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Ghana: Nigeria Threatens to Cut Gas Supply to Ghana Over Ghc100 Million Debt

The power crisis in the country is set to worsen in the coming days as Nigeria threatens to cut gas supply to the Aboadze Thermal plant. The development has been occasioned by the failure of government to settle its indebtedness to the Nigerian gas authorities. According to sources within the Power sector, Ghana owes the Nigerian authorities over GHC100million. Currently, Ghana receives in excess of 140million standard cubic feet per day of gas from Nigeria. The supply, although not enough, has greatly enhanced power supply in the country over the last few weeks. Speaking on recent developments in the power sector, a former Chief executive officer of the Volta River Authority Dr. Charles Wireku-Brobbey told Accra-based Joy FM that constant power supply in the country is not dependent on the incoming power barges from Turkey. "The problem for us not the arrival or non-arrival of the power barges. As […]

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Ghana told to stop oil drilling

Ghana told to stop oil drilling thumbnail Ghana has been told by an international tribunal not to begin any new offshore drilling for oil in disputed waters with the Ivory Coast. The International Tribunal for the Law of the Sea did, however, allow Ghana to continue developing current oilfields. These include the so called-Ten fields, part owned by UK firm Tullow Oil. Ivory Coast had asked that all drilling be suspended, but the tribunal ruled this would risk “considerable financial loss” to Ghana. Instead, it told the West African nation to “take all necessary steps to ensure than no new drilling either by Ghana or under its control takes place in the disputed area” and to “refrain from granting any new permit for oil exploration and exploitation in the disputed area”. ‘Call for restraint’ The area is believed to contain large reserves of oil, which both countries are keen […]

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Billions at risk for Ghana, oil firms from ocean boundary ruling

DAKAR/ACCRA (Reuters) – Ghana’s decision to seek arbitration in a dispute with Ivory Coast over an oil-rich basin in the Atlantic could prove costly for the country and a consortium led by Tullow if a court halts development there. The International Tribunal for the Law of the Sea will rule on Saturday on Ivory Coast’s February request for a moratorium on activity in the basin. The decision is part of legal proceedings on a maritime border dispute sought by Ghana’s President John Dramani Mahama in September. Although many expect the dispute to be ultimately settled in Ghana’s favor, analysts say a ruling that prevented the $4.9 billion offshore TEN oil and gas field opening in mid-2016 would be a further blow to the battered Ghanaian economy. "Even if Ghana wins on the boundary eventually, as most people expect, they stand to lose two years of revenues from TEN which […]

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Ghana to Double Oil Production by 2017 on Tullow, Eni Deposits

Ghana will double crude production by 2017 as offshore deposits being developed by Tullow Oil Plc and Eni SpA start producing oil, Minister of Energy Emmanuel Armah-Kofi Buah said. Tullow’s TEN development will produce about 80,000 barrels a day by then, the minister said by phone today. Eni’s Sankofa Gye-Nyame deposit will pump 50,000 barrels, he said. Production at Ghana’s Jubilee field will rise to 120,000 barrels from 110,000 today. Ghana and partners Tullow and Anadarko Petroleum Corp. plan to invest $20 billion in the next 10 years to develop offshore oil deposits. The world’s second-largest cocoa producer needs revenue to help narrow its budget deficit, which will probably exceed 10 percent of gross domestic product for a third year, according to Fitch Ratings and Moody’s Investors Service. To contact the reporter on this story: Ekow Dontoh in Accra at edontoh@bloomberg.net To contact the editors responsible for this story: […]

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Ghana: "Ghana Managing Oil Revenues Well"

A UNITED States non-governmental organization, praised Ghana for managing oil revenues properly. The Revenue Watch Institute, the NGO, has released research indicating that the Ghana Petroleum Funds meet 13 of 16 good governance fundamentals. Researchers concluded that the funds feature clear deposit, withdrawal and investment rules, effective oversight, and other essential attributes of good governance. "Together, the Ghana Stabilization Fund and the Ghana Heritage Fund manage more than US$450 million," said Emmanuel Kuyole, Africa Regional coordinator for Revenue Watch. "Thanks to strong legal provisions, citizens have information on how much is deposited, invested and earned. This transparency is a significant gain. Too much sunshine does not spoil anything." Revenue Watch economic analyst, Andrew Bauer, presented the research in Accra. He said Ghana’s good management of its saved funds demonstrates compliance with the provisions of the Petroleum Revenue Management Act. "This must also extend to the act’s requirement […]

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Ghana: “Ghana Managing Oil Revenues Well”

A UNITED States non-governmental organization, praised Ghana for managing oil revenues properly. The Revenue Watch Institute, the NGO, has released research indicating that the Ghana Petroleum Funds meet 13 of 16 good governance fundamentals. Researchers concluded that the funds feature clear deposit, withdrawal and investment rules, effective oversight, and other essential attributes of good governance. "Together, the Ghana Stabilization Fund and the Ghana Heritage Fund manage more than US$450 million," said Emmanuel Kuyole, Africa Regional coordinator for Revenue Watch. "Thanks to strong legal provisions, citizens have information on how much is deposited, invested and earned. This transparency is a significant gain. Too much sunshine does not spoil anything." Revenue Watch economic analyst, Andrew Bauer, presented the research in Accra. He said Ghana’s good management of its saved funds demonstrates compliance with the provisions of the Petroleum Revenue Management Act. "This must also extend to the act’s requirement […]

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Ghana's Oil Exploration Quagmire – Date Published: April 15, 2014

As Ghana strives harder to escape the quagmire of oil curse which is the vile menace of oil and gas producing countries in third world countries across the globe, there are already looming signals that Ghana is virtually losing its gravity and battles to the foreign partners in her oil and gas industry. This is resulting due to the suicidal and legal goof the country made from the start when oil and gas production licenses were issued to International Oil Companies (IOCs) at the time most of necessary regulatory authorities, legal frameworks and policies that would hold them account were absent. The regulatory authorities such as Petroleum Commission, and Ghana Gas Company and regulatory frameworks such as the Petroleum Revenue Management Bill, Petroleum Commission Act, and the very belated Local Content Policy, among others, were put in place, a year or more, after commercial production of oil and gas […]

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Ghana’s Oil Exploration Quagmire – Date Published: April 15, 2014

As Ghana strives harder to escape the quagmire of oil curse which is the vile menace of oil and gas producing countries in third world countries across the globe, there are already looming signals that Ghana is virtually losing its gravity and battles to the foreign partners in her oil and gas industry. This is resulting due to the suicidal and legal goof the country made from the start when oil and gas production licenses were issued to International Oil Companies (IOCs) at the time most of necessary regulatory authorities, legal frameworks and policies that would hold them account were absent. The regulatory authorities such as Petroleum Commission, and Ghana Gas Company and regulatory frameworks such as the Petroleum Revenue Management Bill, Petroleum Commission Act, and the very belated Local Content Policy, among others, were put in place, a year or more, after commercial production of oil and gas […]

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