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ACEP raises alert over GNPC’s $43m CSR budget

Benjamin Boakye ACEP 2

The Africa Centre for Energy Policy (ACEP) is unhappy with plans by the Ghana National Petroleum Corporation (GNPC) to spend about $43 million on Corporate Social Responsibility (CSR) and less on its operational functions. According to ACEP, GNPC is spending $20 million on its operations in the Voltain Basin which is less than 50% of the amount it is blowing ...

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VRA debt owed Ghana Gas hits $735 million

ghana-gas

Management of the Ghana Gas Company has revealed that the Volta River Authority (VRA) owes the company 735 million dollars. The debt was incurred as a result of VRA’s inability to pay for gas supplied to power its thermal plants. The development according to Ghana Gas is affecting its financial status. Speaking at a press conference, the Head of Finance ...

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Minority group in parliament unhappy about recent power outages

Adams Mutawakilu

The Minority Spokesperson on Mines and Energy, Adam Mutawakilu has expressed concern about the recent wave of power outages across the country. Sections of Ghanaians especially on social media, have in the past week  complained about the incessant power outages in their neighborhoods. Some have been questioning if the popular phenomena of load shedding locally called ‘Dumsor’ is back. Speaking to Citi ...

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IES urges Nana Addo to resolve GNPC CEO Board Chairman impasse

Dr. K.K Sarpong (L) Freddie Blay (R)

The Institute of Energy Security (IES) has urged President Akufo-Addo to step in and resolve disagreements between two leaders at the Ghana National Petroleum Corporation (GNPC). IES insists the turf war between the CEO and the Board Chairman of the company has the potency to fuel a weak front in Ghana’s negotiation with independent oil companies (IOCs). The IES call ...

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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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