IOC’s

A total of 10 International Oil Companies (IOCs) owe Ghana surface rental fee arrears of $2.77million, the 2022 semi-annual Public Interest and Accountability Committee (PIAC) report, has revealed. Of the outstanding debt, $1.7 million, representing 62.30 per cent, is owed by four companies whose Petroleum Agreements (PAs) were terminated by the Petroleum Commission, in 2021, for non-performance. Apart from operators of the Sahara Energy Fields Ghana Limited, which has made part payment of $71,934m  during the period under review, the three others – Swiss African Oil Company Limited, UB Resources and Brittania U have not shown commitment to pay their debt. The…