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Oil & Gas

BOST confirms Edwin Provencal as Managing Director

The Board of Directors of the Bulk Oil Storage and Transportation (BOST) Company Limited has confirmed Mr Edwin A. Provencal as the new Managing Director of the company. Mr Provencal who was nominated by the President was subsequently confirmed after a Board meeting on Tuesday. A statement issued and signed …

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Government initiates three-month consultation with Independent Power, Gas Producers

Government says it will start an initial three-month consultation with Independent Power and Gas Producers for them to contribute to strategies towards improving the energy sector. This comes after a meeting with the Independent Power and Gas Producers to address government’s approach to reforming the current take or pay structure …

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Springfield Group signs contract with Stena Drilling

Springfield Exploration and Production Limited (SEP), a subsidiary of Springfield Group, will make history by becoming the first independent Ghanaian and African Energy company to drill for hydrocarbons in deep water at depths of 4,000 and beyond. Springfield, which operates the West Cape Three Points Block 2 (WCTP Block 2), …

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Redirect pre-mix fuel subsidy to sustain fisheries resource – Prof. Sumaila

Professor Rashid Sumaila, a Director at the Fisheries Economics Research Unit of the University of British Colombia says the continuous pre-mix fuel subsidy by the government is fueling the depletion of fish stock. In his view, the fuel subsidy does not inure to the benefit of the small-scale fisher folks …

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Ghana won’t meet target for local content quota in oil and gas sector by deadline

A careful study of Ghana’s petroleum sector by ghanabusinessnews.com shows that the country will miss its local content target with the deadline set for 2020. The country’s inability to meet its target by next year is mainly due to improper execution of the local content policy which aims at opening …

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GNPC finances west to east reverse flow of natural gas

Ghana National Petroleum Corporation (GNPC) is financing the west to east reverse flow of natural gas in Ghana. A statement issued by the GNPC and copied to the Ghana News Agency announced the completion of the initial phase (Takoradi scope) of the project to reverse the flow of gas from …

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PIAC reminds government to refund $3.8m GNPC funds spent on maritime dispute

The Public Interest and Accountability Committee (PIAC), the Constitutional body established to monitor receipt and use of Ghana’s oil money is reminding the government to refund an amount of $3.8 million spent on the maritime dispute between the country and Cote d’Ivoire. The PIAC in its annual report for 2018 …

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Ghana earns $977m from petroleum in 2018 – PIAC

The Public Interest and Accountability Committee (PIAC) says Ghana has received over $977 million from petroleum in 2018 and earned interest of over $1.6 million on Petroleum Holding Fund (PHF). This was made known as the country’s Parliament passed the report of PIAC on the management and use of petroleum …

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Government to renegotiate ‘take-or-pay’ contracts in the energy sector

The Government will renegotiate all take-or-pay contracts in the energy sector, by converting them to take-and-pay contracts to help save the sector and prevent citizens from consistently paying energy they had not used. Mr Ken Ofori-Atta, the Minister of Finance said there was the need to renegotiate the contract to …

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Tanker drivers say they would boycott TOR over deplorable parking space

A large number of tanker drivers have threatened to stop lifting petroleum products from the Tema Oil Refinery (TOR) if management does not to fix its deplorable parking space. The drivers, who park their gas and oil tankers at the TOR tanker park did not load for hours even when …

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