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Oil & Gas

Parliament amends Special Petroleum Tax

Parliament has passed the Special Petroleum Tax amendments bill 2018 to reduce the levy from 15 to 13 per cent. It is expected that fuel prices would decline by 70 pesewas following the revision of the tax. This means a consumer would be paying about GH¢4.50 pesewas for a litre …

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Western Naval Command arrest nine persons for illegal bunkering

The Western Naval Command has arrested nine persons for engaging in illegal bunkering, smuggling and other prohibited activities. They were arrested at New Takoradi, Inchaban and other locations within the jurisdiction of the Command and had been handed over to the Police for prosecution. The Navy seized items such as; …

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Eni to step up cooperation in renewable energy in Ghana

  The Managing Director of Eni Ghana, Giancarlo Ruiu has signed two separate MOUs with the CEO of the Bui Power Authority, Fred Oware, and the CEO of the Volta River Authority, Mr Emmanuel Antwi-Darkwa, on the joint development of power generation from renewable sources.      A statement from Eni …

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Ghana Gas local Engineers lauded for successful shutdown

Mr Ernest Kofi Owusu-Bempah,  Communication Director of Ghana National Gas  Company (Ghana Gas ) has lauded the efforts of the local engineers of the company for  a successful shut down of the  Atuabo Gas processing  Plant. He said the 21-day shutdown which began on February 1, was already in progress  …

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Onshore oil exploration in the Voltaian basin yielding dividends – President

President Nana Addo Dankwa Akufo-Addo on Thursday announced that a pilot survey in the Voltaian basin for possible onshore oil discovery, has established the “presence of a working petroleum system”.       “I hope that, eventually, there will be something big for us to cheer about”, he expressed in optimism in …

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IFS advocates comprehensive hedging plan for Ghana’s oil

The Institute of Fiscal Studies (IFS) has urged government to consider a comprehensive hedging programme that would cover imports and exports of Ghana’s petroleum resources as well as interest rates on public debt.    The hedging will provide insurance for the country against oil price and exchange rate volatilities.    …

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GNPC donates GH¢500,000 to UENR  for laboratory construction

The Ghana National Petroleum Corporation (GNPC) has presented a cheque for GH¢500,000.00 to the University of Energy and Natural Resources (UENR) for the completion of the first phase of the University’s two-storey building Applications Laboratory.      The corporation presented the same amount of money to the University in September 2016 …

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Closure of Ghana Gas will not affect electricity production – ECG

Madam Jacqueline Ofori-Atta, Western Regional Manager of the Electricity Company of Ghana has assured the company’s numerous clients of continuous power during the shut of the Ghana Gas at Atuabo.     “The shutdown of Ghana Gas for routine repairs will not interrupt power supply since ECG has put in place …

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Investing Ghana’s petroleum funds in low profit investment meaningless – Economist

Dr. Eric Osei-Assibey, a Senior Lecturer at the University of Ghana, says it is unnecessary for Ghana to keep its Heritage Funds in an investment product with 2.25 per cent interest rate while borrowing at over 10 per cent interest rate.   Dr Osei-Assibey, an Economist and Adjunct Fellow of …

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Ghana Petroleum Fund yields $7m profit – report

The total net profit on the Ghana Petroleum Fund for January to September 2017 was $7.03 million, according to a report by the Ministry of Finance on the Petroleum Funds for the 2017 fiscal year. Out of the total amount, the Ghana Heritage Fund contributed $5.20 million, compared to $4.04 …

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