Deputy Energy Minister and MP for Karaga, Dr. Mohammed Amin
Adam, has urged international oil companies to come to Ghana with
their expertise, know-how and finances to exploit the countries
available blocks for mutual benefit
Ghana faces a real risk of stranded multi-billion oil and gas assets due to reduced funding for fossil-related projects, as the world transitions to cleaner energy sources, Minister of Energy Dr. Matthew Opoku Prempeh has said.
In the process of energy transition, it has become imperative for government to review the underlying fiscal regime for critical (transition) minerals as the country is endowed with several mineral resources: including manganese, bauxite/aluminium, iron ore, silica, graphite and lithium.
The Minority Caucus of Parliament has alleged that up to US$100 million has gone missing from Ghana Petroleum revenue for the first quarter of 2022. According to the minority, the US$100 million can not be accounted for now after the Finance Minister, Ken Ofori-Atta transferred it to an offshore account without the approval of parliament.
Ranking Member of Parliament’s Mines and Energy Committee, Joh Jinapor, has ‘shot down’ government’s claims that the Russia-Ukraine
war is the cause of Ghana’s economic difficulties.
According to him, “the evidence as contained in the 2022 semiannual report on Petroleum receipts has revealed that Ghana is making huge windfalls from the sale of crude oil, royalties, tax payments and surface rentals from the three oil producing fields bequeathed to the current NPP government.”
Government has since 2021 invested $75 million of petroleum
revenue into the Agenda 111 health project, the Public Interest
Accountability Committee (PIAC) has revealed.
The country recorded 25.8 million (bbls) of crude oil in the first half year of 2022 from its three offshore producing fields – Jubilee, Tweneboa Enyera and Ntomme (TEN) and Sankofa Gye Nyame
(SGN), a reduction of about 1.9 million barrels from the previous year’s production. Jubilee recorded 14.9 million bbls, being 57.6 percent of the total
production, whereas SGN produced 6.5 million bbls representing 25.4 percent and TEN recorded 4.3 million bbls, being 17 percent.
Climate campaigners have condemned the United Kingdom for its decision to open up a new licensing round for oil and gas fields in the North Sea, saying the decision signifies the Conservative government’s blatant disregard for the climate emergency and warnings against fossil fuel exploration from energy experts and scientists.
Oil prices fell on Monday, snapping five days of gains, as investors took profits after a report on slowing economic activity in China, the world’s biggest crude importer, re-ignited concerns about falling global fuel demand.
Energy experts are pushing for consideration of nuclear in the energy mix of countries across the African continent, as energy transition takes centre-stage in the efforts to address fast-occurring global climatic changes. Ghana, for instance, has committed to achieving net zero carbon emissions by 2070 while pursuing other steps to accelerate the production and utilisation […]