Oil & Gas

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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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 increment

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 increment

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 Board

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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