The government has programmed to earn US$1.1 billion as petroleum revenues for next year, Finance Minister, Ken Ofori Atta told parliament on Thursday during the presentation of the 2019 budget statement and financial policy. This is made up of US$227.10 million from Royalties, US$602.80 million from the Carried and Participating Interest, US$249.60 million in Corporate…
At the gathering of the 4th Africa Oil Governance Summit in Accra on November 13 and 14, 2018, it was concluded that local content is a great tool for developing domestic economies, promoting local work force and championing industrialization and regional integration of the African continent, this is according to a communiqué issued at the end of the…
Management of the Tema Oil Refinery (TOR), has begun processes to get an investor to develop a 3.5 billion dollar modern refinery, the Greenfield facility in Prampram. The new facility will increase TOR’s capacity by 200 percent from the current 45,000 barrels of crude refined daily to 120,000 barrels. The state-owned refinery has been making…
Recurring power outrages across the country is set to revive another politically charged discussion on the causes of erratic power supply in Ghana. The fresh complaints come despite the Akufo-Addo administration claiming credit for ending a power crisis which analysts say ended the re-election chances of the John Mahama led National Democratic Congress (NDC) government….
The international oil benchmark, Brent crude, has fallen to its lowest level this year and below the proposed benchmark for Nigeria’s 2019 budget, with economic experts describing the development as a cause for concern for the country. Brent, against which Nigeria’s oil is priced, plunged by $3.80 to $58 per barrel on Sunday as of…
The Nigerian Liquefied Natural Gas Limited has expressed its commitment towards eliminating gas flaring in the country. Managing Director/Chief Executive Officer of NLNG, Tony Attah, said the firm was at the forefront of deliberate efforts towards eliminating gas flaring in Nigeria. Attah explained that the company had created a system that would re-utilise gases that…
Tension has started building up in Delta State due to the decision of the Nigerian National Petroleum Corporation (NNPC) to award oil infrastructure surveillance contract to Ocean Marine Solution Limited contrary to extant rules. Multiple sources told THISDAY at the weekend that the NNPC approved a contract for the surveillance of the 87-kilometre Trans-Forcados Pipeline…
In line with the Federal Government’s initiative on gas to power, Greenville, an oil and gas company has inaugurated its first phase of Liquefied Natural Gas (LNG) plant with a daily capacity of 2,250 tons in Rumuji, River State. The plant, which is at a tune of between $450 million and $500 million dollars worth…
Petrocam International ‘s plan to build a 400,000 barrels per day (bpd) refinery will hasten Nigeria’s quest for improved locally refined products. Also, the firm is contemplating off-grid solutions to improve power supply. The South African-based oil trading giant is investing in the refinery to improve fuel supply for domestic consumption which is put at…
The Chief Executive Officer, Seplat Petroleum Development Company Plc, Mr Austin Avuru, in his keynote speech at the on-going annual conference and exhibition of the Nigerian Association of Petroleum Explorationists in Lagos noted that the country must effectively utilize its gas resources if it is to achieve sustainable economic growth. Avuru said, “With prices going…