Tullow to complete maintenance works on FPSO Kwame Nkrumah tomorrow
Tullow Ghana has announced that it will complete the planned maintenance works of the FPSO Kwame Nkrumah by tomorrow, 5 April. According to the company, oil production and gas export from the Jubilee field will commence on April 9. This will allow for final preparation of new off-take arrangements which involve the use of a […]
CBOD staff donate to Citi fm’s easter orphan project
With Citi FM’s Easter Orphan Project just days away, staff from the Chamber for Bulk Oil Distributors (CBOD) has done their bid to put smiles on the faces of the orphans Citi FM will reach out to. The staff from CBOD have bolstered Citi FM’s efforts by donating 10 5kg bags of rice and GHc2,000 […]
‘OMCs must consolidate’
Consolidation among the over 130 Oil Marketing Companies could be Ghana’s sure bet to improving standards in the downstream sector of the petroleum industry, Christophe Zyde, Puma Energy’s Chief Operating Officer for Africa has said. “If the rules for being allowed to do something are so low you create hazardous situations, that’s where you might […]
Tullow suspends crude oil lifting
The deterioration in the condition of the turret bearing on the Floating Storage and Offloading vessel (FPSO) Kwame Nkrumah has forced Tullow Oil to defer two liftings totalling over 1.6 million barrels of crude oil. Two vessels had arrived last week to lift crude oil, only to be told on Thursday that off-take has been […]
Banks too exposed to BDCs – Frank Adu
The Managing Director of CAL Bank, Frank Adu Jnr., has said that banks will continue to face difficult times for at least the next couple of years as a result of their exposure to the Bulk Oil Distributing Companies (BDCs). “The BDCs have a challenge in that they owe the banks so much money, and […]
Oil hits $40, raises govt hopes
Government could profit from oil rebound by the third quarter of this year following the commodity price hitting over $40 as at Tuesday March 7, 2016. Ghana Government’s budget has been battered severely by low oil prices from mid last year till date. But the anticipated rebound of oil prices could bring smiles back to […]
Oil prices hold gains after U.S. Jobs Report
Oil prices rose Friday on expectations of another large drop in U.S. drilling. Prices held their gains after U.S. data showed stronger-than-expected job growth in February. The U.S. added a seasonally adjusted 242,000 jobs last month, the Labor Department said Friday, more than the gain of 200,000 that economists had expected. Increased employment can add […]
CBOD Petroleum Market Update
The latest Ghana Chamber of Bulk Oil Distributors (CBOD) Market Update indicates that refined product prices (Petrol, diesel, LPG) on the world market dropped over the period December 27, 2015 to January 11, 2016 (Pricing Window). The December 27, 2015 to January 11, 2016 pricing window was used to set pump prices for January 16 […]
FAQs – Petroleum price build up and the new energy sector levies act
There are conflicting media reports on what has constituted the increment in petroleum prices albeit the sharp decline in crude oil prices on the world market. An impression has been created that Parliament approved between 2.8 and 5 per cent increases per litre for petrol and diesel respectively other than the 29 per cent and […]
Gov’t moves to pay debts owed BDCs – Vice President Amissah Arthur
Vice President Kwesi Amissah Arthur has revealed that the government will be paying all outstanding debts owed the Bulk Oil Distribution Companies soon. Chief Executive of the Chamber of Bulk Oil Distributors, Senyo Hosi, earlier in June stated that government’s debt to the BDC had increased to about GH¢3.4 billion. The development Mr. Hosi added […]
