Vitality Minister, John Peter Amewu, has disclosed to Joy Small business that at minimum 15 oil exploration firms are possible to shed their running licences by end of this 12 months.
He described that these providers have failed to fulfill the basic obligations for discovering at the country’s oil fields.
He additional unveiled that govt has served discover these firms about their impending destiny.
Mr Amewu is also optimistic that the revocation of these exploration licences should pave way for the governing administration to reclaim the oil blocks for redevelopment — or give them out to unique buyers.
“Most of the organizations are already informed and we have built it very clear that after the evaluation by the Petroleum Commission, we are not heading to renew some of the licenses simply because they have not carried out any obligations which show that they can’t do the operate,” Mr Amewu claimed.
The Minister made the revelations completely to Pleasure Business’ Ebenezer Sabutey on the sidelines of a meeting with some oil and gasoline exploration providers.
The conference with the oil businesses was to brainstorm on ways to produce a much better regulation for the petroleum Industry.
“We’re not likely to allow for that in this place again. As a federal government, we consider other folks that are intrigued have to also be supplied the chance to discover alternatively than becoming with a certain firm that is not able of performing any exploration activity,” he included.
Peter Amewu indicated that some of the licences will expire in advance of the conclude of the yr.
Some of the companies at the assembly provided Aker Strength, Kosmos Electrical power Ghana, Tullow Oil, Eni and other important gamers in the upstream petroleum sector.
Although he did not point out the names of these corporations that may be getting rid of their license and their blocks, he gave a powerful indicator that the method has started and it will not be extended before they are kicked out of the oil fields.
Some of the fundamental obligations that the explained oil exploration companies have flouted contain non-payment of annual ground rent and failure to comply with exploration guidelines established by the Ghana National Petroleum Corporation (GNPC) and the Ghana Petroleum Commission.