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Oil & Gas

Ghana Gas Company to complete plant commissioning January 31 – Yankey

Dr George Sipa Yankey, Chief Executive Officer, of Ghana Gas Company has said the commissioning activities of the gas processing plant is progressing satisfactorily and would be completed by January 31. Dr Yankey said this when Emmanuel Armah Kofi Buah, Minister of Petroleum, paid a working visit to the Ghana …

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Why are oil prices falling?

Crude Awakening Oil prices became the main topic that closed 2014 and the main topic to begin 2015. Many people are facing up to the crude awakening of a consistent drop in world oil prices in a manner never seen before. The oil industry, with its history of booms and …

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Developing countries will benefit from oil prices fall – World Bank

Developing countries can benefit substantially from the current fall in the prices of oil, the World Bank has said. In its latest edition of the Global Economic Prospects, the Bank says “gains from low oil prices can be substantial for developing-country importers if supported by stronger global growth.” The Bank …

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Ghana to lose 50% of oil revenue if…

Ghana will lose about 50 percent of its estimated revenue from crude oil exports this year, if the price of crude oil on the international market continues to decline, Dr. John Gatsi, a Senior Lecturer at the University of Cape Coast Business School, has said. Speaking in an interview with …

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NPA directs 10% reduction on fuel prices

The National Petroleum Authority (NPA) has directed oil marketing companies to reduce fuel prices by 10% effective January 1, 2015. In a press release issued in Accra December 31, 2014 and signed by Yaro Kasambata, Manager, PR & Consumer Services, the NPA says “Petroleum Prices have been reduced by 10% …

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Western Regional Chiefs attend workshop on petroleum industry

The Ministry of Energy and Petroleum is drafting legislative instruments (LI) that would strengthen the existing petroleum laws in their application. The LIs are on health, safety and environment, fiscal metering, data management and general petroleum regulations, Mr Emmanuel Armah-Kofi Buah, the sector Minister dropped the hint at Busua in …

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Ghana government to spend GH¢50m on petroleum subsidies in 2015

The Government of Ghana is to spend GH¢50 million on petroleum subsidies next year. It has so far, this year, spent GH¢25 million. Next year’s petroleum subsidy allocation was announced on the floor of Parliament by Mr James Avedzi, Chairman of the Finance Committee, as the House considers the budget …

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Tullow Ghana starts construction of second FPSO

Tullow Ghana Limited has started the construction of a new fabrication facility in Sekondi for the Tweneboa, Enyenra and Ntomme (TEN) Project to serve as Ghana’s second floating production storage and offloading vessel (FPSO). The second FPSO being constructed on a land leased from the Ghana Navy is expected to …

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Saltpond Offshore to sue Wall Street Journal

A New York law firm has agreed to file a lawsuit on behalf of Saltpond Offshore Producing Company Limited (SOPCL) and its operators against “Wall Street Journal” (WSJ) for defamation. The WSJ has been engaging in a campaign of smear and calumny against SOPC, the Solicitor of the company has …

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Parliament approves Ghana Gas, GNPC deal

Parliament on Thursday approved a fiscal support agreement and security package term sheet among the government, the Ghana National Petroleum Company (GNPC), ENI and Vitolat at an estimated cost of $8 billion oil and gas project to start. The agreement generated heat, heckles and banter from both sides of the …

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