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Oil & Gas

TOR debt levy overpaid; ACEP wants Finance Ministry’s report

The Africa Centre for Energy Policy (ACEP) has called on the Ministry of Finance to comply with the Tema Oil Refinery (TOR) Debt Recovery Fund Levy Act 2003 (Act 642) and submit to parliament a comprehensive report on the levy covering 2004 to 2014. The Centre noted that the Act …

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Greater Jubilee oil field development plan presented to Petroleum Minister

Petroleum Minister, Mr Emmanuel Armah-Kofi Buah has received the Plan of Development (PoD) for the Greater Jubilee oil field – an integration of the Jubilee Field with the nearby Mahogany and Teak discoveries in the West Cape Three Points Block. The integration of the new fields is a collaborative effort …

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Minority suggests tight spending on essentials as oil prices projected to reach record lows

The minority in parliament has advised government to prioritize, cut down on unnecessary expenditure and focus on what is essential, and to actively seek value for money investments, as oil prices are projected to fall to record lows. US-based global investment bank Goldman Sachs reiterated last week that oil prices …

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Oil companies urged to support fishermen with alternative livelihood programmes

The Vice Chancellor of the Regional Maritime University (RMU), Professor Elvis Nyarko, has challenged multinational oil companies operating on the Jubilee Field to support fishermen in the oil enclave to pursue training at the University. He said the training would provide them with employable skills so that they would not …

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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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