Ghana Soccer | League Sunday | England League | League Fantasy | Spain League | Italy League | Nigeria League | Germany League | Football | Soccer | Ghana Soccernet

Subscribe to our RSS FeedGhana Soccer | League Sunday | England League | League Fantasy | Spain League | Italy League | Nigeria League | Germany League | Football | Soccer | Ghana Soccernet
single

Gov?t may compel oil exploration companies to sell crude locally

Posted On Monday, 21st May 2012


A draft regulation to be factored into the Petroleum Exploration and Production Bill, when eventually passed will require oil firms operating in the country to set aside a portion of their production to satisfy local demand.

All the 90 thousand or so barrels of crude oil currently produced a day in the Jubilee Field is exported even though Ghana needs some 70 thousand barrels daily for fuel and electricity generation.

Director of Legal Affairs at the Ministry of Energy, Vivian Gadzekpo explains to Joy News that though the law does not require the companies to sell the crude oil any cheaper than what obtains in the international market, it will save the country?s refinery transportation, insurance and other costs associated with importing the fuel.

She said although there already is a provision in the various petroleum agreements requiring exploration companies to meet domestic supply requirements, ?it was something that we used to sit across the table to negotiate.?

But now, ?we find it so important that we would like to legislate so the minister would make regulations in details on this domestic supply requirement.?

Related Images



READERS COMMENTS





Click Here For All Latest football news.

Live Radio

http://ghanasoccernet.com/new/images/banners/onair.gif 

Live TV

http://ghanasoccernet.com/new/images/banners/onair.gif

Get the Flash Player to see the wordTube Media Player.

RELATED NEWS

Related posts:

  1. Gov?t May Compel Oil Exploration Companies To Sell Crude Locally
  2. Gov?t May Compel Oil Exploration Companies To Sell Crude Locally
  3. Gov?t May Compel Oil Exploration Companies To Sell Crude Locally
  4. Gov?t May Compel Oil Exploration Companies To Sell Crude Locally
  5. Gov?t May Compel Oil Exploration Companies To Sell Crude Locally

LATEST HEADLINES

Berekum Chelsea in talks with Amidaus coach Tony Lokko thumbnail

Berekum Chelsea in talks with Amidaus coach Tony Lokko

Berekum Chelsea have opened talks with Amidaus Professionals coach Tony Lokko to bolster their technical bench.
Hearts earmark Amidaus striker Selasi Adjei thumbnail

Hearts earmark Amidaus striker Selasi Adjei

Hearts of Oak have placed Amidaus Professionals striker Selasi Adjei on their transfer list.
BREAKING NEWS: Chelsea U20 captain Daniel Pappoe ruled out of FIFA U20 World Cup thumbnail

BREAKING NEWS: Chelsea U20 captain Daniel Pappoe ruled out of FIFA U20 World Cup

Chelsea youth captain Daniel Pappoe has been ruled out of this month’s FIFA U20 World Youth Championship in Turkey with a late, late injury setback.
AshGold and Medeama clash over versatile midfielder Yahaya Mohammed thumbnail

AshGold and Medeama clash over versatile midfielder Yahaya Mohammed

AshantiGold and Medeama SC would renew their recent streak of rivalry as the two sides have clashed over Yahaya Mohammed.
AC Milan open talks with Monaco over Kevin Prince Boateng transfer- report thumbnail

AC Milan open talks with Monaco over Kevin Prince Boateng transfer- report

Big-spending Monaco have begun discussions with AC Milan over the transfer of Kevin-Prince Boateng, the Gazzetta dello Sport has reported.
French-born Ghanaian Dennis Appiah signs for Caen thumbnail

French-born Ghanaian Dennis Appiah signs for Caen

French-born Ghanaian defender Dennis Appiah has signed a three-year contract with French Ligue 2 side Caen, the club have confirmed.

LATEST HEADLINES

Categories