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Tullow Ghana confirms that the existing Jubilee and TEN Fields hold an estimated 1.5 and two trillion cubic feet (TCF) of hydrocarbons resources offshore in the Western Region. The existing gas resources are located within the Tweneboa, Enyenra, Ntomme (TEN) and the Jubilee fields. The Managing Director of Tullow Ghana Limited, Wissam Al-Monthiry, made this known during a virtual interaction with journalists last Friday on the merger between Tullow Oil PLC and Capricorn Energy PLC. He said although the company...
Read moreThe Institute for Energy Security is appealing to government to fast-track intervention in the rising fuel prices at the pumps to cushion consumers against hardships, following an expected increase in fuel prices at the pumps beginning today, March 16th, 2022. According to the energy think tank, the hikes in fuel prices has impacted negatively on the cost of living of consumers and households, with inflationary pressures hitting businesses in the country. “It is rife for government to take a decision...
Read morePrices of petroleum products will from Wednesday, March 16 experience a significant surge as consumers are expected to pay ¢11 per litre. The Bulk Oil Distributors has blamed the situation on the volatility on the market as well as the rising cost of crude on the international market. According to the Chief Executive, Senyo Hosi, the cedi which is depreciating among other major trading currencies is also a factor for the rise in the price of the commodities. “This is...
Read moreChief Executive Officer (CEO) of the Ghana Chamber of Bulk Oil Distributors (CBOD), Senyo Hosi says the frequent hikes in petroleum prices in Ghana is a result of “very weak policy planning by successive governments.” His comment follows recent increases in the price of fuel, leading to a spike in the cost of living. According to Mr. Hosi, successive governments have only focused on the revenue-generating benefit of petroleum, but failed to consider the social implications of taxes on the...
Read moreThe prices of petrol, diesel, and Liquefied Petroleum Gas (LPG) will go up by 25 pesewas per litre in the first two weeks of February, this year, the Institute for Energy Security has predicted. The Institute said the impending increment would be higher than projected if the Price Stabilisation and Recovery Levy (PSRL), currently suspended, was not extended for the month of February. In its projections for the February 2022 First Pricing Window, the IES attributed the expected increment to...
Read moreThe National Petroleum Authority (NPA) has announced the directive to local refineries to produce and supply at Sulphur level of 50 parts per million (50ppm) in accordance with the ECOWAS directive on Harmonized Specification for Automotive Fuels has been waived. The waiver effective Thursday, January 20, 2022 will run till 31st December 2024. It means that local refineries that refine automotive fuels can continue to produce and supply diesel and petrol containing sulphur levels not exceeding 1,500 mg/kg (ppm) to...
Read moreThe CEO of the Ghana Chamber of Bulk Oil Distributors (CBOD), Senyo Hosi has lauded Nigeria’s Matrix Energy Group for constructing a liquefied petroleum gas (LPG) storage depot in Tema. The newly-built facility, which is known as Matrix Terminals, comprises two gas tanks with a total storage capacity of 6,000 metric tonnes. The Terminal commenced operations in December 2021 and has been fully licensed as a Storage Depot by the National Petroleum Authority (NPA). During a working visit to the...
Read moreThe Chamber of Petroleum Consumers (COPEC) has hinted that prices of petrol and diesel are expected to go up this month. According to COPEC, prices of the products may go up by 3.7% and 2.5% respectively, in the 1st Pricing Window of January 2022. In nominal terms, COPEC insisted that ex-pump prices of petrol and diesel are expected to increase by 24 and 17 pesewas, respectively. Prices of fuel products have over the period surged due to the increment in...
Read moreThe Bulk Oil Storage and Transportation Company Limited (BOST) says it will in 2022 continue with the upgrade of its depots across the country. It will also repair the remaining defective tanks and increase the Tema Akosombo pipeline capacity from the current six inches to 12 inches to improve the efficient delivery of petroleum products across the country. There will also be the implementation of an effective Performance Management System. Mr. Edwin Provencal, BOST Managing Director, said this during the...
Read moreFuel prices at the pumps will see a marginal increase in the first pricing window of January 2022. This is as a result of the 8.18% increase in the price of the International Benchmark-Brent crude as well as the poor performance of the cedi against the dollar. This further means that fuel prices on the domestic market could go up by at least GHp18, representing a 2.8% increase. “For the January First Pricing-Window, the 8.18% increase in the price of...
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