Oil & Gas

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 ...

Read More »

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 ...

Read More »

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 ...

Read More »

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 ...

Read More »

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 ...

Read More »

ACEP advises against GNPC relocation

The Africa Centre for Energy Policy (ACEP), an energy think tank, wants plans to relocate the headquarters of the Ghana National Petroleum Corporation (GNPC) to be abandoned. President-elect Nana Akufo-Addo recently reiterated his government’s desire to relocate the headquarters of GNPC to the Western region during a visit to the Western Region House of Chiefs. “The commitments that we have ...

Read More »

HFC bank to invest heavily in oil & gas in 2017


The Managing Director of HFC Bank, Robert Le Hunt has told Citi Business News the bank will make a substantial investment in Ghana’s oil and gas industry in 2017. According to him, the industry holds the potential to empower efforts by the government to increase local participation of Ghanaians in the sector. Speaking to Citi Business News, Mr Le Hunte ...

Read More »

Nigeria Oil Price Rises to $55.61


The price of Brent crude rose to $55.61 per barrel on Wednesday, up 26 cents from the previous day in what will be good news to oil dependent Nigeria. The Nigerian government has repeatedly lamented the impact of the fall in global oil prices on its economy which is suffering from a recession. The current Muhammadu Buhari administration has pledged ...

Read More »

Oil to boost economy by 7.5% in 2017 – IMF projects

The International Monetary Fund (IMF) projects that Ghana’s economy will grow 7.5 percent in 2017 as the Tweneboa, Enyenra and Ntomme (TEN) oil field begins full production. To date, the Tweneboa, Enyenra and Ntomme (TEN) field has produced about 800,000 barrels of oil, and the gas export to the Gas Processing Plant (GPP) is expected to begin in the 1st ...

Read More »

Ghana’s oil and gas future extolled

Chief Director of the Petroleum Ministry, Professor Thomas Akabzaa, has given an upbeat assessment of the nation’s oil and gas industry, saying, its future is promising. He said with the start of oil drilling at the second oil field – Tweneboa Enyenra and Ntonme (TEN fields), and the Sankofa Gye Nyame expected to come on-stream next year, there certainly were ...

Read More »