There is reassuring news for the nation as oil giants have vowed not to abandon oil exploration in Ghana despite the decline in crude oil prices in the world market.
This was revealed by some of the oil companies at the 2015 Edition of the Offshore Technology Conference currently ongoing in Houston in the United States of America.
A powerful Ghanaian delegation made up of top Government officials and business and heads from the Oil sector are taking part in the conference.
Price of crude is currently sold for less than $50 per barrel in the international market.
The Minister of Finance has said the decline in crude has adversely affected Ghana’s 2015 budget projections and the
Citi News’ Richard Dela Sky is at the Conference and reported that “facing a continuous economic down turn that continuous to dry up, many of Ghana’s revenue producing streams, Ghana needs all the revenues she can get from sources that are still making money in order to stay afloat economically.”
Sandrah Gantile, General Manager of Hess Ghana Exploration Limited in an interraction with Dela Sky said though oil prices have gone down, “if you look at the flip side there is a benefit.”
“It’s time to step back and look a lot at the services that you are using because a lot of the prices will also start going down for the services that you use. So if you are looking to contract a rig you might get that rig for a lot less than you would have in higher oil price environment. So we’re trying to look at it with positive views to what can we do during this time that will actually benefit us,” she added.
Meanwhile, the Petroleum Minister, Emmanuel Armah Kofi Buah welcomed the assurances.
He further explained why Ghana was selected to participate in the conference.
“I think the story of Ghana and the reason why Ghana has been selected this year as one of the stars for this year’s technology conference is that Ghana is a low cost producing country and we are trying to let the world know that even in this challenging environment, the cost of exploring and producing oil in Ghana is comparatively cheaper.”
“Our stable democracy, our transparent legal regime, our friendly environment, all of that is a factor. And I think the numbers also back it up. That is why even in this challenging time ENI continue to drive its seven billion investment, heirs continue in this challenging time, Tullow continue with TEN and others,” he added.