Petroleum sector faces more woes

…Aker Energy postpones operations, as COVID-19 disrupts supply value chain

Even as the projected US$1.5billion revenue from the petroleum industry will not be met due to the collapse of global crude price because of combined factors precipitated by COVID-19, the local industry is set for harder times.

Already, several analyses – including a presentation from Finance Minister Ken Ofori-Atta to Parliament earlier this week – show that the country is set to miss its revenue target from oil by more than 50 percent, which will curtail major infrastructure and social investment projects across the country.

Already, Tullow Oil is facing similar challenges at its two exploration fields – Jubilee and TEN. Early this year a petroleum economist, Dr. Theophilus Acheampong, predicted that the economy is likely to lose over US$110million in petroleum revenue this year, due to just the ongoing challenges with Tullow Ghana which forced the UK-based company to cut down its local production by over 30 percent last year.

See https://thebftonline.com/2020/editors-pick/petroleum-sector-faces-more-woes/

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