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Oil & Gas

Oil prices expected to slide further as OPEC maintains output

OPEC failed to reach a new decision on oil output at its 168th meeting in Vienna on December 4, 2015, deciding instead to maintain current production levels, according to reports by Reuters. A statement issued by OPEC simply said member countries agreed that they “should continue to closely monitor developments …

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GNPC says approval of ex-gratia was the right thing to do

The Board of Directors of the Ghana National Petroleum Corporation (GNPC), says it concluded that approval of ex-gratia payment to four former employees of the Corporation, was the right thing to do, after in-depth consideration. The board approved payments for two former Chief Executives and two former Managers: Mr. Tsatsu …

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2014 oil revenue for agriculture modernisation goes elsewhere

In 2014, GH¢170.62 million in oil revenues was designated for modernisation of agriculture and 70 per cent of that was spent on construction of coastal defences for fishing communities and construction and rehabilitation of irrigation dams. The amount allocated to modernisation of agriculture in 2014, representing about 31 per cent …

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We will resolve power crisis by end of December – Chief Director

The Chief Director of the Ministry of Power, Solomon Asoalla says by the end of December 2015, the power crisis will be resolved. “You call it Dumsor, for us they are challenges. We are working 24/7 and by the end of December we will resolve it,” he said on the …

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Ghana Oil and Gas for Inclusive Growth launched

The Ghana Oil and Gas for Inclusive Growth (GOGIG) programme has been launched to help ensure that the oil and gas sector promotes inclusive growth. GOGIG would support the institutions which manage the country’s oil resources to deliver on effective public policy through strengthening regulation of the sector and improving …

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Ghana government approves four oil contracts in one month – ACEP

The Africa Centre for Energy Policy (ACEP) has expressed concern about the manner in which the Ghana government rushes to approve oil contracts without careful considerations. According to Dr Mohammed Amin Adam, Executive Director of the energy policy think tank, in the instances of agreements approved for two oil companies, …

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Ghana lost $70 million from EO, Sabre Oil acquisition deals

Ghana lost a potential $70 million in the petroleum upstream sector from the two untaxed acquisitions involving the EO Group and Kosmos, and Sabre Oil and PetroSA who exploited a loophole in the country’s tax laws. The oil companies did not pay capital gain tax, payable when an entity makes …

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Petroleum prices shoot up marginally

Prices of petroleum products have shot up marginally at the mid-November price review of the deregulated regime, conducted by the Ghana News Agency on Wednesday. The increment according to Oil Marketing Companies (OMCs) is attributed to global commodity price changes. Engen Ghana Limited is quoting GH₵ 2.774 per litre for …

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Petroleum Commission to introduce upstream internship programme

A director at the Petroleum Commission, Mr Kweku Boateng, has hinted that the Commission would soon start a programme known as the Ghana Upstream Industry Internship programme to build the expertise of young Ghanaian graduates in oil and gas. He said this would be done in various disciplines to make …

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Ghana to establish new gas power plant at Beyin

Cummins Cogeneration Limited (CCL) a UK based group, and Wuta Energy, an independent power producer in Ghana, have signed an agreement to set up a mega gas power plant in the Western Region by August 2016. Dubbed: “The Beyin Power Project,” it is expected to produce 140MW gas fired power …

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