It’s been a tough period for oil companies, since last year, due to falling prices of oil on the global market.
The figure is expected to hurt the finances of many countries that rely on it for revenue including Ghana, as higher projections of its price were made earlier.
Speaking to Citi Business News senior international development executive at Scottish development international Andrew Monaghan said oil prices may pick up by next year.
‘“If you ask such people when oil prices will revert to normal status, you will be surprised at the answer. In my personal opinion, 40 dollars a barrel is a completely an artificial price, there is no way a barrel will cost that because it costs a lot to produce to sell at that price.
I think it is a matter of time before the oil price rebounds back to a sensible level , some people are predicting a year others two years, I am optimistic therefore I will suggest that one year from now, we will be looking at 50 or 60 dollars a barrel’.
He was speaking to Citi Business News at a networking event for Scottish oil and gas companies at the British High Commission’s residence.
The event was geared towards persuading Scottish oil and gas companies to invest in Ghana and do business here.