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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


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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Tullow records 1.8 billion dollars in revenue for 2018


Tullow Oil’s 2018 revenue reached 1.8 billion dollars, according to its January Trading Statement released on Wednesday, January 16, 2018. The oil company also recorded additional proceeds of 0.2 billion dollars from Corporate Business Interruption insurance. Again, the Trading Statement said that Tullow’s net debt at the end of 2018 is estimated at 3.1 billion dollars. Commenting on the company’s ...

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Aker energy to increase oil revenue by 15% by 2021

CEO of Aker Energy - Jan Arve Haugan

Ghana could be earning about 640 million dollars or (15%) in oil revenue by next the next two years with the coming on board of Aker Energy’s new production wells. The oil company has announced that its oil exploration works in the Deepwater Cape Three Points block has been successful as it shows oil quantities estimated between 450 and 550 ...

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Aker Energy makes successful oil discovery in Ghana

Jan Arve Haugan, CEO Aker Energy

Aker Energy has announced that its oil exploration in the Deepwater Cape Three Points block in Ghana have been successful. The company explained that initial works done show that its Pecan4A well in the block could be holding some 450 to 550 million barrels of oil. This, the company said has paved the way for further works on other wells ...

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Axxela signs gas transportation deal with WAPCo


Axxela Limited, sub-Saharan Africa’s preferred fast-growing gas & power portfolio company, has signed a Gas Transportation Agreement (GTA) with the West African Gas Pipeline Company Ltd. (WAPCo) to transport over 15 million standard cubic feet per day (“mmscf/d”) of natural gas via the West African Gas Pipeline (WAGP) to Lome, Togo. During the signing ceremony held in Accra, Ghana, Axxela ...

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No data on ABFA expenditure in PIAC report


The Public Interest and Accountability Committee, PIAC, is demanding sanctions for institutions that delay in submitting data for its reports. The Committee which has oversight responsibility in the management of petroleum revenue maintains that the development impacts adversely on its operations. The Chairman of the Public Interest and Accountability Committee, Dr. Steve Manteaw in an interview with Citi Business News ...

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ENI gas inexpensive – Government


The government has clarified the cost of gas that it is taking from the Offshore Cape Three Points being operated by ENI is costly. According to the Ministry of Energy, the price of 40 million dollars per month cannot be possible as there have been negotiations for a drop in the price of gas from 10.15 to 7.89 dollars per ...

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