Oil & Gas

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

OPEC

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

OPEC

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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ACEP advises Ghanaians to demand accountability on oil revenue

OPEC

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

Projects

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

OPEC

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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