The Petroleum Commission held its Annual Engagement with the Western Region House of Chiefs last Friday in Takoradi to apprise them of the impact of COVID-19 on the upstream petroleum industry.
The meeting seeks to engage its key stakeholder, the house, on the effects of the pandemic. In an address, CEO of the Commission, Mr. Faibille Jnr., said the upstream petroleum industry has suffered significant shocks which did not only affect the economy but also impact on work obligations and operations. He indicated that shortfall in revenue in the upstream sector this year was very significant, making companies invest heavily to enable staff work remotely to keep the industry running.
“The COVID-19 pandemic is likely to delay the country’s second licensing round as the government prioritises managing the domestic impact of the virus and although oil production was ongoing, production and revenue forecast for the year has been significantly affected, largely due to the postponement of the Pecan Development Campaign” he noted.
