Akufo-Addo threatens to abrogate oil contracts if companies failed to show commitment

Akufo-Addo threatens to abrogate oil contracts if companies failed to show commitment

-The President has issued a stern warning to oil drilling companies in the country to abide by their contractual obligations or get their contracts abrogated

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Companies having oil blocks at the country’s jubilee fields should demonstrate a commitment to executing their contractual obligations or risk the abrogation of their agreements, President Nana Akufo-Addo has warned.

Akufo-Addo

President Nana Akufo-Addo

According to the President, government would not entertain any form of delay from the companies because it was bent on increasing upstream activity following the ruling on the maritime boundary dispute with Cote d’Ivoire.

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“Government reserves the right to exercise options available to us, including termination of the Agreements if they fail to comply with the terms agreed between us,” he stated.

This was contained in a speech read on his behalf by the Minister of Energy Mr Boakye Agyarko at the launch of the Accelerated Oil and Gas Capacity programme at the Regional Maritime University at Nungua on Tuesday.

President Akufo-Addo hinted that his government plans to partner national and international oil and gas exploration companies to take up more acreage in our offshore basins with the view to achieving our objective of accelerating exploration.

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“With the increased upstream activity, the number of petroleum activity, local service providers and their personnel are expected to increase.The Accelerated Oil and Gas Capacity programme is therefore well placed to prepare our people to take advantage of the massive opportunities that will be provided by ongoing and new developments in the oil industry,” he said.

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Source: Yen.com.gh

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