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Oil & Gas

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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Ghanaians call for state funding of Public Interest and Accountability Committee

Participants at a public meeting of the Public Interest and Accountability Committee (PIAC) at Koforidua has called for state funding of the activities of the committee. They said they wondered why such an important body should be left to be funded by development partners of the country to the extent …

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Ghana earns over $800m from petroleum exports in 2013

Ghana earned a total of $846,767,184 from petroleum exports for 2013. This brings the cumulative earnings of the country from the petroleum export since 2011 to $1.8 billion. Ghana’s earnings from petroleum export is shared between the  Ghana National Petroleum Corporation and the  Ghana Petroleum Fund, while the rest is …

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Ghana government appoints PwC as transaction advisors in transfer of Ghana Gas to GNPC

The Ghana government has announced the appointment of multinational professional services network,PwC, as transaction advisor in the matter of transfer of the Ghana National Gas Company (GNGC) to the Ghana National Petroleum Corporation (GNPC). The appointment takes immediate effect. In a press release signed by the Minister of Finance, Seth Terkper …

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Ghana’s Energy Ministry prospects for oil and gas in Volta Basin

The Ministry of Energy and Petroleum is carrying out a reconnaissance studies to establish the prospect of oil and gas in the entire Volta Basin in Ghana. Reconnaissance surveys represent a type of field survey that is often used to gather initial information regarding the presence or absence of historic …

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Investment expert explains impact of new petroleum price

Dr. Raziel Obeng-Okon,  Chief Executive Officer of CIDAN Investment Limited, on Friday said the new petroleum price build up as announced in the 2015 budget, will impact negatively on the stock levels of the Bulk Distribution Companies (BDCs). He explained that as per the New Petroleum Price Build Up which …

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Chamber of Commerce hopeful for local content law

The Sekondi-Takoradi Chamber of Commerce and Industry (STCCI) has commended Cabinet and Parliament for the commitment they showed in passing the Petroleum Sector local content and participation policy into law. The law mandates the Petroleum Commission to establish a Local Content Committee which would be responsible for ensuring that investors …

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