Oil & Gas

The Ghana government Tuesday announced the removal of subsidy on Residual Fuel Oil (RFO) until further notice.

The government is working to secure reliable and regular sources of affordable petroleum products for the Ghanaian market to stabilise fuel prices, President Nana Addo Dankwa Akufo-Addo, has said.

The Tema Oil Refinery (TOR) will by the end of 2022 commence the formulation of premix fuel using condensate, a by-product from the Atuabo Gas Plant instead of gasoline. 

The Savannah Region has 70 per cent of the hydrocarbon deposits in the northern belt for crude oil exploitation.

Mr Opoku A. Danquah, Chief Executive of Ghana National Petroleum Corporation (GNPC), says Africa should not be pressured into transitioning at the pace of the West but should leverage its fossil fuels towards a more practical transition.

The Chamber of Petroleum Consumers Ghana (COPEC) has asked the Bank of Ghana and the Economic Management Team to take immediate steps to halt the fast decline of the cedi against the US dollar to stabilise fuel prices.

Vivo Energy Ghana, the company that markets and distributes Shell branded fuels and lubricants, has opened an ultra-modern lube bay in the country to provide express maintenance services.

Mr Wisdom Ahiataku-Togobo, the Director of Renewable Energy at the Bui Power Authority, has urged Africans to support Nigerian Businessman, Mr Aliko Dangote, in his effort to set up a crude oil refinery on the continent. 

The Ghana National Petroleum Corporation (GNPC-Ghana) has renewed a Memorandum of Understanding (MoU) signed in 2019 with the Gambia National Petroleum Corporation (GNPC-Gambia).

The Ghana government has since 2021 invested $75 million of petroleum revenue into the Agenda 111 health project, the Public Interest Accountability Committee (PIAC) has revealed.