Business News of Thursday, 7 November 2019Source: www.citibusinessnews.comGovernment to revoke four petroleum licences for lack of developmentMohammed Amin Adam, Deputy Energy MinisterThe government is set to revoke the petroleum exploration licenses of some four companies which have failed to develop their allocated oil blocks. Deputy Energy Minister, Mohammed Amin Adam told journalists in South Africa that the government will take aggressive action to ensure that its petroleum assets are harnessed for the benefit of Ghanaians. The licenses were identified for termination after a review of 14 license awards that were made in recent years. Mr. Amin Andam also stated that the petroleum and exploration law would require an amendment to allow companies already producing to further explore offshore areas for more oil. “We’re changing our law to allow companies that are already producing in a certain area to continue with exploration.

Source: GhanaWeb November 07, 2019 16:04 UTC