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Oil & Gas

As gold earned Ghana $8b, CSOs in natural resources call for review of sector

Mrs Hannah Owusu-Koranteng, the former Chairperson of Civil Society Organisations into natural resources, has called on government to continue the review of the Natural Resources and Environment (NRE) sector to safeguard accountability. She said the review was necessary to ensure the effective utilisation of the revenue that accrued from the …

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BOST seeks $150m to revamp operations – MD

The Bulk Oil Storage and Transportation Company Limited (BOST) is seeking a capital injection of $150 million to revamp its operations. About $75 million of the funds would be used to upgrade and rehabilitate the company’s infrastructure and the other half would be deployed as working capital. Mr Edwin Nii …

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Finance Ministry asked to release 80% of oil revenue to MDAs

Stakeholders have called on the Ministry of Finance (MoF) to release at least 80 per cent of allocations from the Annual Budget Funding Amount (ABFA) to the Ministries, Departments and Agencies (MDAs) to enable them execute their duties effectively for national development. The call follows a research conducted in beneficiary …

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Ghana told to review GNPC’s mandate

Oil industry players have called for the review of the law that set up the Ghana National Petroleum Corporation (GNPC) so it would be able to play more meaningful and beneficial role in the sector. “Perhaps it is time to give GNPC a new law, a law that will make …

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Ghana Gas Company to start supplies to Karpowership on October 30

All the engineering works, electrical connections and laying of pipelines to power the relocated Karpowership from Tema to the Sekondi Naval Base is 98 percent complete. Ghana Gas company limited would within the next few days push its first gas from the Atuabo Gas Processing to the powership  by the …

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Oil Marketing Companies say they contributed GH¢3b by mid-year to Ghana’s economy

Mr Henry Akwaboah, Managing Director, Engen Ghana Limited has touted the contributions of Oil Marketing Companies (OMCs) to the Ghanaian economy, which hit about three GH¢3 billion by the close of June 2019. He said on the average, the OMCs through taxes paid to government GH¢500,000, which impacted on the …

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Oil marketing companies complain of dwindling margins due to deregulation exercise

Mr Joseph Addae, the General Manager of Radiance Petroleum, has expressed concern about the dwindling margins of Oil Marketing Companies (OMCs) due to intense competition as a result of the deregulation exercise. He said it was very difficult for them to break even, indicating that, initially government was subsiding the …

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Ghanaian company begins drilling in WCTP block 2

Springfield Exploration and Production Limited (SEP), an Independent Ghanaian energy company drilling in Deepwater offshore Ghana, on Monday October 7th spudded its Afina-1x well in the West Cape Three Points Block 2. This is the first time an independent energy company in Africa is accomplishing such a feat and places …

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OMC group says oil companies pay about GH¢6b in taxes annually

The Association of Oil Marketing Companies (AOMCs) says oil companies pay about GH¢6 billion annually to government as tax. He said in 2019, they paid GH¢500 million as monthly tax to government, raking in a total of GH¢3 billion in the first two quarters of the year. Mr Agyeman-Dua, who …

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Weak local content policies cause of low participation in petroleum sector

Dr. Steve Manteaw, chairman of  the Public Interest and Accountability Committee (PIAC) has reiterated that the weaknesses in local content policies in the natural resource sector is cause for low participation of Ghanaians in the oil and gas industry. He said policies governing the sector since its implementation six years …

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