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News Review

News Review for 27th February 2018

  • SOURCE: reportingoilandgas | qwesa2big
  • Welcome to another edition of the news review by We are poised to bring you daily updates in the extractive industry. Keep visiting our site for all the news regarding the sector.

    In the first edition, myjoyonline and classfmonline report on dissatisfaction by the liquefied petroleum gas operators with the government’s decision in the sector. In view of this the LPG operators have withdrawn from a government committee set up to address the rising spate of gas explosions. The Association of the operators says their concerns have been ignored during a meeting of the Cylinder Re-distribution Policy Implementation committee. Read more from here

    The Graphic online also reports on a team of Ghanaian technology experts who are building a special robot from waste material to be used to perform multiple tasks that include obtaining detailed maps of a seafloor before installation of subsea infrastructure such as pipelines. The robot, according to the report, will also be used underwater to detect and map submerged wrecks, rocks and obstructions that are hazardous to navigation by commercial and recreational vessels. Known as the Autonomous Underwater Vehicle (AUV), the successful production of the robot is expected to help cut down the cost of subsea infrastructure by offshore oil and gas companies, as well as improve safety at sea and other water bodies. Read more from here

    The Graphic further reports on tax waiving as one of means of eroding local gains in the extractive sector. The comments were made by Prof. Raymond Atuguba, a constitutional and petroleum law expert, stressing that the issue of tax incentives and waivers to multinational companies, especially in the extractive sector, needs to be substantially changed if Ghana is serious about promoting long- term economic development.

    He noted that company tax payments were minimal due to low tax rates, while governments often provided companies with generous incentives such as corporation tax holidays.

    During a presentation on the Legal and Political Economy analysis of the Ghana-Exxonmobil Petroleum Agreement to some members of the Institute of Financial and Economic Journalists IFEJ) at Akosombo, he said that many African governments depended on mineral resources for revenues, yet the extent of foreign ownership means that most wealth was being extracted along with the minerals. Read more from here

    Furthermore, the Graphic online reports “Ghanaian ownership in ECG mustn’t be diluted” This comment was made by Energy Expert and analyst, Dr Steve Manteaw, who urged Ghanaians to resist any attempts to coerce the Millennium Development Authority (MiDA) into reducing the local content threshold in the concessionaire agreement of the Electricity Company of Ghana (ECG). Instead, he said the government must explore ways to raise the required investments needed to meet the local content requirement in the agreement.

    Responding to issues raised by the consortium seeking to reduce the local content stake to 20 per cent from the initial 51 per cent, Dr Manteaw said the government must stick to its stance and find ingenious ways to raise the local investments required for the concession agreement. Read more here

    Other stories making headline include:

    Ghana weighs locking in oil prices to keep lid on inflation –

    International oil & gas companies to submit contracts for review –

    Oil marketing channel strategies and their systemic implications for OMCs –

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