The Vice President, Dr Mahamudu Bawumia, has said that the country loses over 200 million dollars per annum in tax revenues due to illicit activities in the downstream petroleum sector. Continue Reading
A Ghana-based private company and its local partners have discovered 1.5 billion barrels of oil in place offshore the West African country, the company Springfield E&P said on Wednesday. Springfield Continue Reading
Sixteen oil and gas firms have submitted applications for one or more of five Ghanaian offshore blocks in the West African country’s first exploration licensing round, its energy ministry said. Continue Reading
On October 15 President Nana Akufo-Addo announced the opening of the country’s first open and competitive round of bidding for energy exploration licences, with three offshore blocks being offered. Previously, Continue Reading
West African country Ghana, a relative newcomer to the oil industry, plans to award as many as nine offshore blocks off its west coast in 2018 and 2019, Ghana’s energy Continue Reading
Crude oil could turn Ghana into one of the fastest-growing economies in the world. This seems to be the message coming from analysts as the West African country is set Continue Reading
The President of the Republic, Nana Addo Dankwa Akufo-Addo, says close co-operation between Ghana and the world’s largest publicly traded international oil and gas company, Exxon Mobil, will be instrumental Continue Reading
Exxon Mobil Corp signed a deal with Ghana on Thursday to explore for oil in the Deepwater Cape Three Point offshore (DWCTP) oilfield. The signing followed direct negotiations between Ghana Continue Reading
Ghanaian oil production will average 200,000 barrels per day in 2017, despite a two-month shutdown at one of the small African nation’s major production facilities. The Jubilee floating, production, storage, Continue Reading
The operator of Ghana’s sole oil refinery said the planned capacity of a proposed second plant could be doubled as the West African nation targets exports to neighboring countries. Tema Continue Reading
Ghana will miss its budget deficit target for 2016 because of disappointing oil output and higher-than-expected spending on elections and energy sector debts, Finance Minister Seth Terkper said. West Africa’s Continue Reading
Foreign airlines operating in Nigeria are panicking over current fuel shortage on the West African coast that may affect their operations especially as the Yuletide season beckons. While Nigeria, which Continue Reading
The current downturn in the global oil and gas sector is yielding some innovative approaches to project finance. And one nation this week came up with an unprecedented strategy for Continue Reading
Seven years ago, Ghana was about to become the next thriving economy, basking in the wealth generated by its newly discovered oil and gas. But that scenario never became a Continue Reading
One of the bigger oil projects off the coast of West Africa has started production from a floating facility offshore Ghana, Tullow Oil announced Thursday. “I am delighted that the Continue Reading
The Tullow Oil plc operated Tweneboa Enyenra Ntomme (TEN) field, located offshore Ghana, is expected to start production in the next few weeks. The Tullow Oil plc operated Tweneboa Enyenra Continue Reading
Tullow Oil says its TEN field project is now over 90 percent complete and that, its first oil remains on target for July and August this year. FPSO Professor John Continue Reading
President John Dramani Mahama has projected Ghana’s oil production to hit half a million barrels per day in 2020. Addressing a business forum in Iran during an official visit, President Continue Reading
Amid one of the deepest oil price crashes in history, Britain’s Tullow Oil is sending one of the world’s biggest floating deep-water oil production platforms to West Africa to pump Continue Reading
Petrol will soon cost less than bottled water as the relentless decline in oil prices sends fuel down to 86p a litre, it has been claimed. Brent crude fell to Continue Reading
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 […]
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 […]
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 […]
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: […]
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 […]
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 […]
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 […]
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 […]
