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Ghana’s oil production estimated to go up substantially

Dr. Mohammed Amin Adam - Deputy Minister of Energy

Aker Energy ASA has confirmed a significant offshore resource base in Ghana and has committed to scale up new development in the Deepwater Tano Cape three points block (DWT/CT). A Government of Ghana delegation led by Finance Minister, Honourable Ken Ofori-Atta, Wednesday announced to investors in Oslo, Norway, that overall crude oil production from Ghana was expected to more than ...

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Tullow PLC to increase oil production in Ghana as its revenue surges

TullowOilLogo_large-300x160 (1)

Tullow Oil Plc has announced an increase in revenue for its 2018 operations. The company’s revenue increased to $1.9 billion in 2018 compared to 1.7 billion dollars in 2017. There more in this news desk report. In a financial statement released by the company, Tullow PLC recorded a profit after tax of 85 million dollars in 2018 compared to 175 ...

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IES raises concern as PURC, ECG delay major policy decision making

ecg

The Institute of Energy Security, IES, is warning that the technical and operational challenges within the ECG may escalate if the process for the handing over to the Power Distribution Services (PDS) is delayed any further. The IES also wants the PURC to be swift in announcing the new tariffs as the delay is impacting planning for businesses and the ...

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Low financial support affecting local firms in petroleum sector—ACEP

Benjamin Boakye - Executive Director of ACEP

The Africa Centre for Energy Policy (ACEP) has reiterated calls for improved financial support for local companies in the petroleum sector to enable Ghanaians undertake opportunities in that sector. As at September 2018, there were about 600 indigenous Ghanaian companies participating in the upstream petroleum industry with a total fund of $799 million dollars’ worth of contracts awarded to them, ...

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Current state of TOR cannot attract required private investor—Analyst

TOR

Energy Analyst Ishmael Agyekumhene has expressed doubt about the ability of the Tema Oil Refinery (TOR) to operate fully should private investors get involved. He believes more needs to be done to revamp the nation’s only oil refinery. The Tema Oil Refinery, with a capacity to refine roughly 45,000 barrels of crude oil a day, was forced to shut down ...

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CSOs must monitor activities of Upstream Petroleum Chamber—IES

The FPSO JEA MIlls

The Institute of Energy Security (IES) has urged civil society groups to closely monitor the activities of the newly formed Upstream Petroleum Chamber. The formation of the chamber is to promote upstream oil and gas exploration in the country. Some of the companies that are part of the chamber include Tullow Oil Ghana, Kosmos Energy Ghana and Eni Ghana. In ...

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Petroleum Commission sanctions 15 companies for flouting local content law

Egbert Faibille Jnr - CEO, Petroleum Commission

The Petroleum Commission has revealed to Citi Business News that it has for the past two years sanctioned about 15 companies in the Petroleum Upstream sector for violating the local Content Law. Chief Executive of the Commission, Egbert Faibille who revealed this said the companies were sanctioned after several discussions to ensure those companies complied with the law which requires ...

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IES predicts fuel price increase by 2 pesewas for a litre

petrol_pump_wikimedia_commons

The Institute for Energy Security (IES) is predicting a substantial rise in fuel prices at the pumps. Consumers are expected to pay 2 pesewas more for every litre of fuel purchased at the pump. The news comes after more than six Pricing-windows of continuous fuel price declines and stability. IES attributes the increase to a shoot up in the prices ...

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Bidding for oil blocks: 14 companies progress to next stage

Amewu competition

Fourteen out of the sixteen companies that applied to explore oil blocks put on offer by the government, have qualified for the next stage of the bidding process. According to the Ministry of Energy, the fourteen companies will now have up until May 21, 2019 to submit their bids for three (3) out of the five (5) available oil blocks. ...

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Tullow Ghana hopeful of wining oil block in bidding process

Kweku Awotwi, CEO Tullow Ghana

Tullow Oil says it is one the best suited companies to explore the 5 oil blocks that were put on offer by government during a bidding process last year. That’s according to the Managing Director of the company Kwaku Awotwi. The President, Nana Addo Dankwa Akufo-Addo, on October 15, opened the blocks up for competitive tendering as part of a process aimed ...

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