Use excess gas to develop petrochemical industry

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Government has been urged to leverage opportunities presented by its growing gas production to develop its petrochemical industry.

  With gas production scheduled to begin from the Sankofa Gye Nyame field in 2018, the country is presented with an opportunity to use the excess gas to undertake petrochemical manufacturing.

A member of the Public Interest and Accountability Committee ...

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Tullow records $ 300m loss after tax in 2017 first half

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The figure represents a decrease of 270 million dollars compared to the 30 million dollars profit after tax recorded for the same period last year.

The oil company’s revenue for the first half of 2017 however went up to 788 million dollars from the 541 million dollars recorded in the same period last year.

Tullow attributed its rising ...

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Hedge Ghana’s oil to protect economy from shocks – PIAC

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The Public Interest and Accountability Committee (PIAC) has impressed on the Bank of Ghana and Finance Ministry to target hedging Ghana’s oil reserves to protect the economy from massive revenue losses due to declining global oil prices.

In its 2016 Annual report, PIAC warned of extreme financial losses in the near future following the over 50 percent drop ...

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Akufo-Addo opens FPSO Kufuor

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President Nana Addo Dankwa Akufo-Addo on Thursday 6 July symbolically turned the production valve on Floating Production Storage and Offloading (FPSO) vessel John Agyekum Kufuor to officially commence production of oil in commercial quantities from the Sankofa-Gye Nyame fields.

The ceremony was held offshore.

ENI is the operator of the OCTP block with a ...

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Ghana to rake in $2.3bn annually from Sankofa gas project

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New figures released by the International Finance Corporation (IFC)   has projected that the Sankofa Gye Nyame Oil  and Gas  field will generate about $2.3 billion in revenues for the government of Ghana annually .

The field which will provide reliable gas supply for thermal plants is also estimated to help produce about 1000 megawatts of power.

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