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OCTOBER 19, 2016

petroelum products

Ghana Oil Company Limited,( GOIL) has kept the ex-pump prices of its Super and Diesel unchanged despite industry trends suggesting an upward adjustment.

Consequently GOIL fuel prices at the pumps at all its service stations remain the same.

The company explained that although international indicators point to an increase, the decision to maintain prices is in line with keeping faith with its loyal customers whose support contributed to GOIL winning the CIMG 2015 Petroleum Company of the year.

A statement signed by the Public Relations Manager of the company, Robert Kyere assured that GOIL will always provide competitive prices to its customers.

The statement was in reaction to an announcement by the Chamber of Petroleum Consumers (COPEC) Ghana that prices of fuel were reviewed upward between 3 and 11 percent.

Already, the National Petroleum Authority (NPA) has described the announcement by COPEC as false and misleading.

The Chief Executive Officer of the NPA, Moses Asaga told Citi Business News fuel prices have gone up by 4 percent.

Source: http://citibusinessnews.com/index.php/2016/10/19/goil-keeps-fuel-prices-unchanged/

OCTOBER 12, 2016
 
 

Dangote Group of Companies, renowned in the production and distribution of cement in the West African sub-region are now wading into the oil and gas sector and is envisaged to have the largest oil refinery company in Africa

The $16 billion world class refinery/ Petrochemical complex comprise a refinery, petrochemical and fertilizer plants.

This came to light when Mr Anthony Chiejina, Chief Corporate Communications Manager of Dangote Group briefed Ghanaian journalists who are currently in Nigeria on the invitation of Dangote Group of Companies to acquaint themselves of their operations and how synergies could be drawn with the public sector.

The project, which is sited at the Dangote Free Zone, Lekki, Lagos, occupies 2,630 hectares of land and with capacity to produce 650,000 barrel of crude per day remains the single largest industrial undertaking in the world.

Mr Chiejina said the first phase of petrochemicals manufacturing would be integrated with the refinery and would produce 750,000 metric tonnes of polypropylene per annum, while the fertilizer plant would produce 2.8 million metric tonnes per annum of urea and ammonia.

The Chief Corporate Communications Manager said gas from the Gas pipeline project would supply fuel to central power plants to generate electricity for households, while the refinery would create 1,600 permanent and 100,000 indirect jobs.

He said the project, which would be completed in 2019 would serve both the domestic and external market, with West Africa as the major beneficiary.

On Corporate Social Responsibility for the 17 West African countries it is currently operating in, Mr Chiejina said although it would base on country and community specifics, Dangote is constructing mobile clinics, schools, hospitals, community health centres and providing scholarships to students in their operational areas in Nigeria.

He said Dangote Cement, which is currently producing cement in Ghana, Senegal, Sierra Leone, Zambia, Tanzania, Ethiopia, Congo and Cameroun among other countries, would by the end of 2017 complete the Takoradi Grinding Cement Plant.

Mr Chiejina however explained that infrastructural deficit especially on roads and housing projects in most of their operational areas in West Africa is serving as a major challenge to performance.

Mr Etornam Komla Buami, Media Relations Manager of Dangote Cement, Ghana Limited said such visits would equip Journalists with knowledge about the Group to portray their performance to the outside world.

He said it would also forge the Public-Private partnership synergies in Nigeria and their other operational areas in the sub-region and beyond.

Source: GNA

PORCIA OFORIWAA OFORI 

 
 

 The burnt supermarket at the filling station. Pictures: Porcia Oforiwaa Ofori

 

Two persons died when a fire outbreak occurred at the Maxxon Fuel Station Supermarket at Dome in Accra in the early hours of yesterday.

The names of the victims have been given as Magdalene Mensah, 24, and Richard Asante, 19, both employees of Maxxon Fuel Station.

They were asleep in one of the rooms of the supermarket when the incident occurred.

Another employee, identified as Felix Quaye, 26, who was also sleeping in another room, however, survived after managing to jump through a window.

Almost all the items in the supermarket were burnt to ashes.

Personnel of the Ghana National Fire Service (GNFS) are said to have responded to a distress call to put out the fire 30 minutes after they had arrived at the scene.

The GNFS is yet to confirm the cause of the fire, but it is believed to have started from a fridge at the supermarket.

Survivor

Quaye, in an interview with the Daily Graphic, said when they closed from work at 1 a.m., they switched off all electrical appliances at the supermarket, excluding the fridge and the fans, before going to sleep. 

According to him, about 2:30 a.m., the sound of exploding bottles woke him up.

He said when he came out of the room where he was sleeping, he realised that the place was on fire, for which reason he broke one of the windows and jumped through it.

He said he heard his colleague workers crying for help but before people came around to assist, they had been burnt beyond recognition.

 Manager of the station

The General Manager of the fuel station, Mr Hornsey Odoi, said immediately he was informed about the incident around 3 a.m. yesterday, he called the GNFS for help.

He said even though the service responded immediately, it could not save the lives of the two employees.

 District GNFS Commander

The Commander of the Kwabenya District Office of the GNFS, Superintendent Bright Boafo, said the fire outbreak was reported to the station officers and they went to the scene of the fire. 

He said they put out the fire within 30 minutes of their arrival.

The charred bodies of the dead persons have been deposited at the Police Hospital in Accra.

OCTOBER 10, 2016
The Minister of Petroleum, Emmanuel Armah Kofi Buah has outlined that his outfit is advancing moves for Parliament to pass three new regulations to augment the new Petroleum Exploration and Production Act.

Mr. Buah also explains that the three regulations are expected to strengthen operations in Ghana’s oil and gas sector and ensure value for money.

The three new regulations will border on Petroleum Measurement, Environmental Health and Safety as well as Data Management.

According to Emmanuel Buah the Petroleum Measurement regulation has already been presented while the remaining two, are expected to be laid as the House resumes sitting next Tuesday.

“New regulations are being developed to give effect to the provisions of the new Petroleum Exploration and Production Act. They include the Petroleum measurement regulations which have been finalized and have already been laid before Parliament prior to the recent recess,” he stated.

Mr. Buah added, “It is also expected that two additional regulations on health, safety and environment and data management will be placed before parliament when the House resumes sitting.”

Parliament in August this year, passed the Petroleum Exploration and Production Bill, nine years after commercial exploration of oil in the country.

The law which repealed the PNDC Law 84, is among others expected to align operations of the country’s oil and gas sector with modern and international practices.

Civil societies including the African Centre for Energy Policy (ACEP) and the Ghana Extractive Industries Transparency Initiative (GHEITI), have since lauded the passage of the E&P Bill.

According to them, the move will restore confidence in the country’s oil and gas sector as opportunities will be created for competitive bidding.

But the co-Chair of GHEITI, Dr. Steve Manteaw had called for regulations to facilitate the passage of regulations to guide some provisions such as the discretionary powers of the Minister.

Also, the Chairman of the Parliamentary Select Committee on Mines and Energy, Alhaji Ahamadu Sorogo has hinted that the regulations on the E& P Bill are expected to be completed by end of 2018.

Source: http://citifmonline.com/2016/10/09/petroleum-ministry-develops-new-regulations-on-oil-gas-sector/

SEPTEMBER 26, 2016

gnpc 2

As work on the Gye Nyame Sankofa field reaches 54 percent, the Ghana National Petroleum Corporation (GNPC) has assured that it will work the with the Public Utilities  Regulatory Commission (PURC) to help generate money to refinance the loans used by government as a partner in the project.

The Sankofa field is estimated to hold 204 million barrels of oil and 1.1 trillion standard cubic feet of natural gas.

Speaking at a signing ceremony to provide 700 million dollars guarantee by the World Bank, the CEO of the GNPC, Mr. Alex Mould stated that the main obligation of GNPC is to pay for the gas supplied.

“The signing of the World Bank Security Package Agreements brings into effect GNPC’s obligations under the Gas Sales Agreement. The main obligation of GNPC and the nation is to pay for the gas supplied,” he said.

He stated that GNPC will continue to work with relevant State agencies to ensure that the cash waterfall mechanism being developed by PURC is fully implemented.

“We must therefore work collectively to ensure that the power generated from this gas raises the needed revenue that is dedicated to paying for the gas, and other costs of power supply,” she said.

Mr. Mould pointed out that the nation has an obligation to meet the set of milestones that requires government to put in place infrastructural foundation to meet the first gas on time.

He stated that GNPC will work with Eni and Vitol as well as other State agencies to avoid any disruption to the project schedule.

“GNPC recognizes the expectations of Ghanaians for oil and gas resources to be managed in a manner that ensures maximum benefit to the country,” he said.

He announced that first oil is projected to come on-stream in the third quarter of 2017, while First Gas will follow in the second quarter of 2018.

With investment requirement at US$7.9 billion, Mr. Mould maintained that the project is by far the largest ever single investment in the country.

He stated that the Sankofa Project is one of the few projects around the world that has progressed in spite of the challenging oil and gas environment.

Describing the project as a game-changer in the development of Ghana’s gas industry, Mr. Mould stated that the project is Ghana’s first gas-to-power project, with the capacity to supply reliably gas for more than one-and-a-half decade.

The Sankofa field  

The Sankofa field holds estimated proven hydrocarbon reserves of 204 million barrels of oil and 1.1 trillion standard cubic feet of natural gas.

ENI, the operator, holds a 47.2 percent participating interest in the block while Vitol holds 37.8 percent.

GNPC holds a 15 percent carried interest and 5 percent additional participating interest.

He stated that the project will produce natural gas up to 180 million standard cubic per day.

Source: http://citibusinessnews.com/index.php/2016/09/26/gnpcpurc-to-work-on-refinancing-sankofa-field-loans/

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