[ 2016-07-08 ]

Ghana’s oil exploration under threat – ACEP
Policy Think Tank, the African Centre for Energy
Policy (ACEP), has painted a rather grim picture
of the future of Ghana’s oil and gas exploration
sub-sector.

According to ACEP, the level of exploitation in
the sector is worrying and must be checked.

Addressing a forum in Accra to launch what it
calls citizens manifesto on oil and gas ahead of
the November polls,the Executive Director of ACEP,
Mohammed Amin Anta, said the increasing depletion
of the current oil reserves is not the best.

“Given the current level of inactivity on
Ghana’s exploration map, we are worried about
the future of the oil industry in Ghana. We are
currently depleting reserves without replacing
them at the same level.

Even as we deplete without replacing them at the
same level, there are oil companies that are
holding inactive petroleum.”

Oil giants predict gloomy times

Oil giant Tullow earlier predicted tough times
ahead for the oil industry in the coming months,
when prices of the commodity on the world market
started declining.

The price of a barrel of the commodity earlier
fell below 40 dollars, the lowest since 2009,
while the price of Brent Crude fell 5.3% to 40.73
dollars a barrel.

Source - citifmonline.com

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