Oil & Gas

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 ...

Read More »

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 ...

Read More »

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 »