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.