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News Review

News Review for 19 February 2018

  • SOURCE: Reportingoilandgas | Kwabena Tabiri
  • Hello, it’s another exciting and refreshing week. We hope you are poised to overcome the week’s hurdles. Abreast yourself with the stories that made headlines in the oil and gas industry today:

    The major news making headlines is “Karpowership Ghana engages stakeholders ahead of Sekondi-Takoradi relocation.” The story reports on the series of stakeholder engagements with various groups within the oil-producing region, Sekondi and Takoradi. The rationale of the engagements was to sensitize stakeholders in these areas on the operations of Karpowership and its social responsibility to the communities. This story was reported by by Graphic, Ghana News Agency, Myjoyonline, Citifmonline, 3news, Starrfmonline and Daily Guide Africa. Read more from here

    Myjoyoneline reports “ExxonMobil agreement, not the best ever- Analyst contests Minister’s claim.” The story reports on concerns raised by industry expert, Dr Steve Manteaw, on the petroleum agreement signed by the sector minister on behalf of Government of Ghana and ExxonMobil. The analyst debunks the assertion by the minister that the ExxonMobil deal is the best ever agreement signed in the sector. Outlining stake of government in contracts signed with previous companies Dr. Manteaw said ExxonMobil agreement cannot be said to be the best. Read more from here

    In addition, myjoyonline reports on the further decline on fuel prices. The story hints on government’s plan to provide financial assistance to the Bulk Distributing Companies (BDC) to enable them secure better deals at the trading levels. According to the Deputy Finance Minister, Kwaku Kwarteng, this will enable the BDCs to purchase the finished products in large quantities and get premium on the international markets, which would see the products sell at retail level. Read more from here

    Citifmonline reports “TOR targets full production by year end.” The story indicates the preparedness of Tema Oil Refinery (TOR) to restore their burnt furnace at the plant to increase its production to full capacity by the end of 2018. This, according to the story, is to improve the profitability of the refinery, which has come under major criticisms due to its inability to produce up to capacity. Currently, TOR produces at half capacity of 25,000 barrels of oil per day due to faulty equipment. Read more from here

    Starrfmonline has the caption “Fuel Prices Must Go Down – NPA To OMCs.” According to the story, the National Petroleum Authority gives directive to all oil-marketing companies to adhere with immediate effect to implement the revised Special Petroleum Tax, which has been reduced by 2%. The NPA wants the reduced taxes to reflect in the price at the various pumps effective 16 February 2018. The order was contained in a press release signed by the NPA’s Chief Executive Officer, Alhassan Tampuli. Read more from here.

    Classfmonline has the caption “2% reduction in SPT ‘unacceptable’ –MP” This came in the wake of reduction of the special petroleum tax by the government. However, some industry players have raised concerns on this development. In a sharp reaction to the two per cent reduction the ranking member on Energy and Mines Committee of parliament, Mrs Sowa Dela Adjoa describes this action as “unacceptable”. The government, as part of their campaign promises, promised to scrap the SPT when they get the nod to form government, but this has not been the case according to the ranking member. Read more from here

    The Classfmonline further reports “Aker Energy to buy Ghana unit of Hess, expects first oil in 2021.” According to the story Aker Energy AS, controlled by Norwegian billionaire Kjell Inge Roekke, has agreed to buy Hess Corporation’s (HES.N) Ghana unit in a $100 million deal and plans to launch production from its first oilfield there in 2021, it said on Monday. Aker Energy aims to build a significant exploration and production business in the country together with the Ghana National Petroleum Corporation (GNPC), it added. Aker ASA (AKER.OL), Roekke’s main listed investment vehicle, owns 50 percent of Aker Energy, while TRG, his privately held holding company, owns the remaining 50 percent. Read more from here

    Furthermore, the Ministry of Energy has signed a memorandum of understanding with ENI to produce 50 megawatts of solar power to be added to the national grid to augment the country’s energy supply. This, according to the minister, will help boost the energy delivery in the country. Mr Boakye Agyarko, Minister of Energy, reiterates government’s commitment to have renewable energy constituting 10 percent of the country’s generation mix by 2020. Presently, less than 1% of electricity consumed locally is from renewable energy sources, a situation some players in the industry find worrying. Read more from here

     

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    Kwabena Tabiri

    Kwabena is currently a project coordinator on the Extractives team at Penplusbytes. He holds a Masters degree in Social Policy Studies from the Centre for Social Policy Studies and a Bachelor of Arts degree in Political Science and Linguistics.
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