We’ll build another refinery at TOR –Mahama
President John Mahama has disclosed government’s plans to build another refinery within the Tema Oil Refinery (TOR) enclave. According to him, the move will enable Ghana become a downstream petroleum hub, to increase the distribution of petroleum products within the sub-region. The President’s comment follows the resumption of operations at the oil refinery for about […]
BDCs debts, upcoming election biggest threats to financial sector growth
Debt owed by Bulk Distribution Companies (BDCs) and the upcoming election have been identified as the biggest threats to the growth of the financial sector this year. The BDCs are currently owing a number of banks millions of Ghana cedis as a result of government’s failure to pay off debts that have accrued from subsidies […]
TOR begins export of gasoline to Nigeria
The Tema Oil Refinery (TOR) has started exporting gasoline to Nigeria following an increased production capacity from 45,000 metric tons to 60,000 tons. This is one of the many strategies management of the company is putting in place to turn its fortunes around. It comes on the back of some challenges the refinery has faced […]
Fuel prices up by 4%
Some Oil MARKETING COMPANIES (OMCs) in Ghana have increased the prices of petroleum products sold at the pumps by about 4 percent. The increment is part of a two week price review window, following the full deregulation of the petroleum downstream sector. The increase has been largely attributed to the rise in world market price […]
Petroleum Minister confirms FPSO damage is serious
The Minister for Petroleum says a technical investigation of the condition of the turret bearing on the FPSO Kwame Nkrumah confirms that the bearing has been seriously damaged. Emmanuel Armah Kofi Buah says Jubilee Fields lead partners, Tullow Oil, has assured the government that oil production and gas export can continue but under revised operating […]
Oil price drop cuts sub-Sahara Africa’s economic growth by 33% in 2015
A latest World Bank report has revealed that declining global oil prices continue to impact on African economies. According to the Bank, the plunge in commodity prices – particularly oil, which fell 67 percent from June 2014 to December 2015, coupled with weak global growth, especially in emerging market economies, accounted for the region’s uninspiring […]
Tullow extends FPSO shutdown by another two weeks
The date for resumption of gas supply from the FPSO Kwame Nkrumah has been postponed due to damage of the turret bearing on the floating production storage and offloading vessel. Tullow estimates that production from the FPSO will re-start in two weeks. Gas production was expected to begin this weekend after a two-week shutdown for […]
PUMA energy ventures into the Ghanaian market
Puma Energy, the global mid and downstream energy company operating in 47 countries across five continents, is officially operating in Ghana. In partnership with Blue Ocean Investments for the storage business and UBI Petroleum, now Puma Energy Distribution Ghana, on the retail side; the company aims to deliver quality and affordable fuel to Ghana. “Puma […]
Senyo charges students to think outside the box
The Chief Executive Officer(CEO) of the Chamber of Bulk Oil Distributors(CBOD),Mr Senyo Hosi has charged students to think outside the box and not to rely solely on what they are taught in school.Mr Hosi said this when he was invited to give a lecture at the 2016 Finance Students and Associates(FINSA) Week at the University […]
Keta oil and gas exploration deal ‘finalised’
An agreement for the start of onshore oil and gas exploration in the Keta Basin of the Volta Region has been finalised, President John Mahama has disclosed. Swiss African Oil Company – a subsidiary of Swiss African Petroleum AG – and PET Volta Investments have been awarded the exploration and production license for the new […]
