According to the Deputy Petroleum Minister, Dr Mohammed Amin Adam, this is part of measures put in place by the government to ensure that its petroleum assets are developed for the benefit of Ghanaians.
He indicated that the companies were identified for termination after they reviewed 14 licences that were awarded in recent years to other companies.
Speaking on the possibility of companies already producing to further explore offshore areas the minister said that the laws on petroleum and exploration would have to be amended.
The amendment will allow companies already producing to further explore offshore areas for more oil.
“We’re changing our law to allow companies that are already producing in a certain area to continue with exploration. We have in our laws, provisions that constrain investment,” he said.