it was important for the proper management of proceeds for the …

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Oil industry has reputation for corruption – President

President Nana Addo Dankwa Akufo-Addo, on Thursday said “there is no avoiding the fact that the oil industry, unfortunately, has a reputation for corruption”. He said since the discovery of oil in the country, there had been heightened anxiety among the people that “we do not fall into the same …

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Ghana’s oil production to go up to 500,000 barrels – Minister

Mr Ken Ofori-Atta, the Minister of Finance has said the overall crude oil production from Ghana is expected to more than double over the next four years. “Overall, crude oil production is expected to increase from 196,089 barrels per day in 2019 to 420,020 barrels per day in 2023,” he …

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Ghana generated $247m from oil sector in 2016 – GOGIG

The future of Ghana’s oil and gas sector as a catalyst to push socio-economic development looks brighter, though the nation lacks pricing policy for her crude. A pricing policy for crude, according to the Ghana Oil and Gas Inclusive Growth (GOGIG), an UKaid project set up to support the nation …

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PIAC to sign MoU with EOCO

The Public Interest Accountability Committee (PIAC) Secretariat has requested from the Ministry of Finance and Economic Planning (MoFEP) to provide it with information on all physical infrastructural projects it intends to fund with petroleum revenue in the country this year. This according to the PIAC, an independent statutory body mandated …

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TOR to become fully operational by September – MD

Mr Isaac Osei, the Managing Director (MD) of Tema Oil Refinery (TOR), has given the assurance that the national oil refinery would be in full operation by the end of September, this year. He said the refinery now had the capacity to process 45,000 barrels of crude oil per extreme …

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Government awards $799m upstream petroleum contracts to Ghanaian companies

A total of $799 million worth of contracts in the upstream petroleum industry was awarded to indigenous Ghanaian companies and joint ventures last year in accordance with the Local Content and Local Participation law. Out of the amount, $453 million worth of contracts was awarded to Ghanaian firms whilst $346 …

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GNPC presents $250,000 for establishment of petroleum research at UG

The Ghana National Petroleum Corporation (GNPC) has presented a cheque for $ 250,000 to the University of Ghana for the establishment of a Research Chair in Petroleum Geoscience at the Department of Earth Science. The presentation of the cheque was part of terms of a Memorandum of Understanding signed between …

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BOST drivers appeal for better working conditions

Tanker drivers at the Bulk Oil and Storage Transportation (BOST) depot in Tema have appealed for better working conditions. Speaking to the Ghana News Agency, Mr Akwasi Prempeh, a driver at the BOST depot in Tema said, the drivers work under unacceptable conditions. He explained that, most of the drivers …

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