Saturday, September 3, 2011
Thursday, March 17, 2011
New larger FPSO on Tullow’s cards for Ghana oil fields development
Tullow indicated in its 2010 Financial Results that it is focused on optimising the recovery of the light oil discovered at Enyenra and maximising both liquid and gas recovery from Tweneboa, and therefore, it has included in its conceptual developments the use of a large FPSO vessel with liquid rates in the ranges of 75,000 to 125,000 barrels of oil per day. The FPSO in use currently at the Jubilee fields has a maximum capacity of 120,000 barrels of oil per day.
A spokesperson for Tullow Oil, Kate Lahane told ghanabusinessnews.com by email that Tullow is continuing to work on the development of its assets in Ghana and as mentioned in their results statement last week, this development would include the use of a large FPSO but no further information is currently available.
Tullow also said water and gas is expected to be injected into reservoirs to optimise both oil and condensate recovery levels.
According to Tullow, gas export infrastructure to shore will also be put in place to satisfy the growing demand in Ghana.
“A Plan of Development will be prepared for submission in the first quarter of 2012 and, pending approvals and a timely sanction of the project, first production would be anticipated before the end of 2014,” the company said.
The FPSO which is being used to produce oil at the Jubilee fields currently is said to use the biggest turret ever constructed in the oil industry and can process 120,000 barrels of oil a day. It has a storage capacity of 1.6 million barrels and estimated to have cost $875 million.
Source: ghanabusinessnews.com
The GFA’s UK excursion: A case of misplaced priority!
People’s concerns stem from the sheer numbers involved because normally only members of the Black Stars Management Committee, Emergency Committee members and the technical team travel with the national team for such friendly matches.
The decision is unprecedented and has raised lots of eyebrows with many questioning the rationale for such a venture since it’s not all too clear what benefits a few days spent in the Queen’s country would bring to the local football game.
Few questions have popped up with many wondering who is going to finance the trip and what kind of capacity building programmes will be available for the FA entourage in London.
Again, questions have been asked about how the FA is going to finance this “excursion” (my own word)? Is it from the appearance fees for the game, a special sponsorship drive or from the accumulated accounts from Ghana’s participation in the 2010 FIFA World Cup?
One thing is for sure though, there is no free lunch anywhere in the world and the FA’s adventure is bound to have several opportunity costs and not everybody is in total agreement.
It was with such bitterness and indignation that the President of the Ghana Amateur Football Club Owners Association (GAFCOA) Seth Dogbe last Wednesday spoke on the issue describing the decision as unfair considering the burden juvenile league clubs have been going through the years to cater for their clubs with little or no support from the FA.
Mr. Dogbe argues that the FA could have spent the money on helping juvenile clubs pay their affiliation and refereeing fees rather than “sponsoring CEO’s of Professional clubs who are in full time employment and can afford travelling costs to watch FIFA World Cup and friendly games but neglect amateur football.”
This is despite the FA President’s assurance that the “excursion” is worth taking since in his view club representatives would get a once in a lifetime opportunity to network and also build capacities.
“Somebody may through this trip strike a partnership that will further his football or business,” Nyantakyi told Radio Gold adding that “it is also an opportunity for them to interact with the Football Association of England.”
Mr. Nyantakyi seems to be in a party mood following his election to the CAF Executive Committee and this latest decision seems to have received massive support presumably from the FA’s Executive Committee and other members of the FA who stand to benefit.
But notwithstanding the explanation from the man who has led Ghana to two successful World Cup appearances, this decision is sure to re-enforce the belief of the stereo-types who have long held the view that the GFA only cares about the senior national team the Black Stars while grassroots football is left to fend for itself.
In this era of globalisation where you virtually have the world at your feet with a click of the mouse, it’s still mind boggling that the FA would send a whole delegation of football chiefs to London to acquire contacts and build capacity.
What happened to the great learning institution in the country like GIMPA, University of Cape Coast, etc i.e. if really the FA wants to improve the skills and knowledge of club executives?
It would have made some sense if the administrators were to attend a week long seminar in club administration while in the U.K. You might probably still ask whether if organising a management course for our administrators at the Ghanaman Soccer School of Excellence might be a better alternative?
In theory, it is difficult to rationalise what a four day stay in the U.K. will do to enhance the skills of the club administrators amidst the buzz about the friendly game.
There is no denying the fact that the local game is in dire straits with clubs grappling with the issue of lack of finances on a regular basis.
The decision to undertake the “field excursion” comes at a time when club sides are crying for their part of the league sponsorship which is yet to be paid by Glo Mobile Ghana due to an ongoing court case.
The 16 clubs in the Glo premier league are yet to receive their share of the sponsorship money following the failure of the league’s title sponsor to release the funds on time.
Is the GFA saying that after 54 years of Independence, (I’m not discounting the great improvements the British have made in terms of human resource and technology) is this the best opportunity to undertake such a venture?
At best, the timing of the trip is all wrong as it comes two days after an African Nations Cup qualifier against Congo-Brazzaville
The reality though is that the GFA and its huge entourage will be in the U.K for the friendly with our former colonial masters after undertaking a “Noah Style Voyage”.
It is however noteworthy that a month after the trip, most of the people who will make that trip, will congregate at the FA’s headquarters to elect a new President for the football family.
At best this decision appears to be “politically correct” but on the whole can best be described as a totally misplaced priority.
By Erasmus Kwaw
Nigeria, Ghana and US lead in online fraud – Report
According to payment management company Cybersource’s 2011 Online Fraud Report, many UK merchants have been forced to refuse orders from certain countries with Nigeria, Ghana and the US topping the list.
The company analysed 200 UK companies – 55% of these say they refused to ship to Nigeria at all, 34% to Ghana and 25% did not ship at all to the US.
Of digital-only companies (companies that ship downloadable goods as opposed to physical ones) Nigeria again headed the blacklist, with 47% avoiding it ahead of Vietnam, China and South Korea on 29% each, and the US on 24%.
Meanwhile, Cybersource had predicted earlier this year that online fraud is likely to increase as 77% of UK merchants project positive growth in eCommerce in 2011. Only 2% of merchants expect a decline in eCommerce, a Cybersource survey found out.
Even though, Ghana’s Communications Minister, Haruna Iddrissu said in May 2009 that “Ghana will soon introduce a Cyber Security Bill to check the growing menace of cyber crimes occurring in the country,” no such Bill has gone before Parliament.
Mr. Iddrissu told the media during a Meet-the-Press series that the Bill would empower the security agencies and other organizations to “wage an effective war against cyber crime in the country.” He also said the National Communications Authority (NCA), the national regulator of the Information Technology and Communication (ICT) sector would embark on regular monitoring exercises of internet service providers to check their activities.
Checks made by ghanabusinessnews.com in Parliament House show that no such Bill has been mentioned. It is also not clear when such Bill would go before the House, phone calls made to the Minister for his comments were not returned.
Source: ghanabusinessnews.com
Ghana to lose 3% of GDP to rising oil prices – ODI
Ghana for instance could lose 3% of its growth, according to Britain’s Overseas Development Institute (ODI).
Overall, the ODI which is an economic development group says, there could be a 1% decline in gross domestic product (GDP) of countries and some African countries could see a much bigger decline, possibly 3 to 4%.
Dirk Willem te Velde, ODI’s head of programme says, “The oil price at the moment is about 40% higher than it was on average last year. So an increase in the price of oil by 40% will have quite some implications for the world economy and also developing countries and in particular oil importing countries.”
An overall 1% decline translates into a loss of about $500 billion from the global economy. The overall sub-Saharan economy could lose $8 billion, the group said.
An ODI research indicates that Ghana, Lesotho, Swaziland, Togo, Honduras, Moldova and Nicaragua could lose more than 3% of their GDP to soaring oil prices.
Source: ghanabusinessnews.com
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