Energy Minister John Abu Jinapor has announced that the government will soon revoke all inactive petroleum agreements that have failed to meet their minimum work obligations.
Speaking at the opening of the 2025 Petroleum Local Content Conference and Exhibition in Takoradi on Tuesday, November 4, he said the decision forms part of efforts to revitalise Ghana’s upstream petroleum sector.
“While new measures are being launch to attract fresh investments, the government will no longer tolerate companies holding exploration blocks without meaningful progress.Firms that have “hijacked” petroleum blocks without progress will lose their licences.”
Further, Mr Jinapor attributed the decline in Ghana’s petroleum production to past regulatory lapses and incomplete licensing processes, which he said have caused a 25% drop in output and a 50% fall in revenue, ultimately eroding investor confidence in the sector.
SOURCE: Citinewsroom
