Oil & Gas

The National Petroleum Authority (NPA) has sanctioned seven Petroleum Products Marketing Companies (PPCs) for illicit distribution of petroleum products.
They are to pay fines for violation of Unified Petroleum Pricing Fund (UPPF) regulations, making false UPPF representations to the Authority, and engaging in third-party supplies.

Failure by the affected companies to pay the fines will lead to a three-month suspension of their operations.
In the case of Andev Co. Ltd, it will pay a total fine of GHS90,000.00. This comprises GHS10,000.00 for violating UPPF regulations and GHS10,000.00 each for eight (8) counts of making false UPPF representations to the Authority.
Beap Energy is to pay a total fine of CHS20,000.00, comprising GHS10,000.00 for violating UPPF regulations and GHS5,000.00 each for two (2) counts of third-party supplies.

For BF Petroleum, the company will pay a total fine of GHS95,000.00. This constitutes GHS10,000.00 for violating UPPF regulations, GHS5,000.00 each for ten (10) counts of third-party supplies and CHS5,000.00 each for seven (7) counts of lifting petroleum products without cross-zonal authorization.
Anasset Co. Ltd is to pay a total fine of GHS50,000.00. This comprises GHS10,000.00 for violating UPPF regulations, GHS10,000.00 each for four (4) counts of making false UPPF representations to the Authority.

Another company, Cost Energy is to pay a total fine of GHS 665,000.00, comprising GHS10,000.00 for engaging in third-party supplies and GHS5,000.00 each for one hundred and thirty-one (131) counts of third-party supplies.
Compass Oleum Ltd will pay a total fine of GHS350,000.00. This constitutes GHS10,000.00 for violating UPPF regulations, GHS5,000.00 each for fifteen (15) counts of lifting petroleum products without cross zonal authorization and GHS,5000.00 each for fifty-three (53) counts of engaging in Third Party supplies.

Concord Oil Ltd is to pay a total fine of GHS65,000.00. This comprises GHS10,000.00 for violating UPPF regulations, GHS5,000.00 each for four (4) counts of engaging in third-party supplies and GHS5,000.00 each for seven (7) counts of lifting Petroleum products without cross-zonal authorization.
The NPA cautioned that any company that fails to comply with the approved rules and regulations stipulated by the Authority would be subjected to further sanctions.
The UPPF ensures that prices of petroleum products are the same across the country.

Source:https://npa.gov.gh

IBM Petroleum Limited has opened a new service station at Sankore in the Asunafo South District of the Ahafo Region. The company currently operates 65 fuel outlets across the country including Sankore’s. The edifice comes with a spacious yard equipped with ultra-modern materials including a lube bay and a mart among other ancillaries.

Strategically positioned to serve customers in and around Sankore, the station boasts of two pumps Island with two nozzles each to dispense Super and Diesel respectively. Speaking at the opening ceremony, the Managing Director of IBM Petroleum Limited, Michael Owusu Asiedu, underscored the need to work towards the vision and mission of the company.

“I am extremely delighted to see this wonderful dream achieved in this area. I must emphasize that the vision of the company was a great source of motivation in putting up such a state-of-the-art service station at such a prime location,” he stated. He, therefore, the citizens of Sankore and all adjoining towns to patronize the fuel service station and all the services it renders.

On his part, the Marketing Director of the Company, Prince Owusu Yeboah, assured prospective customers of quality services; saying: “We have one of the best pricing in the industry.”

IBM Petroleum Limited was adjudged Best Growing Oil and Gas Company at the 2022 Ghana Oil and Gas Awards (GOGA) in Accra. The company grew its market share from 1.12 in 2020 to 1.41% in 2021 and 1.80% as of November 2022.

Again it was listed among the best 10 performing OMCs by NPA in 2021.

IBM Petroleum Limited has been crowned the Best Growing Oil and Gas Company of the Year Award at the just ended 9th edition of the Ghana Oil and Gas Awards (GOGA) held at the Kempinski Gold Coast Hotel in Accra.

The award was in recognition of the company’s dedication and commitment to building the oil and gas industry as well as providing a highly respected personality advocating for best practices in the Energy sector.

Speaking to the media after receiving the all important honour, Managing Director, Michael Owusu Asiedu, was extremely grateful to God, his clients and vendors all across the country and beyond.

He especially thanked the committed staffs and partners for their unflinching support always over the years.

“It was a tough journey looking back I would say but Firstly, I would like to say a big thank you to God Almighty for answering our prayers and the organizers for putting up such credible events. I am really grateful “, he said.

The Ghana Oil and Gas Awards organized by Exodus Communications Limited in Partnership with the Ministry of Energy and Petroleum and Graphic News Plus is a platform for the Oil and Gas industry to demonstrate and celebrate the advances made in key areas of the environment stewardship, efficiency, innovation, leadership, Corporate Social Responsibility and health and safety.

This year’s event was a fun- filled event with a lots of exceptional performances from Comedian Hogan, God’s Gift Brass Band and many others and also a perfect opportunity to raise the profile of stakeholders within the context of this important industry, gain peer recognition and further heighten visibility with professional audience