Business in Ghana

We Understand the issues that make the News

Posts Tagged ‘Jubilee Field’

To Pin an Unconstitutional Tale. Critical News, 3rd March 2013

Posted by Business in Ghana on March 3, 2013

Sydney Casely-Hayford, sydney@bizghana.com

A couple of police died in a river, trying to prevent illegal Galamsey miners from ruining the environment.  Reading the story, I wondered whether President Mahama’s visit to the Western Region and his subsequent visit to the families of the service men would get Government to sit up and resolve this menace.  But read this story from May 2012 in the Ghanaian Chronicle and ask yourself whether there is additional mystery to resolving this Galamsey.  We know how it works, we have a law in place and yet we still cannot find the will to fix the greed.  Now we are chasing Chinese people all through the villages, trying to out them with cudgels and knifes.

Even better, just to see how entrenched our traditional and cultural beliefs go, and how we are despite all our Christian values, striking workers of the Sofoline Interchange Project say they are not going back to work until their leaders reverse a curse invoked to bind them all to their demand for a salary increase by preventing them from returning to work prematurely.  The Union leaders apparently invoked the Antoa Nyamaa deity to deal with anybody who goes against the group’s decision to strike.  A day after China GEO-Construction, their employers, agreed to a 25 per cent salary increase, workers would not return to work until the curse is overturned.  So, Chairman of the Construction Workers Union Rudolph Asoala has started arrangements to get the curse overturned.  The Personnel Manager of the company, who is a chief, is leading the workers to the Asantehene’s chief priest to have the curse reversed.  Last time I heard, we are a Christian country. Read the rest of this entry »

Posted in Critical Weekly News, Sydney Casely-Hayford | Tagged: , , , , , , , , | Leave a Comment »

Intertek Extends Oil and Gas Capabilities in Ghana

Posted by Business in Ghana on December 12, 2012

Issued on behalf of Intertek by The BIG Partnership

As part of its continued growth in Africa, Intertek, a leading global quality solutions provider, has invested in the expansion of its services to the petroleum industry in Ghana.

Intertek has opened a new technologically advanced calibration laboratory in its Takoradi Port facility, launched earlier this year to provide independent petroleum industry testing and inspection. The introduction of calibration services will build on this to serve a wider customer base in the growing market. Read the rest of this entry »

Posted in Oil and Gas, Uncategorized | Tagged: , , , , | 1 Comment »

Anadarko’s Jubilee party caps tough year

Posted by Business in Ghana on December 15, 2010

By Sheila McNulty in Houston, Financial Times, with permission

When the Jubilee field in Ghana produces its first oil on Wednesday it will represent more than a boost in production for Anadarko Petroleum.

It will also validate the US independent oil group’s strategy to pursue international exploration even as its peers pulled back. Oil groups globally are facing barriers to new markets dominated by state oil companies but Anadarko is among a handful seeking organic growth abroad.

The strategy is paying off. Anadarko says it expects production to rise by 7-9 per cent over the next five years, much of it from the string of oil discoveries off the west Africa coast. Read the rest of this entry »

Posted in Oil and Gas, Uncategorized | Tagged: , , , , , , | Leave a Comment »

Kosmos submits Declaration of Commerciality to Ghana, Tullow to issue 4 million shares on GSE

Posted by Business in Ghana on November 14, 2010

By Emmanuel Dogbevi, Ghana Business news

Kosmos Energy, one of the stakeholders in Ghana’s Jubilee oil field where Ghana’s first commercial production of oil is expected in December has submitted a ‘Declaration of Commerciality’ to the Ghana government. The Declaration, it says is for the southeast Jubilee area. And Tullow Oil plans to issue four million shares on the Ghana Stock Exchange (GSE). Read the rest of this entry »

Posted in Emmanuel Dogbevi, Oil and Gas | Tagged: , , , , , , , , | Leave a Comment »

Tullow secures additional US$350 million debt funding

Posted by Business in Ghana on October 24, 2010

Tullow Oil plc (Tullow) announces that it has finalised and closed arrangements for an increase of US$350 million to its existing US$250 million corporate revolving credit facility, with the amended facility commitments now totalling US$600 million in aggregate.

On Thursday 14 October the amended US$600 million secured debt facility was closed with Bank of Scotland Plc, BNP Paribas, Credit Agricole Corporate & Investment Bank, HSBC Bank Plc, ING Bank N.V., Natixis, Société Générale, Standard Bank Plc, Standard Chartered Bank, and The Royal Bank of Scotland plc participating as mandated lead arrangers.

The amended and increased debt facility will supplement Tullow’s existing US$2.5 billion reserve based lend debt arrangements, providing additional funding capacity and flexibility for the Group’s future capital programmes.

Posted in Oil and Gas, Uncategorized | Tagged: , , , , , | Leave a Comment »

Onyina-1 exploration well finds water-bearing reservoirs

Posted by Business in Ghana on October 24, 2010

Tullow Oil plc (Tullow) announces that the Onyina-1 exploration well in the Deepwater Tano licence offshore Ghana encountered water bearing reservoirs.

The Onyina-1 well was drilled to explore a large, high-risk, Campanian prospect between the Tweneboa and Jubilee fields in the northeast of the Deepwater Tano Licence. It intersected 49 metres of good quality sandstone reservoir, on prognosis, however they were water bearing at this location. Read the rest of this entry »

Posted in Oil and Gas, Uncategorized | Tagged: , , , , | Leave a Comment »

The Scramble For Ghana’s Oil Begins

Posted by Business in Ghana on October 17, 2010

By Carly Ahiable, Business in Ghana

Some people call it Dino Juice, Texas Tea, Black Gold while other call it the fluid with rising cost but here in Ghana, where the continental shelf is impregnated with oil, crude may be assuming a new name, HOPE (Help Our People to Enjoy). Who want to be hungry and suffer in abundance of oil wealth? Every Ghanaian hopes to enjoy peace and prosperity but how trustworthy are the international agencies and multinational companies in their resolve to develop the oil reserves of Ghana, and keep the nation united and peaceful as they find it? Read the rest of this entry »

Posted in Carly Ahiable, Oil and Gas | Tagged: , , , , , , , , , , , , , | 16 Comments »

Critical News 1st August, 2010

Posted by Business in Ghana on August 2, 2010

Glory, Glory, Glory!  What a start to the week.  The New Crusading Guide blessed the week with the story of the year so far.  Tsatsu Tsikata involved in a contentious (have to be careful here, might cause Fear and Panic!) contract with MODEC, the builders and managers of the FPSO Kwame Nkrumah.  Rather longwinded so here are the essential facts as I see them.  Tsatsu signed a contract to provide advisory services to MODEC back in 2008 when he was in custody.  The IFC through the Multi-lateral Investment Guarantee Agency (MIGA) were only recently told of this contract.  Both the IFC and MIGA are heavily invested in the FPSO, which is owned by Jubilee Ghana BV 21, a special purpose company, set up to raise funds for the development of the Jubilee field unit in West Cape 3 Points.  This also involves Tullow, Kosmos, Anadarko, the EO Group, Sabre Oil and GNPC.  I will do a very detailed report on the shareholding structure of all this in the coming week.  It will impress you! trust me.  Anyway, the IFC and MIGA are p***** off because they were only told at the back end.  The contract is for $5million, two has been paid, all of it during the NDC era and the remainder to be paid when the first oils starts.  Great start to the week!  It got more interesting as the days rolled forward, and Tsatsu publicly threatened to sue through his company Strategic Oil and Gas.  He owns 50% of the company and we are yet to know who owns the other half!  This story will run for a long time.  Until the due diligence is completed and the IFC and MIGA are content, the FPSO will not be storing any oil!  Imagine what this will mean to Ghanaians if one person’s greed halts our whole economic jump off! Read the rest of this entry »

Posted in Critical Weekly News, Sydney Casely-Hayford | Tagged: , , , , , , , , , , , , | 1 Comment »