The Jubilee FPSO will be shut down for about three months from next year, some partners on the Jubilee Field told JOYBUSINESS. Sources say the shutdown will happen between February to July in 2017. This will allow the partners, to complete works on one of the major equipment that aids exploration of crude oil from … Read more
Every economy managed according to the rules of capitalism may experience boom, recession or depression. Nigeria’s current recession has been in the pipeline to burst anytime the shallowness of her economy was exposed. The current recession was not caused by ethnic, religious or social polarities existing in the Nigerian federalism: it was caused by an … Read more
The Producer Price Inflation (PPI) rose to 10.3 per cent year-on-year in July 2016 from the 7.6 per cent recorded in the previous month. According to the Ghana Statistical service, the 2.7 per cent increase in the month’s producer inflation was fueled by activities in the mining and quarrying sub-sector as a result of hikes … Read more
I have observed an error under the Sun; a repeated error. It is an error to think that dating is marriage and mistake a boyfriend for a husband. It indeed is an error to overstep the boundaries of a mere relationship and throw yourself around as though you are a wedded wife! Rings are cheap. … Read more
Libreville (AFP) – Gabon’s president Ali Bongo was set to be declared winner of last weekend’s contested election, electoral commission members said Thursday, in a result that risks inflaming tensions in the Central African nation. Bongo, whose father held onto power for four decades, sought relection after winning a first term in 2009 in a … Read more
Libreville (AFP) – Gabon’s president Ali Bongo was declared winner Thursday of contested weekend elections, extending half-a-century of rule by the Bongo family which sparked clashes in the Central African nation. Protesters shouting “Ali must go!” tried to storm the offices of the election commission shortly after authorities announced his re-election by a narrow majority. … Read more
Libreville (AFP) – Angry protesters torched Gabon’s parliament Wednesday after President Ali Bongo was declared winner of what he claimed was a “peaceful and transparent” election, but which the opposition said was fraudulent. It only took a few minutes for the announcement to sink in before several of Libreville’s poorer neighbourhoods erupted in anger, with … Read more
Oil and gas are the buzzwords in East Africa as countries try to outdo each other in getting their hydrocarbons out of the ground and into the market. Last week, Tanzanian President John Magufuli ordered that exploitation of natural gas begin as a matter of urgency, as Kenya’s President Uhuru Kenyatta announced that Tullow Oil … Read more
The erratic power supply situation that Ghana suffered for almost four years affected several businesses including UT Bank, Prince Kofi Amoabeng, founder of UT Holdings, has said. Speaking in an interview with DJ Premier on Entertainment Capital on Accra100.5FM on Saturday August 27, Mr Amoabeng said: “A lot of businesses collapsed because of the power … Read more
Fugro has completed a 33-month period of metocean data acquisition for Hess Ghana Exploration Limited, an indirect wholly owned subsidiary of Hess Corporation and leading independent energy company that explores and produces crude oil and natural gas. Measurements were made at three locations in an area offshore western Ghana known as the Deepwater Tano/Cape Three … Read more
“Dumsor,” the term most people use to describe the erratic power supply that has hit the country in recent years, will soon vanish from the Ghanaian vocabulary, the acting Minister of Power, Mr Seth Terkper, has said. He said the ministry and its agencies were spending sleepless nights to ensure that the disruption in power … Read more
President John Mahama says he will not declare a return to load shedding despite admitting there are challenges with power supply in the country. Addressing Muslims on the occasion of Eid al-Fitr, the president attributed the recent power outages to “sabotage in Nigeria” which is preventing the supply of crude oil to power the thermal … Read more
Prices of petroleum products are likely to go up by three per cent at the pump from today June 1, the Chamber of Petroleum Consumers Ghana (CPCG) has projected. Executive Secretary of the Chamber of Petroleum Consumers Ghana, Duncan Amoah, noted that the marginal increment followed the rise in the price of crude oil on … Read more
The 125-megawatts power barge is expected to consume about 30,000 metric tonnes of Heavy Fuel Oil (HFO) every month at a cost of between $7 million and $9 million, depending on current crude oil price movements. If the power barge was using crude oil, the 30,000 metric tonnes would cost between $11 million and $12 … Read more
The emerging markets are challenging developed countries by producing innovative business services and products, for less cost than western nations. Countries in Africa, including Ghana, have emerged as up-and-coming investment hubs. However, there are a number of obstacles that these countries must overcome in order to keep up with their more developed counterparts. Leading real … Read more
The amount of crude oil being stolen from Nigeria daily exceeds what Ghana produces in a day, the vice-presidential candidate of the All Progressives Congress (APC) claims. Ghana produces about 120, 000 barrels of oil per day and according to Professor Yemi Osinbajo, it is about four times what is stolen in West Africa’s populous … Read more
The Minority says it will reject the 17.5 per cent petroleum tax which government is threatening to pass under a certificate of urgency. The Minister of Finance Seth Terkper announced the newly proposed tax during his presentation of the 2015 Budget Statement Wednesday. The new tax, among other things, is to stabilise the petroleum and … Read more
By Camillus Eboh (ABUJA,Reuters) – Nigeria expects economic growth for 2015 to reach 6.75 percent, an improvement on this year’s forecast of 6.2 percent, despite the risks posed by falling global oil prices to government revenues, its finance minister said on Tuesday. Ngozi Okonjo-Iweala said the volatility in the oil price over the past two … Read more
The Director-General of the Ghana Ports and Harbours Authority (GPHA), Mr. Richard Anamoo, says a Greek Oil vessel, MT Fair Artemis, hijacked by pirates off Ghana’s waters in June this year has finally berthed at the Takoradi Port to offload oil. He said the pirates siphoned 3,500 metric tonnes of crude oil from the vessel … Read more