By Lawrence Markwei & Albert Larkai

THE Institute of Economic Affairs (IEA) has given the government thumps up for the progress made to enhance transparency in the management of the oil and gas resource of the country. In a report prepared by the IEA on Petroleum Transparency and Accountability Index (IEA-P-TRAC INDEX) 2011, the government scored an average of 59.7 per cent against a bench work of 60 per cent.

World Bank (WB) has tasked West African mining companies to procure more equipment, supplies and services from local companies to boost economic growth in West Africa. “Increasing local procurement by the Mining Industry in West Africa will spread the benefits of mining more evenly across a country’s economy, creating jobs and stimulating the sustainable development of local enterprises,”.

The Government today set up a seven-member team to review and re-negotiate stability agreements it had entered into with some mining companies to ensure that the country derived maximum benefits from its resources. Finance Minister Dr Kwabena Duffuor, who inaugurated the team, said the review was necessary as the nation had benefited little from dividends and record world prices of gold.

TULLOW Oil says it expects production at its Jubilee oil field to average between 70,000 and 90,000 barrels of oil equivalent per day (boepd) for 2012.

"Gross Jubilee production is currently over 70,000 boepd and following a number of remedial activities, it is expected to average 70,000 to 90,000 boepd in 2012," the company said in a trading statement and operational update.

GHEITI Annual Retreat Sogakope, Villa Cisneros Hotel - January 6-9, 2012

Colleague Chief Directors and Ghana EITI National Steering Committee Members,

Good morning and happy new year to you all.

1.     I have been informed that the objective of this meeting is to take stock of the EITI implementation in 2011 and plan for 2012. It is a nice way to start the New Year with an assessment of our work in 2011 and a discussion of strategies for 2012.

Investment inflow into the country’s mining sector hit 770 million dollars last year, up from the 2009 figure of 726 million dollars. This brings the total money pumped into the sector within the last 10 years to approximately 6.4 billion dollars. The investments came from companies that are engaged in gold production, exploration and support services.

Mr. Paul Sowley, General Manager of Environment and Social Responsibility of the Ahafo Mine of Newmont Ghana, has reiterated that the company’s commitment to involve all stakeholders in the execution of programmes that would promote unity and social cohesion. “The involvement of all our 10 communities host communities around the mine amongst others is to strengthen cordial relations and foster unity between the communities and the mine,” he said.

Pursuant to Section 8 of the Petroleum Revenue Management Act, Act 815, 2011 (PRMA), which requires the Minister to publish petroleum receipts (defined in Section 6 of the Act); total output lifted; and the reference price on a quarterly basis.

Having successfully launched the 2009 GHEITI Audit Report on 26th October, 2011, the GHEITI Secretariat together with the GHEITI National Steering Committee wish to embark on a series of dissemination and capacity building workshops and community forums.

Given the negative attention that international oil companies have attracted in recent times, in respect of the perceived greed that underline their business practices, and sometimes disregard for environmental standards, it appears the Jubilee partners operating in Ghana's flagship commercial oil field are desirous to tell a different tale by ensuring that host communities also reap from their profits.