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Oil & Gas

Ghana needs commodities fund – Dr Manteaw

Dr Steve Manteaw, Co-Chair of the multi-stakeholder Committee of the Ghana Extractive Industry Industries Transparency Initiative (GHEITI), has highlighted the need for a commodities Fund, to manage shocks to the economy from commodity price fluctuations. He said the fund should be set up along the lines of what had been …

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Efforts being made to restore FPSO – Petroleum Commission

The Petroleum Commission, the upstream petroleum regulator, says efforts are being made to ensure that the FPSO Kwame Nkrumah resumes operations in the Jubilee fields safely and as soon as possible. The Petroleum Commission said in a statement issued on Monday April 25, and copied to ghanabusinessnews.com that it is …

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Ghana banks urged to partner for local participation in oil and gas

Some experts in the oil and gas sector have once again expressed the need for local banks to strike partnerships to be able to raise capital to finance indigenous companies interested in participating in the upstream sector. Meeting at the seventh Ghana summit for oil, gas and power in Accra, …

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Sankofa gas project not panacea for dumsor – Dr Asante

A gas advisor to the Petroleum Minister, Dr Ben Asante, says the Sankofa gas project will improve gas supply security but will not be the panacea to Ghana’s gas supply and power challenges. The monumental $7.9 billion Sankofa project, expected to produce oil from August 2017 and 180 million standard …

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GOIL cuts ex-pump prices as rivalry among OMCs deepens

GOIL has cut down ex-pump prices of petrol and diesel as fierce competition among oil marketing companies (OMCs) deepen; triggered by introduction of fuel prices chart that updates consumers. The latest ranking of 11 OMCs released on Wednesday, showed AI Oil continued to rule the market with the lowest ex-pump …

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Oil price drop leads to cost saving in Ghana – Director

Mr Kwaku Boateng, the Director of Special Services at the Petroleum Commission, the upstream petroleum regulator, says the fall in the price of oil has spurred efficiency and cost savings in Ghana’s oil and gas industry. Speaking at an oil, gas and power summit in Accra, the Director admitted that …

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Power supply could worsen as FPSO likely to go for repairs

Ghana’s fragile power situation could face a significant setback as the FPSO Kwame Nkrumah may need to go away briefly for repairs, ghanabusinessnews.com has gathered. The vessel’s turret – the cylindrican and funnel-shaped part at the bow (the front) which receives the risers (subsea pipes) from the sea bed and …

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Upstream petroleum sector in Ghana employs 7000

Ghana became a oil producing country in 2010, and to-date about 7000 people have been employed in the sector, Mr Theo Ahwireng, the CEO of the Petroleum Commission said. Speaking at the 7th Ghana Summit on oil, gas and power in Accra, Wednesday April 20, 2016, he noted that 5,590 …

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Petroleum Minister says damage to FPSO turret serious

The Minister of Petroleum, Mr. Emmanuel Armah-Kofi Buah says the damage to the turret on the Floating Production Storage Offloading (FPSO) Kwame Nkrumah vessel is very serious. He has, therefore, urged those working for its restoration to work diligently and quickly without compromising safety standards to ensure the resumption of …

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NADMO prepares for chemical spillage in Western Region

The Western Regional Office of the National Disaster Management Committee is to organise a simulation exercise along communities where industrial chemicals from the Takoradi port are transported to their destination. These chemicals, often toxic and meant for oil, mining and other industries are transported during the day along the major …

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