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AOMCs organized a breakfast session for MDs/CEOs of OMCs/LPGMCs on Wednesday, 12th April, 2017 at the Golden Tulip Hotel, Accra to delibrate on industry issues. The session was steered by four (4) Lead Discussants and a Moderator.

WhatsApp Image 2017 04 13 at 11.54.56

MARCH 14, 2017


The Minister of Energy, Boakye Agyarko, has sworn into office, the board members of Tema Oil Refinery (TOR). The ceremony took place on Monday, 13th March 2017 at the Ministry’s conference room in Accra. After administering the Oath of Office and Oath of Secrecy to the members, the Energy Minister congratulated and expressed gratitude to the Board for their decision to serve the nation.

The Minister further assured the Board of his unflinching support, and urged them to set strategic directions, collaborate with management, operate with maximum efficiency, discharge their duties professionally, and encouraged them to ensure the success of TOR. Mr. Tongeaan Kugbilsong Nanlebegtang, Chairman of the Board, expressed his appreciation to the President, H.E Nana Addo Dankwa Akufo-Addo for the opportunity, and assured the Energy Minister of the Board’s commitment to work assiduously to revamp Tema Oil Refinery.

Members of the Board include Ambassador Isaac Osei, Hon Kofi Brako, John Boadu, Dr. William Abayaawiea Atuilik, Mrs Edith Sapara-Grant, Seth Achamfour-Yeboah, Leon Kendon Appenteng and Nene Abayaateye Amegatcher. Other dignitaries present were Prof. Thomas Mba Akabzaa, Chief Director of the Energy Ministry, Directors from the Energy Ministry, and General Managers of the Tema Oil Refinery.


Ken Ofori Atta 2

The Minister of Finance, Mr. Ken Ofori-Atta, has revealed that GHC400 million will be allocated from the Annual Budget Funding Amount (ABFA) to finance the NPP’s Free SHS policy with additional revenue from other domestic sources to support its implementation. He confirmed that the Free SHS policy will begin in September this year, starting with fresh students across all public schools in Ghana. He made this known at his maiden annual budget presentation to Parliament on 2nd March. The amount will constitute about 49% of the total US$ 169,458,674.13 revised benchmark revenue to be allocated to the ABFA.

Speaking on the petroleum sector, he stated that, the total petroleum receipts for 2016 recorded US$247,175 million as compared to the 2016 Budget estimate of US$348.42 million, leaving a variance of US$101,241 million Dollars. The total ABFA receipts in 2016 amounted to GHȻ388.85 million, with actual utilisation amounting to GHȻ311.12 million, leaving an unutilised balance of GH¢77.73 million in the Petroleum Holding Fund.

2016 ABFA Utilisation by Priority Area






Expenditure and Amortisation of Loans for Oil and Gas Infrastructure


Road and Other Infrastructure




Agriculture Modernization




Capacity Building (including Oil and Gas)




Total Spending in Priority Areas




Transfers to the Public Interest and Accountability Committee




Total ABFA Spending



Source: Bank of Ghana, Ministry of Finance

About 64 percent of the total ABFA in 2016 was spent on roads and infrastructure, 27 percent on road and infrastructure, 9 percent was invested in the agricultural sector and a little under 1 percent was given to the Public Interest and Accountability Commission for its activities.  Ghana National Petroleum Corporation was allocated USS88, 4970.92 million for its operations out of the total USS247, 175394.26 petroleum revenue collected in 2016.

Evelyns pie chart

The implementation of the Petroleum Local Content and Local Participation Regulations which began in 2016 led to the industry registering an increase in capital investments, local sourcing and subcontracting. For petroleum downstream service contracts, indigenous Ghanaian service providers were awarded about USD 221 million representing 73 percent increase to USD 128 million for 2015.

The Mr. Ofori-Atta also revealed that, the NPP government will review the priority areas of spending for the ABFA according to the PRMA and propose to have Agriculture; Physical Infrastructure and Service Delivery in Education; Physical Infrastructure and Service Delivery in Health; and Road, Rail and other critical Infrastructure Development as the government’s new priority areas for investing the ABFA. According to him the revision of the priority areas is to give focus to infrastructure development in critical areas of the economy.

The 2017 Benchmark Revenue for 2017 petroleum revenue was revised and projected at US$515.64 million, down from the original US$741.77 million due to volatility of the oil price on the international market, early performance issues from the TEN Field and the Jubilee FPSO turret bearing remediation project.

Breakdown of the Total Revised Petroleum Receipt and Distribution/Allocation in 2017

Transfer to National Oil Company (NOC) US$ 273,590,424.25
Annual Budget Funding Amount US$ 169,458,674.13
Transfer to the Ghana Petroleum Funds US$   72,625,146.06
Ghana Stabilization Fund US$  50,837,602.24
Ghana Heritage Fund US$  21,787,543.82
TOTAL US$588,299,390.50

Evelyns pie chart 2

He pledged that, the Ministry will work with the Jubilee Partners to address the shortfall in oil and gas production resulting from the 2016 damage on the turret bearing on FPSO Kwame Nkrumah and will adopt a three phase approach to convert the FPSO Kwame Nkrumah to a permanent spread-moored.






Story by Evely Addor

MARCH 8, 2017


Contrary to the perception that local companies did not have the capacity to insure any of the three Floating Production, Storage and Offloading (FPSOs) used in oil production, the Ghana Oil and Gas Insurance Pool (GOGIP) says it is up to the task

The Pool, comprising of indigenous general insurers, explains that it currently provides complete insurance for  all the three FPSOs- Kwame Nkrumah, John Evans Atta Mills and John Agyekum Kufuor, but reinsures the excess risk above its limit of retention.

The Technical Manager of the Ghana Oil and Gas Insurance Pool (GOGIP), Mr Faris Attrickie in an interview on March 2, said the GOGIP currently provided 100 per cent insurance for the FPSOs, per its mandate of being the only vehicle through which the upstream oil and gas insurance are to be insured.

“The pool is a conglomeration of general insurers in Ghana. All the general insurers subscribe to it, and we pool our capacities together. We are insuring 100 per cent because we are the exclusive vehicle through which the insurance must be done, it cannot be done through anybody,” he said.

Although the insurance of the FPSO, required huge capital, Mr Attrickie said the pool had a proper re-insurance system that helped  to reinsure the excess risk above their limit of retention.

“It is not like we are not up to the task, once you have the reinsurance in place, you earn the capacity together with your reinsurers, to absorb the whole risk. We have world class reinsurers and they provide us the support. We take it on and the excess that is above our limit of retention, are properly reinsured,” he said.

Aggregation of risk

He explained that the reinsurance was done by foreign reinsurance companies because it was not prudent to retain all the risk locally.

“The pool has the money to pay all these but if the pool goes down then it means the subscribers go down. Therefore, if these things are insured, then it is not proper that we reinsure ourselves,” he said.

He added, “the liability that the pool takes on itself is for members who have subscribed, assuming there is a loss, it is borne by all the subscribers.”

Insurance for FPSO Kwame Nkrumah

In 2016, oil production from the Jubilee field slumped by over 50 per cent following a fault with the turret bearing on the Floating Production,  Storage and Offloading (FPSO) Kwame Nkrumah.

He explained that the reinsurers had to pay for the insurance with the exception of the Business Interruption insurance, which covered the consequent loss of production and revenue for Tullow, the lead operator of the field.

Tullow Oil received a total of US$80million to cater for the losses the company suffered as a result of the fault.


The Ghana Oil and Gas Insurance Pool (GOGIP) comprising mostly general insurers are expected to pull together local resources to underwrite oil and gas risks in Ghana.

The formation of the pool was in accordance with the Petroleum (Local Content and Local Participation) Regulations 2013, (L.I. 2204) and the Insurance Act 2006, (Act 724) and seeks to give opportunity to local underwriting companies to take part in activities in the sector.


FEBRUARY 16, 2017


The energy think tank, Institute for Energy Security has said that Ghana’s fuel supplies were expected to face serious disruptions due to the unanticipated shut-down of the Tema Oil Refinery (TOR), and port congestion facing the oil companies.

But the National Petroleum Authority (NPA) has responded and explained that the claims should be disregarded since there were enough stocks.

According to the Principal Research Analyst of the Petroleum Unit of the Institute, Richmond Rockson, the current situation was compelling oil companies to postpone their import and export programmes; amid acute discharge and loading constraint.

“As a result, stocks of the two main petroleum products consumed in the country have fallen short of the mandatory strategic level of 6-weeks, at a time when economic activities have picked up across the country after the General Election and Christmas festivities.

According to him, at the close of business Tuesday, the country’s stock of Gasoline and Gasoil at both the TOR and the Bulk Oil Storage and Transportation Company (BOST) installations across the country was 86,000 metric tonnes.

“Also, the stocks held in-tank at Bulk Oil Distribution Companies (BDC’s) facilities in Tema stood at 24,750 metric tonnes. A year ago, the combined stock of these fuel stood at 451,200 metric tonnes; a little above the mandatory 6- weeks requirement.

“Today [Tuesday], the stock of gasoline and gasoil combined can meet just 13-days of fuel supply. The last time the country came close to this situation was June 2014 and this actually resulted in fuel shortages in the Country.”

He said in the statement that the current situation was anticipated when the explosion of the Furnace occurred at TOR few weeks ago adding “That was the moment when the government and relevant agencies should have taken the necessary steps to forestall any such incident, especially when it was followed up with a disruption of the Conventional Buoy Mooring (CBM) facility in Tema.”

The institute therefore called on the quarters concerned in ensuring fuel security to as a matter of urgency increase fuel supplies for strategic reserves in order to avoid the imminent threat facing the country.

However responding, the NPA said there was sufficient supply of fuel in the country to meet domestic demand contrary to some speculations in sections of the media.

Below is a copy of the statement from the NPA


The National Petroleum Authority (NPA) wishes to assure the general public that there is sufficient supply of fuel in the country to meet domestic demand contrary to some speculations in sections of the media.

The current stock position in the country indicates there is over 200 million litres of gasoil and more than 100 million litres of petrol at various depots throughout the country.

These stocks are expected to last up to 6weeks. Additionally, over 73 million litres of gasoil and 46 million litres of petrol are expected to be delivered into the country from the 13th to 18th February 2017.

The NPA continuously monitors the weekly schedule of fuel imports to ensure that there is constant supply of fuel for the country.

The Authority wishes to assure the general public that there are no challenges at the discharging terminals at the country’s ports and ensures that there is fairness in the process leading up to the discharge of cargoes of all importers.

We therefore encourage the media and the general public to disregard any projections being put out in the public domain as merely speculative without any empirical basis. We further encourage all such interested organizations to crosscheck their information with the NPA before making public statements about this matter.

The NPA wishes to assure all motorists and consumers that there is no imminent shortage of fuel in the country.

Yaro Kasambata
Manager, Public Relations & Consumer Service
National Petroleum Authority


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