Just days after Ghanaian oil and gas provider Ghana Oil (GOIL) announced it is investing $10 million (€7.3 million) for construction of new fuel storage tanks at Takoradi port, local reports have emerged suggesting the company is losing grip on the West African country's bunkering industry.
Since private shareholders Shell Ghana, Total Ghana, and Mobil Oil sold their shares of Ghana Bunkering Services (GBS) to GOIL 13 years ago, the bunkering infrastructure has deteriorated, according to private bunkering firms.
Reports quote one private bunkering firm official as saying: 'GOIL currently needs private bunkering companies to help build more storage tanks since it is always complaining of lack of funds.'
GBS still uses storage tanks built by the private shareholders, and stocks of marine oil in existing storage tanks are reportedly dwindling.
As a result, GBS is said to often find itself unable to deliver the quantities of fuel ordered by the bunkering firms, meaning many fishing vessels are sailing offshore for refuelling and bringing in less revenue for Ghana.
The head of Ghanaian bunker supplier Inter Maritime Services made calls for change in the industry last year, saying it was needed if ship owners' confidence were to be restored.
It is not known how this will affect GOIL's project at Takoradi.
A new deepwater midstream frontierRegulatory update for US tank terminal operators Capturing hidden storage opportunities Make room for the boom From short to long - the US oil revolution Optimising the US Gulf Coast energy potential Storage stability amid a mixed production picture in the Americas Storage for Europe's energy transition Storage for a growing product market Should the industry rethink storage tank fire protection