Ghana set to revise oil code to boost production

The Ghanaian government plans to revise its oil code to boost hydrocarbon production. For this, the country will revoke the licenses of four companies that have not developed their assets, says Mohammed Amin Adam (photo), Deputy Minister of Petroleum.

The measure will allow the producing companies to explore elsewhere in the same area as their blocks without having to obtain a new license. There will be less bureaucracy in projects to increase production. It should be noted that the project was sent to parliament last Friday. Parliament is expected to complete the text review in the next 21 days.

The official said, according to reports by Reuters that companies will, in case of adoption of the new law, the opportunity to continue to explore in marginal fields even after the expiry of their license.

In addition, Mr. Adam indicated that this revision is necessary because the last license cycle launched did not meet expectations, receiving less than four bids.

 

Source: Agence Ecofin

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