Oil & Gas

470MW Karadeniz Powership Osman Khan arrives in Ghana

Karadeniz Powership

Karpowership Ghana Company Limited has announced the arrival of the world’s largest Powership, the 470MW Karadeniz Powership Osman Khan to Ghana. A statement from the Company said the Powership will start operating in the Tema Fishing Harbour in September. The arrival of Karadeniz Powership Osman Khan is in line with the Power Purchase Agreement signed with the Electricity Company of ...

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ABB, VRA partner to build expertise for power sector

ABB

ABB, a pioneering leader in electrification products, robotics and motion as well as industrial automation and power grids, has entered a two-year capacity building partnership with the Volta River Authority (VRA). The deal will see former offering power and automation training and allied technical assistance to engineers, trainers and trainees at the VRA Academy over the contract period. It will ...

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GRA Grabs Gas Plant Contractor

Gas Plant

China’s Sinopec International Petroleum Services Corporation (SIPSC), which is a subsidiary of the Sinopec Group and the contractor for the now-operational gas processing plant, has been found out for engaging in transfer pricing manipulation. Consequently, the Transfer Pricing Unit of the Ghana Revenue Authority (GRA) has retrieved at least GHC15 million from the company for “overpricing” some materials it used ...

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EOCO chases Awuah Darko over GH¢40m BOST cash

The Economic and Organized Crime Office (EOCO) is on the heels of Kingsley Kwame Awuah-Darko, the immediate-past Managing Director (MD) of the Bulk Oil Storage and Transportation (BOST) Company Limited, over some alleged payments and withdrawals from the government’s account. The account in question is the Chief of Staff’s ‘Sundry Account’ which the BOST boss regularly lodged money into and ...

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Revealed: BOST sold contaminated fuel to over 30 unlicensed companies

In the wake of the controversial sale of impure fuel products by the Bulk Oil Storage and Transportation Company Limited (BOST) to Movenpiina, an unlicensed oil marketing company, information gathered reveal the state entity engaged in similar transactions in the last two years. Fresh evidence available to Myjoyonline.com suggest between March 5, 2015 and November 30, 2016 BOST sold millions ...

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Quantum Oil case against IFC to be heard in Ghana

An Accra High Court has dismissed a stay application by the International Finance Corporation (IFC) and the OPEC Fund to have suit brought against them by Quantum Oil moved to London for arbitration. The court which hears commercial cases held the view that the suit could continue to be heard here in Ghana without any issues. The judge, Justice Samuel ...

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Tullow Oil GH Announces 13-Week Shutdowns At TEN, Jubilee Oil Fields

Tullow Oil Plc

Tullow has announced that its final round of Jubilee shutdown would not last for more than 12 weeks. The announcement was contained in the company’s trading statement and an operational update issued Wednesday morning. Tullow also disclosed in a press release on Wednesday that the Tweneboa Enyenra and Ntomme (TEN) field would also be shut down for 10 days later ...

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NPA to fine Zup Oil, Movenpinaa over contaminated fuel sale

The acting Chief Executive Officer of the National Petroleum Authority (NPA) Alhassan Tampuli, has indicated that the two companies confirmed to have purchased the over 5 million litres of contaminated fuel from the Bulk Oil Storage and Transportation (BOST) Company will be sanctioned with at least a fine. The companies, Zup Oil and Movenpinaa Energy, will however also be allowed ...

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Crude Oil production declined in 2016

Crude Oil

Crude Oil production recorded a decline of 13 per cent in 2016 despite the fact that Ghana’s second major oil production field, the Tweneboa-Enyenra-Ntomme (TEN) Field came on stream. The TEN Field came on stream in August 2016 and actually contributed 16 per cent to the annual production, but it dropped from 37.41 million barrels (mmbbls) in 2015 to 32.30mmbbl ...

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Downstream petroleum market exhibit vitality

Crude Oil

The downstream Oil Marketing sector picks up gradually in second quarter of the year after marginal turbulence in the first quarter, Mr Gyemfi Amanquah, Chief Operating Officer of GOENERGY Company Limited stated on Monday. Mr Amanquah told the Ghana News Agency in an interview that trading in the second quarter had started with marginal hinge up due mainly to international ...

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