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The Association of Oil Marketing Companies (AOMCs) have been conducting series of investigations to determine the root cause of the unfortunate incident which occurred on Thursday, 22nd December, 2016, claiming 11 lives and causing a number of injuries.

The Association’s Health Safety Security & Environment Committee and its Product Security & Operational Committee, yesterday, Thursday, 5th January, 2017, visited the site at La for an on-site investigation as a follow-through on their meeting held on 30th December, 2016.

Earlier on 23rd December, 2016, the AOMCs' Board Chairman, CEO and some National Petroleum Authority (NPA) officials visited the injured victims at the 37 Military Hospital and the La General Hospital and presented them with some fruits.


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JANUARY 4, 2017

Oil prices rose in the first trading hours of 2017, buoyed by hopes that a deal between OPEC and non-OPEC members to cut production, which kicked in on Sunday, will be effective in draining a global supply glut.

International Brent crude oil prices LCOc1 were up 35 cents, or 0.6 percent, at $57.17 a barrel at 0608 GMT (1.08 a.m. ET) on Tuesday – close to last year’s high of $57.89 per barrel, hit on Dec. 12. Oil markets were closed on Monday after the New Year’s holiday.

U.S. benchmark West Texas Intermediate (WTI) CLc1 crude oil prices were up 31 cents, or 0.6 percent, at $54.03, not far from last year’s high of $54.51 reached on December 12.

January 1 marked the official start of the deal agreed by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day.

Market watchers said January will serve as an indicator for whether the agreement will stick.

“Markets will be looking for anecdotal evidence for production cuts,” said Ric Spooner, chief market analyst at Sydney’s CMC Markets. “The most likely scenario is OPEC and non-OPEC member countries will be committed to the deal, especially in early stages.”

Libya, one of two OPEC member countries exempt from cuts, increased its production to 685,000 barrels per day (bpd) as of Sunday, up from around 600,000 a day in December, according to an official from the National Oil Corporation (NOC).

Elsewhere in OPEC, member country Oman told customers last week that it will cut its crude term allocation volumes by 5 percent in March.

Non-OPEC member Russia’s oil production in December remained unchanged at 11.21 million bpd, but it was preparing to cut output by 300,000 bpd in the first half of 2017 in its contribution to the production cut accord.


JANUARY 4, 2017


Saudi Arabia has forecast its revenue from crude oil will significantly rise in 2017, as prices show a positive trend after the deal between OPEC, Russia and other producers to cut output.

Riyadh expects to collect 480 billion riyals ($128 billion) from crude sales in 2017, up from an estimated 329 billion riyals in 2016.

“As the kingdom’s economy is strongly connected to oil, the decrease in oil prices over the past two years has led to a significant deficit in the government’s budget and has impacted the kingdom’s credit rating,” the Saudi government said in a statement.

“The 2017 budget was prepared in light of developments in the local and global economy, including the estimated price of oil,” it added.

Saudi Arabia saw a record $98 billion budget deficit in 2015, or 15 percent of GDP, and was struggling to cut the gap in 2016.

Overall revenues for 2017, including non-oil revenues, are expected to grow 31 percent from 2016 to 692 billion riyals.

After OPEC agreed to curb its production by 1.2 million barrels per day (bpd) in November, and independent producers led by Russia decided to join the deal, oil prices have steadied at above $54 per barrel, almost double the January 2016 lows.

“The oil revenue increase is in line with the expectations by the authorities that the market is re-balancing higher, and is clearly a sign that oil prices are expected to average $60 per barrel next year,” said John Sfakianakis, director of economic research at the Gulf Research Center, as quoted by Bloomberg.

As part of a broader strategy, Riyadh aims to diversify the economy by reducing its reliance on oil. The kingdom wants to raise its share of non-oil exports in non-oil GDP from 16 percent to 50 percent by 2030.

Under a plan called ‘Saudi Vision 2030’, the government announced partial privatization and reform of the state oil company Saudi Aramco. A public offering of the world’s most valuable company could make it the largest IPO ever.


JANUARY 4, 2017


The Africa Centre for Energy Policy (ACEP), an energy think tank, wants plans to relocate the headquarters of the Ghana National Petroleum Corporation (GNPC) to be abandoned.

President-elect Nana Akufo-Addo recently reiterated his government’s desire to relocate the headquarters of GNPC to the Western region during a visit to the Western Region House of Chiefs.

“The commitments that we have made are commitments that are going to be fulfilled.

“We are going to relocate the headquarters of GNPC to this region,” Akufo-Addo had said.

However, the head of Policy Unit of ACEP, Dr Ishmael Ackah has differing views to it.

According to him, the relocation will make the work of policy makers difficult since oil exploration could commence in other parts of the country, citing the Volta Region as most likely to start oil exploration soon.

“So are we going to shift GNPC from the Western Region to the Volta Region?

“We can maintain GNPC here and rather open a subsidiary office probably for operations in the Western Region. What we can also suggest is that instead of GNPC, we can rather move Petroleum Commission which is the regulator to the Western Region,” he said at a media interaction in Accra. – B&FT

DECEMBER 28, 2016

torThe Tema Oil Refinery (TOR) has held its annual thanksgiving service with a charge to workers to fully support any administration appointed to take over after January 7, 2017.

The nation’s refinery managers who are mostly politically appointed, anticipate a new management when the National Democratic Congress (NDC) hands over power to President-Elect Nana Addo Dankwa Akufo-Addo on January 7, 2017.

Mr Kwame Awuah Darko, Managing Director (MD) of TOR, addressing workers said all support and commitment should be given to the MD to be appointed to help sustain the good foundation he had laid and not to whittle it away, adding that it still needed strengthening.

He recounted how the company was indebted and at the verge of collapse when he took over its administration.

He announced that TOR from the beginning of 2016 had refined seven million barrels of crude oil with an extra one million barrels awaiting refining.

The TOR Managing Director said in February 2017, the refinery would embark on a turnaround maintenance and added that TOR in the same year, expand to process between 16 million and 18 million barrels of crude oil.

He thanked the workers and management for their support and commitment towards achieving his vision to turn around the dwindling fortunes of the company.

Mr Darko however reminded workers not to rest on their oars as there was still a lot of work to be done at the refinery.


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