Oil & Gas

Tullow Oil plc to raise £586 million through Rights Issue

Tullow Oil Plc

Tullow Oil plc, one of the biggest players in the country’s oil fields, is to raise £586 million through a Rights Issue in a move expected “to assist the Group to accelerate the reduction of its debt.” The proposed issue of 466,925,724 new ordinary shares will be at an issue price of 130 pence per share by means of a ...

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The Oil Market Is At A Major Turning Point

oil

Often the most important turning points in markets, and in this case the oil market, happen with a whimper rather than a bang. The ongoing crash in the oil market is mostly associated with OPEC’s fateful 2014 Thanksgiving Day decision to abstain from a production cut, thus sending the oil prices tumbling down by close to 10 percent in a ...

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OMCs reduce prices to reflect tax cuts

fuel prices

Citi Business News’ checks at fuel stations have revealed that major Oil Marketing Companies (OMCs) have reduced the prices of their products for the second consecutive time this month; March. The reduction is in line with the recent tax cuts announced by the government in the 2017 budget. The OMCs earlier in the second pricing window of March reduced the ...

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Fuel prices expected to fall by 3% – IES

fuel prices

Fuel prices are expected to fall by about 3% later this month. This is according to the Institute for Energy Security (IES). The IES projections come at the back of a drop in Brent crude, gasoline and gas oil prices on the world market. In the first pricing window of this month [March 2017], the markets recorded an increase in ...

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Cedi depreciation threatens fuel price stability

fuel

The Institute of Energy Security (IES) is predicting a further increase in fuel prices in the first pricing window of March due to the constant depreciation of the cedi. The IES says the depreciation of the cedi is already threatening the stability of fuel prices. The Institute also believes the cedi played a part in the increment of the second ...

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Power supply will stabilise from today – Energy Minister

Power Supply

Energy Minister, Boakye Agyarko has assured consumers of stable power supply effective today evening. The assurance follows what he says is the completion of works for the interconnection between the Tweneboa, Enyera, Ntomme (TEN) fields and the Jubilee Field for gas exportation to the Ghana Gas Company. According to the Minister, the intermittent power cuts were large as a result ...

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GOIL increases market share to 23%

GOIL

According to GOIL officials, increased investment in the company’s operations through the setting up of GO Energy, coupled with the building of the capacity of its human resource, had ensured operational efficiency. That move had given GOIL leverage over major competing oil marketing companies (OMCs) in the downstream petroleum sector. “Product procurement, distribution and sales and ensuring security of supply ...

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COPEC discredits fuel price increase report

COPEC

The Chamber of Petroleum Consumers(COPEC) has discredited reports that fuel prices will go up this week. The Institute of Energy Security (IES) predicted a 3 percent increase in fuel prices for the 2nd pricing window. Checks by Citi business News also indicates that fuel prices at Total and Shell fuel pumps have gone up as at yesterday. Total, which was ...

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Tullow records losses during 12 weeks shutdown in 2016

Tullow

For the third consecutive year, Tullow Oil plc has, at the end of 2016, reported an operating loss of $754.7 million, which is, however, 31percent better than the $1.09 billion loss it posted in 2015. Tullow’s 2016 full year report, released yesterday, shows sales revenue for 2016 dropped by a negative 21%, from $1.61 billion in 2015 to $1.27 billion ...

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GNPC, EDC saga – Ministry official instructed items be moved to Rigworld

GNPC EDC saga

Fresh information reaching Adom News indicates the Local Content Coordinator at the Ministry of Energy under the previous government, Afua Amissah asked two Tullow Oil officials to move items from Enterprise Development Centre (EDC) to the warehouse of Rigworld, a private company at Takoradi. This runs contrary to what Ghana National Petroleum Corporation (GNPC) said earlier, that they intended to ...

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