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Oil & Gas

Downturn in offshore drilling industry to continue – Moody’s

Moody’s Investors Service says the downturn in the offshore contract drilling industry is expected to continue, and would weaken the credit quality of offshore drillers through 2017, due to low oil prices and a persistent oversupply of rigs, the agency said in an email to ghanabusinessnews.com. The rating agency’s report …

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Concentrate petroleum revenue on few key sectors of the economy – IMANI

The Think Tank IMANI Centre for Policy and Education has suggested that the budgetary allocations from petroleum revenues should be concentrated within only a few priority socioeconomic areas to maximize impact. The Think Tank believes that petroleum revenues are being used over too many sectors. “The success stories of resource-endowed …

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Tullow reiterates sustainable growth in Ghana oil and gas sector

Mr Charles Darku, the General Manager of Tullow Ghana Limited (TGL), has reiterated that the aim of the company to bring a long lasting sustainable growth to the oil and gas sector and the Ghanaian economy remains unchanged. He said beside the support the company provided annually through the Tullow …

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SMEs in oil and gas urged to abide by international standards

Mr Jonathan Mensah, Health, Safety, Environment and Quality Consultant, has called on small and medium enterprises (SMEs) doing businesses in the oil and gas industry to be abreast of details in international standards in executing jobs. He said the oil and gas industry is a sophisticated area which calls for …

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Ghana government asked to allocate more oil revenue to education

The Africa Centre for Energy Policy (ACEP), has called on government to allocate enough money from the oil revenue to education to ensure national development. The Centre said education plays a key role in nation building and that financing the venture would help address challenges of socio-economic disparities in access …

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Ghana Gas to engage local communities around gas pipelines

Ghana National Gas Company says it would continue to engage with residents living along its gas pipelines to protect the facility. Dr George Sipa Adjah Yankey, Chief Executive Officer of the GNGC, made this known during a two-day retreat organised by the Western Regional House of Chiefs in Benyin in the …

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Distribution of oil revenues deprives poorest regions in Ghana – Dr Adam

Dr Mohammed Amin Adam, Executive Director of Africa Centre for Energy Policy, says the distribution of the country’s oil revenue has discriminated against the poorest regions in the country and called for even distribution. He said the law governing the petroleum management revenue requires the nation to distribute and allocate …

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Tullow increases natural gas exports from Jubilee to 100 million cubic feet

Tullow Oil, the British oil producer in Ghana says its natural gas exports from the Jubilee oil field has steadily increased to around 100 million cubic feet per day. According to Tullow, oil production has also increased in parallel. These developments follow the completion of repair works on a gas …

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Ghana ill-equipped to manage oil price fall – analyst

Mr Mark Evans, an economic analyst, with the Natural Resources Governance Institute, on Thursday, said Ghana has found itself ill-equipped to manage the rapid fall in oil prices. He said the country was not fully prepared to manage swings in commodity prices and to transform its resource revenues into meaningful …

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Tullow Oil resumes production at Jubilee field after fixing compressor fault

British oil company, Tullow has announced resumption of production from Ghana’s Jubilee oil field after works on a gas compressor was completed and oil production has returned to previous rates. According to the Tullow’s CEO, Aidan Heavy , the company is also focused on operational efficiency and the Jubilee compressor …

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