The Ghana Upstream Petroleum Chamber is calling on the government to reconsider the Growth and Sustainability Bill which seeks to impose a one per cent tax on gross production for oil and gas companies.
The upstream petroleum industry awarded contracts worth US$3.6billion to indigenous companies over the last three years, thereby deepening the local content policy.
U.S. oil and gas firms generated $73.7 billion in profits in 2021.
Despite higher oil prices and profits, companies have been careful with capital expenditure.
The Ghana Upstream Petroleum Chamber has called on the government to urgently put in strategic incentives to attract more investment in oil exploration in the country.
The price of energy has been too low for producers in recent years while the price of extraction has increased, this will cause the global economy to shrink.
The DACF has received more than GH¢32,380,403.91 from the ABFA in 2021 following a 2019 decision of the Supreme Court in the case of Kpodo vs The Attorney-General.
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