Economic Benefits of Energy Efficiency to the Petroleum Refineries in Ghana: A Case of Tema Oil Refinery (TOR)

Abstract

This study investigates the economic benefits of energy efficiency to petroleum refineries regarding Tema Oil Refinery (TOR), Ghana. The study explores lessons relating to the cost of production, energy recovery levels and economic fortunes of the refinery activities and designs a conceptual framework for improving the energy efficiency of Tema Oil Refinery (TOR). The study adopted a descriptive design using a quantitative approach to provide a statistical background to investigate the economic benefits of energy efficiency. A sample of 84 was adopted for study from a staff population of 520 working at Tema Oil refinery. In addition to primary data, secondary data on energy supply and consumption values from 2008 to 2019 was gathered. For the primary survey, 84 respondents were sampled from TOR and a structured questionnaire was used to retrieve information. A correlation analysis at P < 0.05 was conducted to test the relationship and significance of energy efficiency and economic benefits to the refinery. The study concludes that there is a linear trend between energy production (supply) and energy consumption. The energy generated in the entire economy of Ghana far exceeds the amount of energy consumed thus raising issues of waste or excesses that calls for better policies and management plan to improve EE. The study also identified that issues of lost energy are critical to the operations of the petroleum industry as the situation is compounded by the inability of the refineries to explore better ways to reduce and manage the waste. The study concludes that a significant and positive correlation between energy efficiency and the economic fortunes of Tema Oil Refinery is necessary for its economic fortunes. The supply of energy should have equivalence to the public consumption of energy. How to cite this paper: Ayo, D., Arthur, J.L. and Adinkrah-Appiah, K. (2021) Economic Benefits of Energy Efficiency to the Petroleum Refineries in Ghana: A Case of Tema Oil Refinery (TOR). Open Journal of Energy Efficiency, 10, 121-135. https://doi.org/10.4236/ojee.2021.104008 Received: September 22, 2021 Accepted: November 16, 2021 Published: November 19, 2021 Copyright © 2021 by author(s) and Scientific Research Publishing Inc. This work is licensed under the Creative Commons Attribution International License (CC BY 4.0). http://creativecommons.org/licenses/by/4.0/