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Oil & Gas

Road contractors want government to increase fuel levy

The Association of Road Contractors Ghana (ASROC) has urged the Government to increase the levy on petroleum products to financially strengthen the Ghana Road Fund. The Ghana Road Fund is meant to fund road maintenance in the country, and its major source of funding is the levy on petroleum products, …

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Ghana earns $1b in petroleum revenue

The Public Interest and Accountability Committee (PIAC), an independent monitoring body on petroleum revenue management, has said $1.833 billion had accrued from the sale of petroleum resources between 2011 and 2013. It said $726.7 million was allocated to the Annual Budget Fund Amount for development projects across the country. Mr. …

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Malaysian Yinson Holdings wins Eni $2.54b FPSO contract for Ghana

A Malaysian company, Yinson Holdings Bhd, has been awarded a $2.54 billion contract by Eni Ghana Exploration & Production Ltd., for the chartering, operation and maintenance of a floating production, storage and offloading (FPSO) vessel. The vessel would process oil and gas from the Offshore Cape Three Points (OCPT) block …

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GE finalises $560m power deal with Ghana

Mr Jeffery Immelt, Chief Executive Officer of General Electric on Tuesday arrived in Ghana to conclude negotiations with the execution of the $560 million Ghana 1000 megawatts gas powered plant. The final negotiations, which would be concluded on Wednesday would provide additional 1,200 megawatts of power to enable Ghana to …

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Ghana government signs $7b Cape Three Points oil and gas deal

The government of Ghana, ENI and Vitol companies on Tuesday signed an agreement for work to start on the offshore Cape Three Points Integrated Oil and Gas Project. President John Dramani Mahama and Vice President Paa Kwesi Bekoe Amissah-Arthur were at the signing ceremony. Mr Emmanuel Armah Kofi Buah, Minister …

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Focus on Africa for greater energy security – Eni CEO

Europe and Italy will have to focus more on Africa in order to achieve greater energy security, Mr Claudio Descalzi, the Chief Executive Officer (CEO) of energy giant Eni, has said. A release made available to the GNA by Eni said Mr Descalzi was speaking at a conference on “The …

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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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