Ghana’s energy minister says that at least 15 oil exploration companies in Ghana will likely lose their licenses by the end of 2019, here’s why

Ghana’s Energy Minister, John Peter Amewu, says at least 15 oil exploration companies are likely to lose their operating licences by end of this year.

Minister for Energy, John Peter Amewu

According to him, these companies have failed to meet the basic obligations for exploring the country's oil fields.

The basic obligations that were not met by these companies included non-payment of annual ground rent and failure to comply with exploration rules set by the Ghana National Petroleum Corporation (GNPC) and the Ghana Petroleum Commission.

Also, the licenses of some of these companies will expire before the end of the year, and the government is not ready to renew their license.

The government has served notice these companies about their impending fate.

"Most of the companies are already aware, and we have made it clear that after the assessment by the Petroleum Commission, we're not going to renew some of the licenses because they haven't carried out any obligations which indicate that they cannot do the work," Mr Amewu said.

The Energy minister made the revelation after he had a meeting with the oil companies to brainstorm on ways to develop a better regulation for the petroleum Industry.

"We're not going to allow that in this country again. As a government, we think others that are interested must also be given the opportunity to explore rather than being with a particular firm that is not capable of doing any exploration activity,” he said.

Mr Amewu however, did not mention the names of these companies that may be losing their license and their blocks, he gave a strong indication that the process has begun and it will not be long before they are kicked out of the oil fields.

Some of the firms at the meeting included Aker Energy, Kosmos Energy Ghana, Tullow Oil, Eni and other major players in the upstream petroleum sector.

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