The Chamber of Petroleum Consumers (COPEC) has blamed the continuous fall of the cedi against the dollar for the recent price hikes of fuel at the pumps. According to COPEC, the situation has resulted in speculations leading to an increase of about 4 to 10 percent in fuel prices. Fuel prices at the pumps saw … Read more
The Chamber of Petroleum Consumers (COPEC) has blamed the continuous fall of the cedi against the dollar for the recent price hikes of fuel at the pumps. According to COPEC, the situation has resulted in speculations leading to an increase of about 4 to 10 percent in fuel prices. Fuel prices at the pumps saw … Read more
Tullow Oil Ghana Limited, a Jubilee Field operator, has received a total of US$80 million as insurance claims for the drop in oil and gas production and other commercial losses suffered by the company in 2016. The losses were due to the defects that occurred on the floating vessel used to produce oil and gas … Read more
The price of petrol and diesel in the UK has risen to its highest since July 2015, following a three-pence-a-litre increase in December alone. The average cost of unleaded petrol hit 117.23p at the end of the month, with diesel reaching 119.63p, the RAC said. The wholesale price of both fuels has risen significantly, following … Read more
Oil prices rose in the first trading hours of 2017, buoyed by hopes that a deal between OPEC and non-OPEC members to cut production, which kicked in on Sunday, will be effective in draining a global supply glut. International Brent crude oil prices LCOc1 were up 16 cents, or 0.3 percent, at $56.98 a barrel … Read more
U. S. oil prices rose in the first trading hours of 2017 on Tuesday, buoyed by a deal for OPEC and non-OPEC production cuts which kicked off on Sunday. U.S. benchmark West Texas Intermediate (WTI) CLc1 crude oil prices were up 35 cents, or 0.7 percent, at $54.07 at 0010 GMT, not far from last … Read more
Oil prices have slumped since the summer of 2014 from above $100 a barrel Oil prices have slumped since the summer of 2014 from above $100 a barrel. The price rout, due to an oversupply thanks in part to the U. S. shale oil revolution, was accentuated later that year when Saudi Arabia rejected any … Read more
Oil jumped 1.7 percent Tuesday, continuing its year-end rally with support from expectations of tighter supply once the first output cut deal between OPEC and non-OPEC producers in 15 years takes effect on Sunday. U. S. crude prices have surged 25 percent since mid-November, helped by expectations for OPEC’s supply cut and generally solid U.S. … Read more
The Managing Director of the Tema Oil Refinery (TOR), Kwame Awuah Darko, has asked staff of the company to prepare for his exit as a new government takes over the reign of the country next year. He is, therefore, asking the staff to give their maximum support and cooperation to his successor, whoever that maybe. … Read more
The Tema Oil Refinery (TOR) is said to have taken delivery of the first crude oil produced from the Tweneboa, Enyenra and Ntomme (TEN) project to be refined and sold on the Ghanaian market. The one million barrels of crude, the thebftonline.com understands is currently secured in the storage tanks of TOR waiting to be … Read more
The Floating, Production, Storage and Offloading (FPSO) vessel that will be used on Ghana’s third oil and gas field Sankofa Gye-Nayame project is to be named after former President John Agyekum Kufuor. Sources say the name was settled on earlier this year between the partners and government. A formal program to name the vessel after … Read more
The Tema Oil Refinery (TOR) has announced it will from next year refine between 16 to 18 million barrels of crude oil. The crude will be from the Jubilee oil fields and subsequently other oil fields in Ghana. The Managing Director of TOR, Kwame Awuah Darko disclosed this when he addressed staff of the company … Read more
The Tema Oil Refinery (TOR) has announced it will from next year refine between 16 to 18 million barrels of crude oil. The crude will be from the Jubilee oil fields and subsequently other oil fields in Ghana. The Managing Director of TOR, Kwame Awuah Darko disclosed this when he addressed staff of the company … Read more
U. S. Gulf Coast refiners are cashing in on rising fuel demand from Mexico, shipping record volumes to a southern neighbor that has failed to expand its refining network to supply a fast-growing economy. The fuel trade could top a million barrels per day (bpd) at times in 2017 as Mexico becomes increasingly dependent on … Read more
The decision by the Bulk Oil Storage and Transport Company Limited (BOST) to compete with the private sector in the downstream petroleum products distribution sector has resulted in huge losses for the state-owned company. It has emerged that between January and September 2016, BOST made GH¢32million (GH¢32,017,779) loss from its trading business. The revelation was … Read more
Fuel prices have gone up by six per cent at the various service stations across the country, the Chamber of Petroleum Consumers Ghana has said. This current increases ranging between 4 and 6 per cent across the pumps is largely traced to the upward volatility of world market indexes over the past fortnight coupled with … Read more
The decision by the Bulk Oil Storage and Transport Company Limited (BOST) to compete with the private sector in the downstream petroleum products distribution sector has resulted in huge losses for the state-owned company. It has emerged that between January and September 2016, BOST made GH¢32million (GH¢32,017,779) loss from its trading business. The revelation was … Read more
The decision by the Bulk Oil Storage and Transport Company Limited (BOST) to compete with the private sector in the downstream petroleum products distribution sector has resulted in huge losses for the state-owned company. It has emerged that between January and September 2016, BOST made GH¢32million (GH¢32,017,779) loss from its trading business. The revelation was … Read more
Oil prices rose on Monday in anticipation of tighter crude supply going into 2017 following the decision by OPEC and other producers to cut output to prop up prices. Brent crude futures, the international benchmark for oil prices, were trading at $55.41 per barrel at 0756 GMT, up 20 cents from their last close. U. … Read more
The Tema Oil Refinery (TOR) is set to increase its daily production capacity following a successful test run of the expanded processing units. Per the expansion, the Crude Distillation Unit will now produce 65,000 barrels of crude oil a day from the current 45, 000 barrels’ level. The Managing Director of TOR, Kwame Awuah Darko … Read more