Oil and gas exploration and production group Tullow Oil said profit slumped last year as prices fell and output declined. Profit after tax fell 92 per cent to £19 million (€20.9 million), while sales revenue was down 16 per cent to £582 milllion. This compares to £226 million in profit and £692 million in revenue the year before. Basic earnings per... Read more

Takoradi, March 10, GNA – Ms Betty Bosomtwi-Sam, Deputy Western Regional Minister, on Tuesday called on traditional authorities and other opinion leaders to develop a blueprint that could take advantage of the oil and gas discovery in the area. She expressed the need for the region to position itself to benefit from the oil and gas discovery in the area. Ms... Read more

The former Deputy Energy Minister and Member of Parliament (MP) for Adansi Asokwa, Hon. Kobina Tahir Hammond has advised the government to “respect its contractual obligations” with investors in the newly found oil and gas industry, and refrain from turning the country into what he described as “gangsterism.” According to him, failure by government to honour its contractual obligations will... Read more

The Ghana High Commissioner to Malaysia, His Excellency Mr. Daniel Kwasi Abodakpi has extended a warm hand of friendship for Malaysian experts to partner Ghana in its oil and gas industry. The High Commissioner expressed this sentiment at a reception organised to mark the 53rd Independence Anniversary of Ghana which fell on Saturday 6th March 2010. The reception was attended by... Read more

Ghana will retain 38% of the country’s oil revenue, an advisor to the Ministry of Finance and Economic Planning, Dr. Joe Amoako-Tuffuor has said according to a Daily Graphic report of March 6, 2010. The newspaper citing a presentation he made, indicated that he said Ghana will earn from direct and indirect sources such as royalties, corporate income tax, dividends, additional... Read more

P. O. BOX 8662 TEMA 6th March, 2010 OPEN LETTER TO PARLIAMENT OF GHANA Dear Honorable Members of Parliament Is Ghana losing or gaining on the Oil and Gas? As you are all aware, Oil and Gas are the most volatile commodities sought after by every country in the world. Countries in which they are found try as much as possible to protect their interest and... Read more

Ghana celebrated last week its 53rd independence. The focus was on young Ghanaians, and President John Atta Mills has called them to stand for the challenge to participate in the development of the country. Education is key for empowerment of the younger. But the country has much potential which could be used to sustain development. First after his election president Atta-Mills challenge... Read more

Participants at the Volta Regional forum on management of expected revenue from Ghana’s emerging oil industry, organized on Wednesday at Ho, called for effective handling of information on the sector. They suggested that the forum should be replicated at the district and community levels, to avoid misinformation and rumours to help put public expectations into the right perspective. The participants appealed... Read more

A major crude oil-induced border dispute could break out between Ghana and neighbouring Ivory Coast, if immediate steps are not taken to enter into appropriate negotiations to redefine the international boundary between the two West African nations. Ghana’s Western neighbor Ivory Coast is reportedly laying claims to portions of the huge oil wealth in the deep waters of the Western Region. In... Read more

Participants at a consultative forum in Koforidua on how to manage the expected petroleum wealth of the country, had suggested that the wealth be invested in projects that would bring high returns to the nation as a whole. They urged that the oil wealth be used to develop better structures for environmental protection and the development of other sectors of the... Read more