The National Petroleum Authority (NPA) has fined nine (9) oil marketing companies (OMCs) ₵2,215,000 cedis for engaging in illicit Third-Party trading of petroleum products, and unlawful lifting of petroleum products.
GHANA is aiming at phasing out petrol, liquefied petroleum gas (LPG) and diesel-powered vehicles by 2040.
Underneath a chaotic global energy market is a dislocation between oil prices on the futures and physical market that appears to have emerged.
The National Petroleum Authority (NPA) has fined nine (9) oil marketing companies (OMCs) ₵2,215,000 cedis for engaging in illicit Third-Party trading of petroleum products, and unlawful lifting of petroleum products.
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.”
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.