The International Monetary Fund (IMF) has advised policymakers to pursue a strong fiscal consolidation path to rebuild buffers and prepare for shocks that may still come. In her concluding remarks at the conclusion of the first meeting of the G20 Finance Ministers and Central Bank Governors, the Managing Director of IMF, Kristalina Georgieva, said 2024...Continue Reading

This announcement was made on March 6, 2024, following the release of the company’s full-year results. The loss is attributed to an impairment related to the Tweneboa, Enyenra, and Ntomme (TEN) development, where fields are experiencing a decline in productivity. Tullow’s financial setback contrasts with the $49 million profit recorded in 2022. Despite the decline...Continue Reading

Government says the gold-for-oil policy contributed to a reduction in the country’s inflation rate from 54.1 percent to 23.5 percent in January 2023. The policy was introduced by the government in an attempt to address Ghana’s dwindling foreign currency reserves, coupled with the demand for dollars by oil importers, which was weakening the local cedi...Continue Reading

Energy Minister, Dr. Matthew Opoku Prempeh has reiterated calls for Ghanaians to assume leading roles in the various sub-sectors under the country’s energy sector. According to him, the practice of expatriates being awarded huge contracts due to the lack of skills and technical know-how among Ghanaians must be addressed. To achieve this, he believes more...Continue Reading

The Chief Executive Officer of Tullow Oil PLC, Rahul Dhir, has lamented the lack of investments in the oil industry. According to him, this is limiting the production of oil at the Jubilee and TEN oil fields. In an interaction with the media, he stated that: “Because of a lot of focus on climate change...Continue Reading

The Deputy Chief Executive Officer at the Ghana National Petroleum Corporation (GNPC), in charge of Technical Operations, Opoku-Ahweneeh Danquah, has taken over from Dr. Kofi Koduah Sarpong as the new chief executive officer of the company. Dr. K.K Sarpong, is expected to step down as the chief executive officer of the company later this week...Continue Reading

Speaking at the launch of the National Petroleum’s Safety Campaign dabbed ‘People Safety First’ to help curb petroleum related incidents in the country, the Chief Executive Officer of the National Petroleum Authority, Mr. Hassan Tampuli said the national safety campaign was aimed to raise awareness of the need to adhere to safety rules when handling...Continue Reading

President Nana Akufo-Addo has commissioned Ghana’s third oil Floating Production Storage and Offloading (FPSO) vessel named after former President John Agyekum Kufuor. Watched on by a line-up of top government officials and Italian managers of the vessel, the President turned the valve wearing a smile that meant – let the cash flow. The FPSO will...Continue Reading