Oil & Gas

1,000 Ghanaians To Benefit From Oil And Gas Training Annually

Ghanaians

 The Ministry of Energy has laid out a plan to train 1000 Ghanaians annually to gain various technical skills needed in the oil and gas industry. As part of the laid out plan, 200 Small and Medium Scale Enterprises (SMEs) will also be provided with the capacity to gain a competitive advantage in the industry annually as well as 300 ...

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Tullow Oil’s outlook lifted by higher output, oil prices

Tullow Oil

Tullow Oil raised its production targets on Wednesday thanks to higher output from its flagship West African fields as higher crude prices brightened the outlook for the debt-ridden explorer. The London-listed firm also slashed its 2017 spending target by a quarter to $300 million due to lower expenses in East Africa, and reduced its debt to $3.6 billion while increasing ...

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Financial, security woes put Libyan oil recovery on shaky ground

Oil fields

Libya’s oil production revival is being undermined by the same financial, economic and security problems that threaten the promise of stability and a better life for the divided North African nation. Libya surprised many observers when it managed to raise its output fourfold to around one million barrels per day (bpd), boosting its only significant source of income. Continued disruptions ...

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Oil prices stable after OPEC signals possible further action

OPEC

Oil prices stabilized on Monday after one of the most bearish weeks in months, propped up by OPEC comments signalling the possibility of further action to restore market balance in the long term. Oil production platforms in the Gulf of Mexico started returning to service after Hurricane Nate had forced the shutdown of more than 90 percent of crude output ...

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‘Let’s identify legacy projects from oil and gas revenue’

Projects

Mr Adam Mutawakilu, Ranking Member, Parliamentary Select Committee on Mines and Energy, says it is incumbent on the public to identify legacy projects from the proceeds of revenue emanating from oil and gas. He said there were currently over 160 projects, which proceeds from oil and gas were to be used in executing. However, he said, monies used in all ...

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New oilfield operations double energy revenues

Revenues

Increased oil production in Ghana is boosting energy sector revenues and helping shore up finances after three years of sluggish economic growth and persistent budget shortfalls. A report from the central bank shows Ghana’s state oil revenues more than doubled between the second half of 2016 and the first half of this year, from $93.4m to $191.3m, driven largely by ...

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470MW Karadeniz Powership Osman Khan arrives in Ghana

Karpowership

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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