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JANUARY 4, 2017

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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

 
JANUARY 4, 2017

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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.

Source: http://www.classfmonline.com/1.10577937

DECEMBER 28, 2016

nana addoPresident-elect Nana Addo Dankwa Akufo-Addo has assured the Western regional house of chiefs that, he will relocate the headquarters of the Ghana National Petroleum Company (GNPC) to the Region as he promised during his campaign.

Nana Addo says he will also make the region the hub of oil and gas when assumes office.

He expressed gratitude to the chiefs for their support and asked for their prayers and support to help restore integrity in governance to fulfil the high expectations Ghanaians have reposed in him.

The President-elect said all his pledges will be fulfilled “..pledges of one-district-one factory is going to happen live..modernisation of the Takoradi Harbour is going to be done…Construction of an Accident and Emergency Centre in Takoradi is on plan ..”he said.

He revealed that modalities for the creation of the proposed Western- North region will be prepared so the proposal will be put to a referendum during the next District Assembly Elections next 2years.

He reiterated his promise of revamping the Western and Eastern corridor rail network by leveraging the revenue from the oil and gas for that purpose.

On his part, the President of the Western Regional House of Chiefs, Ogyeahoho Yaw Gyebi ll who is also the Paramount Chief of Sefwi Anwhiaso commended the President-elect for his victory at the recent polls and tasked him not to forget all the pledges he has made to the region since it is unfortunate that despite all the resources in the region it still lacks development.

Source: http://www.peacefmonline.com/pages/business/news/201612/301977.php

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.

Source: http://www.graphic.com.gh/business/oil-gas/tor-workers-urged-to-support-incoming-administration.html

Source: Ghana | Myjoyonline.com | Abubakar Ibrahim
Date: 22-12-2016 Time: 06:12:54:pm
 
Six people are reported to have been burnt beyond recognition after a gas explosion at the Louis Gas Station behind the Trade Fair Centre at Labadi in Accra.

At least 12 others are said to be in critical condition after sustaining severe burns from the fire that came with the explosion. 

The explosion with its attendant fire outbreak was said to have started about 6 p.m at the gas station near the Zenith University College.

Properties running into several thousands of cedis have been lost to the fire.

According to  Adom FM News Editor, Samuel Duwuona, residents heard a loud bang and ran out to safety only to notice that the gas station was on fire. The inferno billowed so high it caught up with the high tension cable.  

Residents fear the fire could extend to another gas station nearby as personnel from the Fire Service try desperately to put out the fire.

The officers of the Ghana National Fire Service brought  three fire tenders to put the fire out but that appeared to be inadequate as the fire raged further. The personnel went for a refill but have retruned to the accident scene.  

Officers of the police service are also reported to be at the scene trying to control the crowd some of whom are threatening to go closer to catch a sight of the fire.  

The explosion has led to blackout in parts of the catchment area. 

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