Exit of ExxonMobil: Oil sector strong, formidable - Dormaa East MP
The New Patriotic Party (NPP) Member of Parliament for Dormaa East, Mr Paul Apraku Twum Barimah, has said Ghanas oil industry remains solid and formidable despite the exit of ExxonMobil. The longer-term outlook for Ghanas crude oil is positive, based on the expectation for continued field developments in the offshore basins, he stated. Media engagement In an interaction in Parliament to respond to the Minoritys claims that the exit of ExxonMobil was as a result of lack of confidence in the government, Mr Twum Barimah said Ghanaians and the investment community had faith and confidence in President Nana Addo Dankwa Akufo-Addos government to deliver. Exxon exited based on their financial strategy they put in place after the COVID-19 challenges. They are, therefore, prioritising fields where they have advantage of favourable cost environment while preserving value; that is why they are moving. They want to concentrate on areas where they are already doing production. Clearly, its based on the financial capacity, not President Akufo-Addos government, he said.
Exit of ExxonMobil: Oil sector strong, formidable - Dormaa East MP
The New Patriotic Party (NPP) Member of Parliament for Dormaa East, Mr Paul Apraku Twum Barimah, has said Ghanas oil industry remains solid and formidable despite the exit of ExxonMobil. The longer-term outlook for Ghanas crude oil is positive, based on the expectation for continued field developments in the offshore basins, he stated. Media engagement In an interaction in Parliament to respond to the Minoritys claims that the exit of ExxonMobil was as a result of lack of confidence in the government, Mr Twum Barimah said Ghanaians and the investment community had faith and confidence in President Nana Addo Dankwa Akufo-Addos government to deliver. Exxon exited based on their financial strategy they put in place after the COVID-19 challenges. They are, therefore, prioritising fields where they have advantage of favourable cost environment while preserving value; that is why they are moving. They want to concentrate on areas where they are already doing production. Clearly, its based on the financial capacity, not President Akufo-Addos government, he said.