One worker has reportedly died while five others have been seriously injured in an accident that occurred on the Boskalis-owned heavy-lift vessel.
The accident occurred when an FPSO unit was being transported from China to Brazil.
Boskalis informed on Thursday that, earlier this week, an incident had occurred on board of the FPSO which was being transported by the Vanguard from China to Brazil.
“During the journey, a contractor, designated by the yard, is conducting preservation works on board of the FPSO. These works are part of the pre-delivery activities by the yard before the FPSO is delivered to the operator in Brazil later this month. Six persons employed by the designated contractor, all with the Brazilian nationality, illegally consumed a cleaning liquid found on board of the FPSO, Boskalis said.
According to the company, this liquid is a substance customarily used for degreasing purposes, presumably containing a mixture of ethanol and the severely toxic methanol. The affected persons reported this to Boskalis crew approximately 36 hours after consumption at which point serious signs of illness were becoming apparent. Swift and immediate action was taken by the crew, Boskalis said.
The Vanguard changed course towards the coast of South Africa and a medical evacuation by helicopter was organized. One of the affected individuals passed away before the medical assistance was on site. The remaining five persons were successfully evacuated, hospitalized in Durban, South Africa and are successfully recovering from the intoxication.
“Boskalis expresses its deepest condolences to the family and loved ones of the deceased person,” Boskalis said in the statement.
Boskalis also stressed that it has a strict zero tolerance policy with regard to alcohol on its offshore vessels. The FPSO and Vanguard have recently resumed their journey to Brazil.
Aker Energy, a Norwegian oil and gas firm which is operating the Deep Water Tano Cape Three Point (DWT/CTP) oil block in the Republic of Ghana, has backed the government’s decision to amend the Petroleum Agreement covering Aker’s oil block.
According to sources within Aker Energy, the amendment is in the right direction, adding that the amendments are in line with international best practices and would reinforce Ghana as an attractive place to invest.
“The main beneficiaries of the projects is Ghana due to tax revenues, employment and local content,” a source at Aker Energy said.
The Akufo-administration, through the Ministry of Energy, requested the country’s Parliament to amend the Cape Three Points-Deep Water Tano (CTP-DWT)(Aker) petroleum agreement and South Deep Water Tank (SDWT) (AGM) Production Agreement.
The decision did not sit well with the Minority MPs in Parliament, who accused the President of presenting a ‘Christmas gift’ to the Norwegian oil and gas firm and denying Ghanaians the benefit.
“This ‘Christmas present’ represents the most radical attack on Ghana’s upstream petroleum sector since the commencement of the fourth Republic,” the Minority described.
According to a statement by Minority, “The amendment of the petroleum agreement would impose certain critical obligations on the sector Minister, which are regulatory in nature, limit the Minister’s discretion in approving plan of development(POD) contrary to Act 919 for example, by compelling the Minister to use FPSO technology as the only option for producing the resources of the AGM Block even before the appraisal of the field in which the technology must be deployed, compelling the Minister to accept the contractor’s delineation of the area to be included within a Development and Production Area in the Aker block, allow Aker within a year of its Final Investment Decision to unilaterally vary the approved development plan without reference to the Minister contrary to Section 27(12) of Act 919, give contractor’s unfettered discretion over oilfield procurement without recourse to petroleum commission or any other governmental authority, thus, weakening the role of GNPC in joint Management Committee.
“The direct beneficiary of these giveaways would be the Norwegian Multinational, Aker Energy which owns and controls north Aker Ghana and AGM. The direct loser is Ghana. The cumulative medium to long term effect of all these giveaways would be a loss of national control over our precious petroleum resources which would lead, among other things, to billions of dollars lost to the nation and loss of job creation. These amendments would lead to demands from contractors across the board for review of their current contract terms in order to achieve parity of treatment,” Minority argued.
However, reacting to the Minority’s claims, sources at Aker Energy said Ghana rather stands to benefit immensely from the oil block, saying the development of both blocks are needed to achieve Ghana’s oil production target.
“Aker is the right partner for Ghana given the ultra-deep waters with its high risk and complexity. Aker, which developed the Norwegian oil sector, is known for its broad skillset and technology portfolio.”
ABOUT AKER ENERGY:
• Building a Ghanaian oil and gas company: Operating the DWT/CTP block, building on Norwegian
knowledge and expertise. Planning to significantly build up the organisation in Ghana.
• Proud industrial heritage: Building on 180 years of experience from the Aker group, which employs
30,000 people in 60 countries. Has taken part in 80% of developments in Norway.
• Developing the fourth producing field offshore Ghana: Ultra-deep water project with estimated
investments of USD 4.4 billion (plus cost of FPSO). Ambition to significantly improve oil recovery.
• Commitment to industry development: Established Aker Ghana Investment Company (AGIC) to
develop local industry. Pledged $4.5 million to AOGC program to enhance competence in the industry.
Ghana’s Deputy Minister for Energy in charge of Power, William Owuraku Aidoo, has left Ghana to attend the 10th session of the International Renewable Energy Agency (IRENA) Assembly in Abu Dhabi, UAE, scheduled for January 10-12, 2020.
The Deputy Minister is accompanied by the Director for Renewable and Nuclear Energy at the Ministry, Wisdom Ahiataku-Togobo and Madam Patricia Asaam, the government’s spokesperson on energy at the ministry.
Owuraku Aidoo is expected to deliver an address which is likely to touch on efforts Ghana is making towards advancing renewable and nuclear energy.
The 10th IRENA Assembly will bring together head of states and government, ministers, member delegations as well as heads of international and regional organisations, public and private entities and civil society representatives to contribute to the energy transformation dialogue.
There will be one Ministerial Roundtable and two Ministerial Plenary sessions taking place, engagement with ministers and high-level participants on specific topics such as Decarbonisation Green Hydrogen, Renewables Investment and Hydropower.
A number of thematic meetings will also be held over the course of the 10th session of the IRENA Assembly.
The main objectives include raising awareness of the importance of intensifying global efforts to deploy renewable energy, discuss their impact on the energy transformation and sustainable development, connecting policy makers, experts and innovators worldwide to learn from each other, and share best practice and experiences on issues of common interest.
The Assembly will also consider the conclusions of the agency’s council meetings and will provide guidance on specific administrative and institutional matters.
Source: www.energynewsafrica.com
Nigeria’s Navy has rescued three foreigners who were kidnapped in the oil-rich Niger Delta last week, energynewsafrica.com can report.
Navy spokesperson Suleman Dahun told AFP on Wednesday that a Navy team rescued two Russians and one Indian late Tuesday in an operation in the southwestern state of Ondo.
The three foreigners were abducted on Thursday last week in a pirate attack on an oil dredging ship that resulted in the killing of four operatives of the Nigerian Navy and the kidnapping of the three foreign sailors. The armed suspected pirates attacked the oil dredging ship MV Ambika in the waterways of the Niger Delta.
Attacks and kidnappings are nothing new in the oil-rich Niger Delta which, despite its oil wealth, hasn’t been good to its local people who have not seen oil revenues transform their lives.
The coasts off Nigeria and the Gulf of Guinea in general are prime targets for piracy in West Africa.
Over the past year, piracy off the coasts in West Africa has seen a shift from oil piracy to kidnapping people. India, the most prolific source of maritime sailors in the region, has banned all Indian seafarers from working on vessels in Nigerian waters and in the Gulf of Guinea.
In one recent incident before the kidnapping from last week, a gang of pirates kidnapped in the early December 19 sailors after waylaying and boarding a supertanker loaded with oil.
Hong Kong-flagged crude supertanker the Nave Constellation, owned by Navios Maritime Acquisition Corporation, was boarded on December 3 while the ship was traveling through Nigerian waters. The attack occurred roughly 60-70 nautical miles south of Nigeria’s Bonny Island Offshore Terminal, where the ship was stocked with cargo.
Source:www.energynewsafrica.com
The President of Nigeria Mahammadu Buhari has approved the appointment of Mr. Ahmad Salihijo as the new CEO of Rural Electrification Agency (REA) of Nigeria.
Salihijo steps in following the suspension of former Managing Director of REA, Damilola Ogunbiyi, in December 2019.
However, on further investigation, Premium Times has discovered that the new CEO is a level 12 public official and the son of Salihijo Mohammed Ahmed, a former managing director of Afri-Project Consortium.
This has sparked debate in the public domain with claims against the President for displaying nepotism toward this appointment.
Ogunbiyi was instructed by the Nigerian Minister of Power, Sale Mamman, to hand over to the next most senior officer in the agency following some apparent infractions in the agency.
A statement by Aaron Artimas, the special adviser to the Minister on media and communication, said: “Consequently, the minister has directed an immediate investigation into the activities of the agency towards re-positioning it for better service delivery.”
Source:www.energynewsafrica.com
Oil product stockpiles at the UAE’s trading hub in Fujairah rose in the past week as IMO 2020-mandated marine fuel requirements took effect.
Stockpiles of heavy distillates and residues, including marine fuel, advanced 11 percent to 11.205 million barrels as of 6th January, the Fujairah Oil Industry Zone, FOIZ, reported Wednesday.
Total inventories, including light, middle and heavy distillates, jumped about 12 percent to 20.735 million barrels — a two-week high.
Fujairah is expanding shipping and storage facilities for refined products and crude as the International Maritime Organisation’s 2020 rule took effect 1st January, requiring ships to use fuel that has no more than 0.5 percent sulphur, compared with 3.5 percent previously.
Fujairah plans to conduct spot checks this year on ships taking bunker fuel to make sure they comply with the new rule, Captain Mousa Murad, the Port’s general manager, told S&P Global Platts in December 2019.
Middle distillates fell 2.1 percent to 3.644 million barrels in the past week and light distillates rose almost 24 percent to 5.886 million barrels.
Heavy distillates include fuels used for power generation, while middle distillates cover jet fuel, kerosene, gasoil, diesel and marine bunker gasoil.
The light distillates category include gasoline, gasoline blending components like reformate and alkylate, naphtha, and other light petrochemical feedstocks and condensates that are stored in white product tanks and are of an API of 45 degrees and above.
Light distillates was the only category to show an inventory decline for 2019, tumbling 51 percent after more than doubling in 2018 and declining almost 15 percent in 2017. Middle distillates jumped 155 percent last year and heavy distillates climbed 62 percent. Total stocks rose seven percent for the year after a 2.3 percent gain in 2018 and a 12 percent drop in 2017.
The Fujairah Oil Industry Zone data started being reported in 2017.
Platts is the official publisher of the data.
Source: www.energynewsafrica.com /emirates news agency
The Liberia Petroleum Regulatory Authority has announced the launch of its next offshore licensing round, expected to commence in April 2020.
Nine blocks will be on offer in the Harper basin, one of the last unexplored and undrilled regions offshore West Africa.
Geophysical company TGS holds a range of multi-client data across this acreage to support the licensing round, including 5,272 kilometers of 2D and 6,276 square kilometers of 3D seismic, gravity and magnetic data.
Syn-rift structural traps can be identified over much of the area, which offer multi-level prospectivity, with direct analogues to producing fields in neighboring basins.
Modelling predicts the source rock maturity and expulsion post-dates the main tectonism in the basin, and seal presence is evident in West African Transform Margin analogues.
Also, Cretaceous slope and basin floor fan systems demonstrating high amplitude character have been identified, some of which cover over 300 square kilometers. Volumetric assessment of these features suggests field sizes over a billion barrels of oil in place could be present.
“This is a watershed moment for the country and the Authority is excited to reach an agreement with all parties including TGS and NOCAL in promoting Liberia’s offshore acreage and attracting the needed investment in Liberia towards support for the Pro-Poor Agenda for Prosperity and Development (PAPD) under the aegis and leadership of President Dr. George Manneh Weah,” Archie N. Donmo, director general at LPRA commented.
A formal announcement on the actual licensing date in 2020 will be made by His Excellency, Dr. Weah, based on the recommendation from the Authority (LPRA), working in concert with NOCAL and TGS.
Source: www.energynewsafrica.com
Norwegian offshore engineering and services provider Aker Solutions has secured a contract to provide subsea control systems to Beach Energy’s Otway project phase 4 and 5, offshore Victoria, Australia.
The order includes seven sets of Vectus subsea control modules (SCMs) which will be backward compatible to the existing topside MCS and EPU, along with associated stab plates and testing equipment. Aker Solutions’ Vectus SCMs will be integrated with subsea trees in the Otway field, Aker Solutions said.
The deliveries will be from Aker Solutions’ facilities in Reading, United Kingdom; Port Klang, Malaysia; and Curitiba, Brazil.
Greg Ross, Country Manager of Australia at Aker Solutions, said: “It is our first partnership with Beach Energy in Australia and we look forward to more opportunities in future collaborations.”
The Otway project consists of Geographe and Thylacine offshore gas fields that tie back to a not normally manned platform in 100 meters water depth and processed 80 kilometers onshore at the Otway Gas Plant near Port Campbell, Victoria, Australia.
The deliveries of the control systems will start in the first quarter of this year. The companies are not disclosing the value of the contract.
Source: www.energynewsafrica.com
The Managing Director of Ghana’s strategic oil company, Bulk Oil Storage and Transportation (BOST) Company Limited, Edwin A. Provencal says he is optimistic the company will experience a financial turnaround this year and beyond and thus start paying dividend to government in the future.
The strategic national oil company in the West African nation has been making operational losses amount since 2013, but Edwin Provencal, who was appointed barely four months ago, believes the era where the company recorded operational losses are over.
“Hopefully, 2019 will be the last year we will make a loss. We have been making losses all the past years. This year, we will break even and subsequent years we will start paying dividend to the government,” Mr Provencal opined.
Speaking at a media engagement recently, Mr Provencal noted that within the few months he took over as Managing Director of BOST, he and his team have instituted cost cutting measures in place to reduce expenditure in order to ensure that BOST runs efficiently.
He mentioned that foreign travel for training of BOST technical staff have been cancelled, saying training will be procured locally from TOR and where possible from other West African countries.
He added the new management had also made it a plan not to engage in any trading that would, in the end, result in losses.
He claimed these new initiatives have already started yielding some positive results.
“Since we came, every trade we have done has yielded profit because the process we have put in place which was supported by the board is the fact that every parcel or cargo should have a business case and that business case, should be a net positive. If it’s not positive, we will not trade. We’re not going to trade on the margin…we don’t want to make losses. Even though forex can erode so much that you can make some losses but apart from unanticipated forex losses, I don’t think we will be trading at a loss.”
Established in 1993 as a strategic stock keeping company, BOST has a 361-km pipeline infrastructure along the eastern and northern corridors of Ghana, four barges, a tugboat and fifty-one petroleum storage tanks totalling 425,000 square metres.
Chart showing the operational cost and losses BOST made in the past
Sadly, 15 out of the 51 tanks have been decommissioned as a result of malfunctioning component while 86 km out of 361km of pipeline infrastructure is inactive. Additionally,
two out of the four barges have also been grounded.
Mr Provencal, who expressed serious concern about perceived corruption at BOST, which had triggered bad publicity for the company in the past, noted that BOST had not been able to attract international investors because of that as well as the US$60 million legacy debts sitting in the company’s accounting books.
He argued that if the legacy debts is taken care of, it will boost the credibility of BOST to go to attract investors.
To him, “once, the legacy debts are settled, we will be very attractive to investors and when BOST margin is increased, we will be able to maintain and build additional infrastructure and within two years, we will be making huge revenue for the country.”
He added as part of his activities to transform BOST, they need to build the infrastructure needed to transport not only gasoline and gasoil but also for the gas; thus, going forward, they may need investment for other types of infrastructure and network.
He reiterated that “we look forward to building the infrastructure needed to transport not only gasoline and gasoil but also for the gas; so, going forward, we may need investment for other types of infrastructure and the network.
“We want to help become cost-efficient and in order to become cost-efficient, we need to upgrade our network and we will need money to upgrade our network. These three things, once, we get done will put us on the path to be one of the best run depots or best-run petroleum storage and transmission infrastructure in West Africa.”
Source: www.energynewsafrica.com
The Electricity Company of Ghana (ECG) in the Ashanti Region has disconnected five tenants at the Kwadaso Estate from the national grid for illegally connecting power supply to their premises.
The culprits were caught red-handed and apprehended by Christina Jatoe-Kaleo, Ashanti West (SBU) Area Manager, and her team on Monday, 30th December, 2019, for meter bypassing.
In an interview, Christina told energynewsafrica.com that she acted on a tip-off from the Managing Director of Electricity Company of Ghana, Mr Kwame Agyeman-Budu, based on information he received on Saturday, 28th December, 2019.
She said her outfit visited the suspected houses, which had a salon and more than five tenants in different flats, where they saw the wires by-passed behind the meter board.
The tenants were, therefore, disconnected by the team and were asked to report to the office for further investigations into the matter.
Power theft is rampant in the West African nation with the Ashanti Region recording the highest in 2017.
To this end, the Electricity Company of Ghana has intensified its fight against illegal connections and other forms of electricity theft across its operational areas in a bid to reduce financial losses that arise from such power thefts.
Source:www.energynewsafrica.com
US integrated oil and gas firm, Chevron has reportedly pulled all its American oil workers out of Iraq.
This follows the killing of Iranian Quds Force leader Qassem Soleimani which has sparked tension between US and Iran.
Chevron operates in Iraq’s Kurdistan region, much to the irritation of the Iraqi government, and owns and operates a 50% operating stake in the Sarta production-sharing contract, and a 40% non-operating interest in the Qara Dagh production-sharing contract, according to the company’s website.
While American workers are being whisked out of the country, local Kurdistan workers will oversee Chevron’s Iraqi operations.
Chevron, America’s second largest oil company behind only Exxon, was blacklisted by Iraq in 2012 for sealing the oil deal with Kurdistan, a move that effectively banned Chevron from signing any oil agreements with the Iraqi government.
The Qara Dagh and Sarta blocks that Chevron purchased in part were disputed blocks. The blacklisting, however, have too few teeth to persuade Chevron to drop its Kurdish pursuits.
Chevron had already stopped its Kurdistan activities in October 2017 after an independence referendum created further tensions between the Kurdistan region and the central Iraqi government in Baghdad.
At the time, Iraqi government forces had seized all oilfields around Kirkuk, taking 350,000 bpd of oil production offline. The oilfields had been under Kurdish control since 2014. Chevron restarted its operations there months later.
According to oilprice.com, Chevron considered pulling its staff out of Iraq in May of 2019 after the US ordered the evacuation of all non-essential government employees out of Iraq due to security concerns, stating that US citizens in Iraq were, at the time, at a “high risk for violence and kidnapping”.
Source:www.energynewsafrica.com
Information available to energynewsafrica.com indicate that seven people have been arrested after taking part in a protest against the oil and gas industry by climbing on a Valaris-owned and Shell-chartered jack-up rig destined for the North Sea.
The seven activists from the environmental organization Extinction Rebellion reportedly occupied the Valaris JU-122 jack-up rig located in Dundee harbor.
The rig is currently contracted by Shell for operations in the North Sea.
The activists scaled the rig with an intention to stay up there for as long as possible to stop the rig leaving the harbor, and to halt the rig’s operations in the North Sea.
However, the environmental group in a tweet said that the activists had left the rig due to deteriorating weather conditions.
According to the BBC, the three female protesters that climbed the rig on Monday came down five hours later.
The BBC also said that a total of seven people had been arrested.
BBC also reported that seven people had been charged in connection with an “occupation” at a drilling rig at the Port of Dundee.
Three women, aged 25, 27, and 35, and four men aged 21, 23, 24, and 31 are expected to appear at Dundee Sheriff Court later, BBC said.
Despite the quick closure of the rig protest and the subsequent arrests, Extinction Rebellion said in a tweet that this was just the beginning.
Nigeria’s opposition party, Peoples Democratic Party (PDP), has kicked against a move by the country’s electricity regulatory commission to approve an increase in electricity tariff.
Media reports at the weekend suggested that electricity consumers in the most populous West African country would pay more tariff from April this year, based on a minor review of the Multi Year Tariff Order (MYTO) 2015 and the Minimum Remittance Order (MRO) for 2020 published by Nigerian Electricity Regulatory Commission (NERC).
NERC has the mandate to implement the Electric Power Sector Reform (EPSR) Act 2005, especially Section 32, which allows it to ensure prices charged by licencees (distribution companies) are fair to customers and sufficient to allow the licencees finance their activities and make reasonable profit for efficient operations.
According to the reports, NERC in August, last year, published a minor review of tariff order indicating that from 2020, consumers would pay a maximum N14 addition for every kilowatt-hour of energy, depending on their status and their distribution companies.
The tariff adjustment, energynewsafrica.com learnt, was to have been implemented from this month, but a new order announced the suspension of the implementation till April, stating that “the Federal Government’s updated Power Sector Recovery Programme (PSPRP) does not envisage an immediate increase in end-users’ tariffs until 1st April, 2020, and a transition to full cost reflectivity by end of 2021.”
Reacting to the planned electricity tariff increment, the PDP described the development as draconian and completely against the interest and well-being of Nigerians.
The party charged the Federal Government to immediately rescind what it called “the obnoxious and provocative policy and consult further with Nigerians before any such tariff hike.”
It also urged the National Assembly to rescue Nigerians from such a draconian policy by deploying its statutory legislative instruments to call the Federal Government to order in the interest of the nation.
The PDP, in a statement by its National Publicity Secretary, Kola Ologbondiyan described the alleged increase in electricity tariff as an attempt to worsen “the fleecing of Nigerians, who are already overburdened and groaning under the weight of high costs, economic repression and heavy taxes foisted by the insensitive APC administration.”
According to the opposition party, “It is lamentable that Nigerians, who are already suffering the devastating negative impact of the recent increase in the Value Added Tax (VAT) from five per cent to 7.5 by the APC administration, are now being further suppressed with increased electricity tariff.
“Our party holds that the increase in electricity tariff, under the prevailing harsh economic conditions, is injurious to the well-being of Nigerians as it will further stress the productive sector and lead to an upsurge in the cost of regular and essential goods and services, including food, medicine, housing, education and other critical needs.”
It declared that “the APC policy, if allowed, will worsen the suffering of Nigerians as it will put more stress on already overburdened families, cripple businesses, result in job losses and exacerbate the prevailing frightening unemployment rate under the Buhari administration.”
But the Coordinator of Electricity Consumer Advocacy Network, AbdulHakim Balogun said that the increase was expected as provision had been made for such under the law.
He, however, stated that the timing might not be appropriate, considering the state of the economy, increase in VAT and pressure on consumers’ disposable incomes.
The Director General of Lagos Chamber of Commerce and Industry (LCCI), Dr Muda Yusuf said the power sector problem was multifaceted, adding that the approach to addressing it should be holistic, otherwise the consumers would be vulnerable.
“The tariff question is no doubt one of the problems. But what is NERC doing about the issues of the capacity of the Discos, estimated billing, technical and commercial losses, metering problem, quality and adequacy of investment by the discos, transmission, proposal on the decentralisation of the sector, promotion of off-grid solutions and incentives for renewable energy solutions? All of these need to be addressed in order to inspire the confidence of consumers.
“NERC should protect the interests of consumers, as well as those of the investors. There is also the social dimension of electricity provision to those at the bottom of the pyramid. It is also critical to disaggregate and interrogate the components of cost being claimed by the discos.
“Already, many small businesses have complained about prohibitive tariffs by discos following the last review. What is needed is a holistic reform rather than the simplistic solution of tariff review,” he stated.
But the regulatory agency, NERC, said it had not approved any tariff increase yet.
The General Manager, Public Affairs, Usman Arabi made the clarification in a statement issued on the agency’s website.
Arabi said: “The attention of the NERC has been drawn to the publication in several electronic and print media that end-user electricity tariffs have been increased following the approval of the minor review (2016 – 2018) of the 2015 Multi Year Tariff Order on August 21, 2019.
“We wish to provide guidance that the minor review implemented by the commission was a retrospective adjustment of the tariff regime released in 2015.
“This is to account for changes in macro-economic indices for the years 2016, 2017 and 2018, thus, providing certainty about revenue shortfall that may have arisen due to the differential between tariffs approved by the regulator and actual end-user tariffs.
“The commission, therefore, wishes to notify the general public that no tariff increase has been approved via the order.”
He said, however, NERC, in the discharge of its statutory responsibilities enshrined under the Electric Power Sector Reform Act, would continue to undertake periodic reviews of electricity tariffs in accordance with the prevailing tariff methodology.
According to him, in all instances of such reviews and rule making, the commission will widely consult with stakeholders and a final decision will be taken in due regard of all contributions.
Source: www.energynewsafrica.com
The Chamber of Petroleum Consumers (COPEC), a petroleum consumer advocacy group in the Republic of Ghana, has called on the government not to increase fuel prices.
The Chamber is of the view that any increase in petroleum prices will only add to the already hardships and sufferings of the individuals and entities in the country.
“The impending increases of almost 30 pesewas per litre, if left to impact on the pumps, will simply bring further hardships and increases in the cost of living nationwide.”
In a press statement issued in Accra and signed by the Chamber’s Executive Secretary, Duncan Amoah again called on the various Oil Marketing Companies not to hasten in increasing the petroleum prices as it goes into dialogue with the government to see how best to maintain the prices.
Mr Duncan posited that an immediate intervention by the National Petroleum Authority (NPA) by way of review in the price stabilisation and recovery level will most likely forestall this very harsh increases that Ghanaians are likely to be greeted with.
The statement added that their checks at the various OMCs indicate a necessity of a rather steep increase ranging between 18 to about 30 pesewas per litre from Saturday, 4th January if there’s no intervention from the NPA.
The expected sharp increases have largely been attributed to the fast depreciation of the cedi, coupled with a surge in International Market Prices (IMP) of both diesel and petrol respectively.
The expected fuel price increment is likely to compound the already high fuel prices facing the people that would likely move fuel prices from Ghc5.41 per litre or Ghc24.345 per gallon for most OMCs to above Ghc5.60 per litre or Ghc 25.245 per gallon for both products particularly diesel.
Source: www.energynewsafrica.com
Source:www.energynewsafrica.com
“We want to help become cost-efficient and in order to become cost-efficient, we need to upgrade our network and we will need money to upgrade our network. These three things, once, we get done will put us on the path to be one of the best run depots or best-run petroleum storage and transmission infrastructure in West Africa.”
Source: www.energynewsafrica.com
