Q: It’s a new year and what should Ghanaians expect from the oil and gas industry with regards to revenue to government, exploration and production?
A: Government will continue receiving royalty, taxes and oil liftings as per the provisions of the Petroleum Agreements it has signed with the different companies that have invested heavily in the sector. In 2021, the industry contributed about GH11.63 billion to Ghana’s GDP; roughly 7%, and we are hoping for an increase this year.
The Ghana Upstream Petroleum Chamber has expressed concern about the impact on foreign investment in Ghana as a result of the ongoing dispute between ENI and its partner VITOL on the one hand and Springfield on the other.
The Ghana Upstream Petroleum Chamber has held its first annual oil and gas conference under the theme “transitioning to a low carbon economy”. The conference brings together explorers, oil and gas producers, and indigenous suppliers and manufacturers in the industry as well representatives from the Ministry of Energy, Ministry of trade and Industry, Ministry of Public Enterprises and the Petroleum Commission. Also in attendance were member companies of the Chamber and other stakeholders.
The Chief Executive Officer of the Ghana upstream petroleum chamber, David Ampofo has called on various players in the country’s energy sector to focus attention and more resources on local gas production.
Oil and gas will remain key to development as the country transitions to cleaner energy sources, the Ghana Upstream Petroleum Chamber has said – calling for incentives to expedite exploration and development of domestic hydrocarbon resources.
Breaking news: the much-touted commodity market boom is officially over. Metals, energy, and agriculture prices have all tumbled from their March peak as inflationary pressure, higher interest rates and a brawny dollar took a heavy toll on the two-year rally.
Saudi Aramco posted a 39% yearly surge in net income for the third quarter and generated record free cash flow as higher oil prices and higher production helped it beat the analyst consensus.
Minister of Trade and Industry, Alan Kyerematen has expressed
confidence that the establishment of the Sentuo Oil Refinery Limited
will dampen demand for foreign exchange meant for imports.
The upstream petroleum industry awarded contracts worth US$3.6billion to indigenous companies over the last three years, thereby deepening the local content policy.
Shell Plc, ExxonMobil Corporation, Chevron Corporation, and Equinor ASA have said they will withdraw their lawsuits of about $3 billion, against the Nigerian National Petroleum Company (NNPC) Limited.