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The Chamber of Bulk Oil Distributors (CBOD) has denied reports that some Bulk Oil Distribution Companies (BDCs) have threatened not to renew their $300,000 licenses due to the implementation of the Gold for Oil policy. The CEO of CBOD, Patrick Ofori, stated in a recent interview that no BDC has expressed such intentions and that the reports are unfounded. According to Mr. Ofori, the BDCs are not opposed to the Gold for Oil policy and do not see it as...
Read moreGhana’s oil production will grow slightly in the near term, with crude oil and other liquids production increasing from 142,440 barrels per day in 2022 to 145,390, Fitch Solutions has disclosed. This projection follows recent investments by Tullow Oil. Here is more. It said the investments to propel this moderate growth consists of a multi-year drilling campaign at the Jubilee and Tweneboa-Enyenra-Ntomme (TEN) fields which currently account for approximately 80% of Ghana’s upstream output. In 2022, Tullow’s investments included four new...
Read moreThe Ghana National Gas Company (GNGC) on Friday signed a Project Implementation Agreement with its joint venture partners to construct a second Gas Processing Plant (GPP Train 2) at an estimated cost of US$700 million. The gas plant would be sited at Atuabo in the Ellembele District of the Western Region and is expected to be completed within 24 months. It would generate 1,500 direct and indirect jobs within the Atuabo power enclave. At the signing ceremony in Accra, Dr...
Read moreThe Head of Africa for petroleum Giant PUMA Energy, Fadi Mitri has argued that to ensure the constant supply of petroleum products on the Ghanaian market, consumers must be made to pay the fair market prices. The Government of Ghana in the wake of liquidity challenges and the depleting foreign reserves of the country is resorting to policy measures such as the gold for oil deal to enhance Ghana’s energy security. However, given that such measures are woefully inadequate to...
Read moreThe deputy Energy Minister, Andrew Egyapa Mercer, has confirmed that the initial consignment of 40,000 tons of oil brought into the country under the Gold-for-oil policy was purchased with cash and not gold as widely claimed by the Vice President, Dr Mahamudu Bawumia. His disclosure comes after several calls by Industry experts such as the Institute of Energy Securities and COPEC for the government to disclose the quantity of gold it exchanged for the 40,000 metric tons of fuel as...
Read moreThe international market prices of refined petroleum products in the 12th to 26th January 2023 international pricing window, which are premiums applicable to the selling window of 1st to 15th February 2023, increased significantly relative to the previous selling window. Thus, Petrol, Diesel, and LPG prices in the world market climbed up by 7.70%, 13.74%, and 10.03% respectively relative to the previous pricing window. The international market prices of refined products began to surge in 2023 due to the expected...
Read moreRefined Products Review and Outlook The international market prices of refined petroleum products in the 12 th to 26th November 2022 international pricing window, which are premiums applicable to the selling window of 1st to 15th December 2022, witnessed a decline for all products relative to the previous window. Thus, petrol, diesel, and LPG prices in the world market stooped by 13.45%, 11.63%, and 1.88% respectively relative to the previous pricing window of 27 th October to 11th November 2022....
Read moreAn alliance of African think tanks active in the areas of governance, anti-corruption and energy policy has called for transparency and accountability for projects in the energy sector. The Think Tanks made up of Africa Centre for Energy Policy (ACEP), IMANI Center for Policy & Education, HEDA Resource Centre, Tax Justice Network Africa and SEATINI also want an immediate termination of crony contracts that deepens the energy poverty of citizens. The Think Tanks are of the view that “poorly planned,...
Read moreThe government has announced that the Cylinder Recirculation Policy is set to kick off in parts of the country by the end of the year. This comes years after the policy was introduced as a stop-gap measure following the atomic junction gas explosion saga in 2017. Speaking at the Ghana International Petroleum Conference, Chief Executive Officer of the National Petroleum Authority (NPA) Dr Mustapha Abdul-Hamid stated that the “government is determined to make the cylinder recirculation model policy a reality....
Read moreThe Institute for Energy Security, IES, has reiterated the need for government to do all it can to ensure the Tema Oil Refinery is revived, in the wake of hikes in prices of fuel at pump stations. The call by the Institute comes on the back of a recent announcement by President Akufo-Addo that steps are being taken to secure reliable and regular sources of affordable petroleum products as part of efforts to bring reprieve to consumers of the product....
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