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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

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. 

DECEMBER 16, 2016

Production of oil in Ghana will hit 190,000 barrels per day by the end of the year, Ecobank Research has projected.

This is against 110,000 barrels of oil currently being produced by the Jubilee (80,000 b/d) and the Tweneboa, Enyenra and Ntomme (TEN, 30,000b/d) fields.

If achieved, this would make Ghana the 6th leading producer of oil in middle Africa.

The realization of the increased production will be dependent on the replacement of the turret bearing on the FPSO Kwame Nkrumah which will restore production volume to the average 110, 000 per day on the Jubilee field.

Additionally, full production (80,000 b/d) at the TEN field can only be achieved if the border dispute between Ghana and Ivory Coast over the TEN catchment area is resolved in favour of Ghana.

A total of both Jubilee and TEN would ramp up to the projected 190,000 barrels per day.

With just two weeks to end the year, it may be unrealistic to expect an increase in production volumes.

The increase in oil production will trigger a boost in revenue for the new coming administration led by President-elect Nana Addo Dankwa Akufo-Addo.

Nigeria is the number one producer of oil in Africa with 2.35 million barrels of oil per day followed by Angola (2ndin Africa) and Equatorial Guinea (about 5th in Africa) with 2.14 million and 342,000 barrels per day respectively. Congo Brazzaville and Gabon are 4th and 5th respectively in middle Africa with production of 382,000 and 223,000 barrels of oil per day.

The report also stated that PetroGulf Ghana Limited has entered into a share purchase and sale agreement to acquire Eco Atlantic (Ghana) Limited, a company that owns 50.51 percent interest in Three Point West Deep Water Offshore block (Ghana block), from Eco (Atlantic) Oil & Gas Limited for a purchase consideration of US$0.58 million. The transaction is expected to enable PetroGulf to increase its interest in the Ghana block.

In August 2016, Tullow oil and its partners in the Tweneboa, Enyenra and Ntomme (TEN) project offshore Ghana commenced oil production from the project. The field became Ghana’s second large scale producing field after Jubilee field also operated by Tullow Oil.

Production commenced on time and the partners targeted ramping up output to the Floating Production Storage and Offloading FPSO capacity of 80,000b/d by the end of 2016. The partners expect annualized production level to average 23,000b/d.

Ghana’s production averaged 110,000b/d in 2015. Production from TEN was expected to augment volume lost during Jubilee’s downtime.

Meanwhile, Tullow oil is set to restart exploration and appraisal activities in Kenya following more positive seismic data.

The company which is the major oil company in Kenya’s South Lokichar field has estimated that the onshore asset could be holding up to 1 billion barrels of hydrocarbon. Recent financial performance has resulted in the company cutting back on exploration activities, especially in Kenya where disagreement over export pipeline is complicating project evaluation.

However, Tullow could unlock more value from its 50 percent stake across different licenses in the east Africa country by conducting further exploration work.

In a related development, oil sold for more than $US51 on the international market. Oil producers look to be turning word into deed with Saudi Arabia and Kuwait on the verge of following through on an agreement to cut production for the first time in eight years.

Source: http://www.ghanaweb.com/GhanaHomePage/business/Oil-production-to-hit-190-000-barrels-per-day-Ecobank-Research-494874

DECEMBER 16, 2016

ceo tor

The Tema Oil Refinery (TOR) has disclosed to Citi Business News that its test run of crude oil from the TEN fields should influence any major policy decision on the sulphur specification content for diesel.

The National Petroleum Authority (NPA) has since September 2016, revised the national sulphur content specification for diesel from the 1000 parts per million (ppm) to between 500 and 10 ppm.

It followed numerous concerns over the threats of imported diesel which contains high sulphur content.

“The reason why we wanted to run the TEN crude is because you do not plan your refinery on the basis of external crude but domestic crude. The sulphur content is the function of the crude so if TEN has low sulphur content which we are hopeful of, we should be getting relatively lower sulphur content than the other crude that we have been refining,” Managing Director of TOR, Kwame Awuah Darko told Citi Business News.

He added that the outcome should also help the Petroleum Ministry determine the next line of action on regulation for the sulphur specification content for diesel in Ghana.

“Once we have that we are going to advise the Ministry of Petroleum and the National Petroleum Authority on the way forward.”

TOR will from this weekend commence refining about 1 million barrels of crude from the TEN oil fields. The Managing Director of TOR, Kwame Awuah Darko explains that the process which is expected to last for about twenty days will also inform the outfit of the commercial value of the by-products.

“It is the yield that we are looking at because obviously, TOR is a commercial operation…if you get a crude that works for your refinery, for a million barrels, you should get close to 50 to 55,000 tonnes of diesel and 28 to 31,000 tonnes of gasoline anything below that will mean that the economics are not good,” he remarked.

With a daily refinery of 20,000 barrels of oil, Mr. Awuah Darko further intimated that the process is expected to last for approximately twenty days, extending into the first week of January 2017.

According to him, the refinery has already finished discharging all the one million barrels of crude unto TOR’s tanks and it is hoping to finish off the other crude left and complete by the end of week.

Source: http://citibusinessnews.com/index.php/2016/12/15/ten-oil-test-run-good-for-sulphur-content-rules-tor-md/

DECEMBER 16, 2016

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To date, the Tweneboa, Enyenra and Ntomme (TEN) field has produced about 800,000 barrels of oil, and the gas export to the Gas Processing Plant (GPP) is expected to begin in the 1st quarter, 2017, the Minister of Petroleum, Emmanuel Kofi-Armah Buah has said.
According to the IMF, Ghana is projected to enjoy a growth fillip as the new field coming on line is expected to boost oil production by some 50 per cent, increasing overall growth to 7½ percent.

“However, the rest of the economy will continue to expand at a much slower pace,” the Fund said.

On the overall economy of countries in the sub-Saharan region, the IMF said among those countries in which inflation has been high recently, it is expected to moderate to about 10 percent in 2017 in Ghana from about 17 per cent currently on tight monetary policy, and in Zambia from 19 percent to 9 percent owing to base effects.

By contrast, inflation would remain stuck at high levels in 2017 in Angola (38 percent) and Nigeria (above 15 per cent), as depreciation pass-through and foreign exchange shortages feed into prices in a context of an overly accommodative monetary stance, the IMF pointed out.

It further indicated that growth in sub-Saharan Africa looks set to slow to its lowest level in more than 20 years. With lower commodity prices and a generally less supportive global economic environment, average growth in the region is foreseen to decelerate sharply to 1½ percent this year—well below population growth, and in sharp contrast to the high growth rates of the past 15 years.

“While the projection is for a modest recovery for next year (to nearly 3 per cent), this is predicated on prompt action to address the large macroeconomic imbalances and policy uncertainty in some of the region’s largest economies.

This aggregate picture, however, belies considerable heterogeneity in economic paths across the region,” it said.

The Fund also noted that most of the non–resource-intensive countries—half of the countries in the region—continue to perform well, as they benefit from lower oil import prices, an improved business environment, and continuous strong infrastructure investment. Countries such as Côte d’Ivoire, Ethiopia, Kenya, and Senegal are foreseen to continue to grow at more than 6 percent.

In contrast, commodity exporters are under severe economic strains, including the region’s three largest countries, Angola, Nigeria, and South Africa. The near-term prospects of oil exporters, in particular, have worsened, notwithstanding the modest uptick in oil prices, as the slowdown is becoming entrenched—activity among these countries is expected to contract by 1¼ per cent this year.

It added that, among other resource intensive countries, growth in the Democratic Republic of Congo, Ghana, South Africa, Zambia, and Zimbabwe is decelerating sharply or stuck in low gear.

“Policy adjustment among hard-hit countries needs to be enacted promptly to allow for a rebound in growth. Worryingly, in the face of strong financial and economic pressures, the policy response in many of the hardest-hit countries has been slow and piecemeal, often accompanied by stopgap measures such as central bank financing and the accumulation of arrears, and leading to rapidly rising public debt,” it said.

In oil-exporting countries with flexible regimes, it said, exchange rates have been allowed to adjust only with reluctance, resulting in strong pressures on deposits and foreign exchange reserves. As a result, the delayed adjustment and ensuing policy uncertainty have been deterring investment and stifling new sources of growth—making a return to strong growth rates more difficult.

Instead, it adds, a sustained adjustment effort is needed, based on a comprehensive and internally consistent set of policies.

“This implies fully allowing the exchange rate to absorb external pressures for countries outside monetary unions, reestablishing macroeconomic stability—including by tightening monetary policy where needed to tackle sharp increases in inflation—and focusing as much as possible on growth-friendly elements of fiscal consolidation. With limited buffers, the scope to ease the adjustment path will depend critically on the availability of new financing, ideally on concessional terms,” it said.

It noted among others, that countries that are still growing rapidly should rebuild buffers in comparatively favourable times to stem the increase in public debt.

Source: Ghana Business News

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