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.
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