The Ghana Upstream Petroleum Chamber has called on the government to urgently put in strategic incentives to attract more investment in oil exploration in the country.
Declining crude oil production poses a serious threat to the economy if nothing is done to incentivise and expedite exploration, says a report by Ghana Upstream Petroleum Chamber.
New OPEC Secretary-General Haitham Al Ghais said Wednesday that the influential producer group is not to blame for soaring inflation, pointing the finger instead at chronic underinvestment in the oil and gas industry.
Saudi Arabia is the OPEC member with the greatest spare capacity, at least on paper, and Aramco earlier this year announced plans to boost what it calls Maximum Sustainable Capacity from the current level of 12 million bpd to 13 million bpd by 2027.
Fuel prices on the international market have seen some marginal reductions over the past two-week period, but the sharp depreciation of the cedi on the local market will prevent a reduction on the local market.
Oil prices fell by more than US$4 a barrel on Monday on demand fears as disappointing Chinese economic data renewed global recession concerns.
Several African countries have been gradually boosting their oil and gas output over the last year, as demand for fossil fuels continues to rise.
Saudi oil giant Aramco has broken its own record with a US $48.4 billion (£29.8bn) profit for the second quarter of 2022.
An energy analyst, Dr Abdulai Darimani, has urged Africa countries tore-examine their policy regime regarding the extraction of naturalresources, especially fossil fuel.
Warren Buffett’s company has now bought up more than $11 billion worth of Occidental Petroleum stock this year to give Berkshire Hathaway control of more than 20% of the oil producer