Akufo-Addo threatens companies holding oil blocks with termination of contract

Akufo Addo Mayday President Akufo-Addo

Tue, 7 Nov 2017 Source: omanfm1071.com

Ghana's President Nana Akufo-Addo has cautioned both local and multinational companies holding oil blocks at the country's jubilee fields to demonstrate their commitment to executing their contractual obligations else the agreements will be abrogated.

According to the President, his government is desirous of increasing upstream activity, particularly following the favourable judgment on the maritime boundary dispute with Cote d'Ivoire and therefore would not entertain any delay from the companies holding oil blocks.

"Government reserves the right to exercise options available to us, including termination of the Agreements if they fail to comply with the terms agreed between us," he stated.

President Akufo-Addo issued the caution in a speech read for him by the Minister of Energy Mr Boakye Agyarko at the launch of the Accelerated Oil and Gas Capacity programme at the Regional Maritime University at Nungua on Tuesday.

President Akufo-Addo hinted that his government plans to partner national and international oil and gas exploration companies to take up more acreage in our offshore basins with the view to achieving our objective of accelerating exploration.

“With the increased upstream activity, the number of petroleum activity, local service providers and their personnel are expected to increase.

The Accelerated Oil and Gas Capacity programme is therefore well placed to prepare our people to take advantage of the massive opportunities that will be provided by ongoing and new developments in the oil industry,” he said.

Source: omanfm1071.com