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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.


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.



DECEMBER 14, 2016
Oil prices have surged after oil producing countries that are not Opec members agreed to cut output.

Brent crude jumped to $57.89 a barrel – the highest since July 2015 – before falling back to $56.55, although that was still a gain of 4.1% on the day.

On Saturday, non-Opec countries agreed to cut their output by 558,000 barrels a day in a deal designed to reduce oversupply and boost prices.

Opec announced last month that it would be cutting its own production.

The Organization of Petroleum Exporting Countries (Opec) committed to halting the supply of 1.2 million barrels a day, starting from January.

The new deal is the first global pact in 15 years.

“We have seen Opec and non-Opec producers agreeing, which is boosting reflation expectations around the world,” said Chris Weston, an institutional dealer with IG Markets.

Saudi Arabia has also signalled it could cut its output more than first suggested – something that could further lift prices.

But some expressed doubts about the deal’s long-term chances of success.
At the edges

Thomas Moore, investment director at Standard Life Investments, told BBC Radio 5 live: “You will see the oil price jump this morning – that’s understandable – but I think you need to put it in context.

“This is a cut of 550,000 barrels a day, and of course we have had about a million off Opec’s production.

“But if you think about overall world production, Opec’s producing 33 million barrels per day, so those numbers of 1.5 million are good, but they are not that good.

“And Opec accounts for only about 40% of world crude production, so yes, there’s a day-one impact, but I think it’s at the edges here.”

Those taking part in Saturday’s deal included Russia – which will provide the lion’s share of the cut – as well as Mexico and Bahrain among others.

It comes after more than two years of depressed oil prices, which have more than halved since 2014 due to a supply glut on the market.


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

DECEMBER 5, 2016



Mr. Seth Terkper, the Minister of Finance says in 2013, government spent a whopping $2.6 billion to import finished petroleum products from Europe for local consumption.

The Minister, noted that the country needs stronger indigenous oil marketing companies (OMCs) to propel the economy.

“With a growing Oil and Gas economy, vibrant indigenous OMCs are what we require to make our local content policy succeed.  Ultimately, a stronger and financially solvent indigenous OMC is good for a stronger cedi.

“As we embrace competition, it is important indigenous OMCs up their game and strengthen their capital base, so that they can rub shoulders with other multinationals and also be players in sectors such as the bunkering, which demands huge financial commitment,” Mr Terkper stated at GOIL end-of-year award and dinner in Accra.

The Finance Minister noted that GOIL continue to play crucial role in stabilizing the once turbulent petroleum marketing sector.  Indeed, the performance of indigenous companies like GOIL has vindicated government’s decision to de-regulate the sector in July 2015.

“I would like to recall that when government took that decision, some in the industry were concerned that a liberalized environment will result in increased prices, which will not be beneficial for the consumer.

“The other concern was the thought that government will lose control of this critical sector,” he said.

Mr. Terkper however noted that, the deregulation of the petroleum downstream sector has had a positive impact on government’s finances and has cushioned the country tremendously, the shocks associated with crude price volatility on the international market.

“For instance in 2013, Government spent a whopping $2.6 billion to import finished petroleum products from Europe for local consumption.  After deregulation, data from the National Petroleum Authority (NPA) indicates that the Bulk Oil Distribution Companies (BDCs) accounted for 74 per cent of the imports, while government institutions imported the remaining 26 per cent.

“Clearly a huge financial burden was removed from government after deregulation.

“Let me emphasize that, it is in pricing that the effects of deregulation has greatly impacted on the consumer.

“No doubt, government’s decision to de-regulate the petroleum downstream sector has brought about stiff competition and compelled players in the sector to reduce their prices which have eventually benefitted the consumer,” the Finance Minister noted.

Speaking on the topic; “The relevance of indigenous OMC in the de-regulated petroleum downstream industry in Ghana,” Mr. Terkper said indigenous OMCs have a stabilizing role to play.

“Let me also put on record the important role GOIL has played in stabilizing the market and helping the consumer to get fairer fuel prices on the market,” he said.

He however noted that other indigenous OMCs can only play that role if some of them can consolidate and muster the financial muscle.

Professor William Asumaning, GOIL Board Chairman, noted that GOIL continued to focus on growing its core business through value-added joint venture engagements, take-over of distressed competitor stations and acquisition of new stations.

He said despite the challenging market conditions and stiff competition, the Company achieved the biggest market share among the over 80 Oil Marketing Companies.

GOIL’s fuel sales during the year 2015 exceeded its own target and remains on course in the retail business through competitive pricing, offering quality additivated products, value for fuel purchased by our cherished customers and maintaining a high level of visibility by the strategic spread of its stations.

Prof Asumaning said in June 2015, when the other Bulk Distribution Companies (BDCs) were finding it difficult to import finished petroleum products into the country, BOST together with GOENERGY (a subsidiary of GOIL) rose up to save the situation.

“As a result, the country did not experience any significant fuel shortage. Once again, GOENERGY’S contribution to the implementation of the deregulation exercise in the country is a success story we can all share,” he said.

He said the synergy between GOIL and GOENERGY has pushed the Company as a group to grow to a level we are all proud of.

Prof Asumaning therefore commended GOIL Board, Management, staff, Filling Station attendants, customers, the media and other stakeholders including Banks for supporting GOIL.

Mr Patrick Akpe Kwame Akorli, Group Chief Executive Officer of GOIL, received award for over 20 years dedicated service to GOIL in several subordinated positions.

Mr Akorli has worked through the ranks to his current position as the Group CEO and Managing Director.

Other staffs who have worked between ten and 35 years of service were also awarded.


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