Oil & Gas

Cedi depreciation threatens fuel price stability


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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COPEC discredits fuel price increase report


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


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


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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Springfield Group CEO calls for more oil exploration activities


The Chief Executive Officer of the Springfield Group, Mr Kevin Okyere, has called for investment-friendly initiatives from the government to help motivate oil exploration and production (E&P) companies to explore and turn the potential into the business into opportunities for all. With more than 80 per cent of the country’s petroleum potential still left unexplored, Mr Okyere said it needed ...

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Tullow Oil Plc appoints Paul McDade as new CEO

The thebftonline.com has gathered that the current founder and Chief Executive officer Aidan Heavey one of the world’s leading producers of oil, Tullow Oil plc will retire from his current position effective April 26, 2017. Mr Aidan Heavey will be succeeded by the current Chief Operating Officer of the company Paul McDade who will assume the position after Tullow’s Annual ...

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Tema Oil Refinery begins refinery of TEN field’s crude

The Tema Oil Refinery (TOR) will from today begin the refinery of the first parcel of 1 million barrels of crude from Ghana’s Tweneboah Enyerra Ntonme (TEN) field. This comes after TOR took delivery of the first crude oil produced from the TEN fields to be refined and sold on the Ghanaian market. The one million barrels of crude, the ...

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Nigerian National Petroleum Corporation awards 2017 crude oil contracts


State-run Nigerian National Petroleum Corporation (NNPC) has awarded its 2017 crude oil term contracts to 39 companies, the company said on Tuesday. The contracts covering about 1.31 million barrels per day (bpd) of crude oil were awarded to 18 Nigerian companies, 11 international trading houses, five foreign refineries, three national oil companies and two “NNPC Group trading arms,” the firm ...

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