Oil & Gas

ACEP advises Ghanaians to demand accountability on oil revenue

Crude Oil

The African Centre for Energy Policy (ACEP), a policy think – tank on Thursday called on Ghanaians to demand accountability on oil revenue funded projects in local communities to minimise corruption in the sector. Mr Benjamin Boakye, the Acting Executive Director of ACEP, who made the call, observed that previous tracking of oil revenue funded projects revealed that budgetary allocation ...

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Oil price plummets despite deal to extend output cut

Oil Price

The oil price has plummeted by about 5%, despite oil-producing nations agreeing to extend production cuts for a further nine months. Meeting in Vienna, energy ministers from both Opec and non-Opec countries agreed to maintain output curbs, due to expire next month, until March 2018. But investors had been hoping the oil producers would go further. Brent crude is $2.60 ...

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Fuel smuggling won’t stop without sanctions – Oil firms

Crude Oil

Firms in the downstream petroleum sector remain livid about the activities of criminals who dump products meant for neighbouring countries back onto the Ghanaian market, saying the only way out is for government to crack the whip. “Until somebody is arrested and processed and sent to prison, this thing will never ever stop,” William Tewiah of Zen Petroleum said, during ...

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New GOIL Board promises to double market share

GOIL Board

The new GOIL Board Chairman Kwamena Bartels has set a target to double the company’s market share in the Oil Marketing Industry. GOIL which is currently the market leader in the Oil Marketing Industry is also listed on the Ghana Stock Exchange. Speaking to Citi Business News after an Annual General Meeting in Accra, Mr Bartels assured to continue the ...

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TEN to produce first gas mid 2017

TEN

The TEN oilfield is expected to deliver its first gas to the Ghana Gas Company by the middle of 2017. This is the indication from Managing Director of Tullow Ghana, Charles Darku. It follows the completion of a tie in the facility on the FPSO John Evans Atta Mills by the operators. This, however, comes later than the first quarter ...

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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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