The impact of oil production on the culture of Ghana
The management of Tullow Oil says the company has been able to produce three million barrels of crude oil from the Jubilee field, this year meanwhile, it is expecting to achieve 120 thousand barrels of its produce by early next year. This comes after the Jubilee operator, produced a little over 33 million...
The government of Ghana could be forced to increase fuel prices soon following the continuous depreciation of the Ghana cedi against the US dollar. This is because imports automatically become expensive when the cedi depreciates against the dollar and since Ghana imports both crude and refined oil, it means government is now spending more...
By Frederick Asiamah — The actual cost of producing a barrel of oil from the Jubilee Field is still unknown, according to Ishmael Edjekumhene, Director of the Kumasi Institute for Technology, Energy and Environment (KITE). The Ghana National Petroleum Corporation (GNPC) appears unwilling to give information on this while the Ghana Revenue Authority is...
By Frederick Asiamah –Some oil and gas sector activists have criticised the Ghana National Petroleum Corporation (GNPC) over its decision to sponsor the senior male soccer team, the Black Stars, suggesting the decision is illegitimate, inappropriate and ill timed. The GNPC, which holds the state’s interest in oil, is replacing Goldfields Ghana Limited (GGL)...
By Mahlatse Gallens — Deputy President Kgalema Motlanthe has concluded his working visit to Ghana where he discussed various deals for state-owned enterprises including in oil, aviation and rail. PetroSA is expected to sign an oil deal in the next month. SAA wants to establish a hub in the west African country – the...
By CIARÁN HANCOCK, Business Affairs Correspondent — Irishman Aidan Heavey was paid £2.36 million by successful oil and gas producer Tullow Oil in 2011, up 41.6 per cent on the previous year. Tullow’s chief executive and founder earned £1.67 million in 2010. Tullow’s annual report, published yesterday, shows that Mr Heavey was paid a...
By Adwoa Dansowaa Awuku — A Deputy Energy Minister, Alhaji Inusah Fuseini says sanctions imposed on Iran by the United States and other Western countries can have repercussions for Ghana. The Minister explained the sanctions and accompanying insecurity in the Gulf region has an effect on the movement of oil prices on the world...
Takoradi — Inadequate facilities and undue delays at the Takoradi Port have compelled oil service providers supporting operations on the Jubilee Field to redirect their vessels to neighbouring countries. Currently, supply vessels at the port are still competing with cargo vessels for space. This is notwithstanding additional space provided by the Home Port of...
Various stakeholders and key players at the just ended Ghana Summit on oil and gas, deliberated on a number of issues, including Local Content development in relation to the industry, enumerating the developments, policies as well as the challenges faced by this industry in Ghana. Local Content and participation according to the Ministry of...
B&FT — Ghana is likely to see larger domestic and external deficits in 2012 on account of election-spending risks and swelling outflows from the income and service accounts, Renaissance Capital has forecast. The investment bank said it expects the budget deficit to widen to 5.1% of GDP this year — against the authorities’ expectations...
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