A major assurance to both Ghanaians and the country's development partners that Ghana may not after all, go the way of its neighbouring African oil producers, for whom the discovery of oil has been more of a curse than a blessing, is the declaration of intent by the National Democratic Congress (NDC) government to extend the Extractive Industries Transparency Initiative (EITI) to the oil and gas sector.

In the wake of increasing expectation of a positive impact of Ghana's oil revenues on the lives of the citizenry, it is becoming clear that such impacts will be difficult to tell if oil revenue expenditures in Ghana's budget are not disaggregated. "Once the oil revenues are not disaggregated in the budget, it will be difficult to tell how much has been allocated to the various sectors," argues Mohammed Amin Adam, Africa Against Poverty (AAP) Programme Coordinator at Ibis West Africa.

The Ministry of Finance and Economic Planning, the Ghana Extractive Industries Transparency Initiative (GHEITI) Secretariat and the Multi-Stakeholder National Steering Committee (NSC) has launched the 2009 GHEITI Audit Reports at the Coconut Groove Regency Hotel, Accra on Wednesday October 26, 2011 at 9:00am.

The Ghana Extractive Industry Transparency Initiative Secretariat has held a consultative workshop for stakeholders in the oil and gas sector in the Western Region to validate a draft reporting template for capturing information on the oil and gas revenues. In 2010, the EITI was extended to cover the oil and gas sector, the template would, therefore, help the various oil industries to capture data and information in a very transparent manner. This would not only provide checks and balances, but also help capture every oil and gas revenue.

Accra, Oct. 17, GNA - Newmont Ghana Gold Limited has paid more than 47 million dollars (GH¢71.44 million) to government for the third quarter of the year. The amount comprises 39 million dollars for Corporate Income Tax, 6 million dollars for the National Fiscal Stabilisation Levy, and 2 million dollars as Mineral Royalties for September. The Corporate Income Tax paid represents an increase of 30 per cent over what the company paid for the previous quarter.

Government has once again demonstrated its resolve to beat the resource curse in the exploitation of the country's hydrocarbons, by giving expression to a key transparency provision in the Petroleum Revenue Management Law it enacted six months ago: the inauguration of the Public Interest and Accountability Committee last Thursday in Accra. The Committee, established under Section 51 of the Petroleum Revenue Management Act, 2011, Act 815 is regarded as a novelty in the management of natural resource rents globally.

Civil Society Organizations (CSOs) working in the Natural Resource and Environment sector are calling for effective consultation with mining communities before the issuance of license to mining companies. Such engagement, according to them, will ensure fair compensation to the indigenous people as well as reduce the number of social conflicts that usually occur in the mining communities.

The Ghana Chamber of Mines (GCM) says the total investment inflow into the mining sector in 2010 amounted to $770 million, as against the $762 million recorded in 2009.  The investments, according to the GCM, were made in production, exploration and support services.

INCREASED production at its Jubilee Field in Ghana combined with higher commodity prices have driven up Tullow Oil's interim pre-tax profit to $540 million in the six months to June 30, 2011. The impressive result is a 321 per cent jump from the year-earlier period, beating a consensus forecast of $509 million from a company-supplied poll of analysts.

ANADARKO Petroleum has announced an oil discovery in the West Cape Three Points block offshore Ghana as it encountered crude in underground rock similar to that in the country's largest oil field. The Akasa-I well "encountered 108 at feet (33 meters) of primarily high quality, oil-bearing pay from four main Turonian-aged sand packages, similar o those found in the Jubilee and Mahogany East areas," Houston-based Anadarko said. Anadarko has a 30.875 percent working  interest in the West Cape Three Points lock with partners Kosmos Energy (30.875perr cent).