Ghana Upstream Petroleum Chamber

Growth And Sustainability Levy Risks Dampening Petroleum Upstream Investments – GUPC
22 Mar

Growth And Sustainability Levy Risks Dampening Petroleum Upstream Investments – GUPC

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The proposed Growth and Sustainability Levy has the potential to dampen investments into oil and gas exploration and trigger litigations, if approved, the Ghana Upstream Petroleum Chamber, has warned. The levy, which is currently before Parliament, if approved, will impose a 1 percent tax on gross production for oil and gas companies and extractive companies, among others, as well as a 5 percent rate on profit before tax on the aforementioned businesses. The move has, however, been described as ill-timed, harsh and one with the potential to erode the gains made toward making the domestic oil and gas industry an…
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Government Needs To Respect Tenures And Provisions Of Agreements – David Ampofo
03 Mar

Government Needs To Respect Tenures And Provisions Of Agreements – David Ampofo

wontumionlineBusiness,
Chief Executive Officer of the Ghana Upstream Petroleum Chamber, David Ampofo, has urged government to respect the provisions and tenures of agreements with upstream petroleum sector players. According to him, push by civil society organisations among others for government to review its agreements with the upstream players following their recording of large windfalls is premature and unbelievable. He said the government has a duty to attract new investment into the sector if it expects to generate more revenue; hence premature reviews of contracts might give the country a bad reputation in the investor community. “When I hear it I cannot…
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Ghana’s Upstream Petroleum Industry Lacks New Investment – David Ampofo
03 Mar

Ghana’s Upstream Petroleum Industry Lacks New Investment – David Ampofo

wontumionlineBusiness,
Chief Executive Officer of the Ghana Upstream Petroleum Chamber, David Ampofo, says the problem with the upstream petroleum industry is the lack of new investment in the sector. According to him, currently the upstream industry has plateaued largely due to the failure of government to attract new investment into the sector. Speaking on PM Express Business Edition, he noted that a remedy to the problem was for the government to make the sector much more attractive for investors rather than taking up an adversarial role. “You’ll have to replace the reserves as you go on. If you’re producing from the…
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