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Oil Exploration Mushroom companies being awarded oil blocks - ACEP boss

Adam said many of these companies do not have the adequate capital and capacity for oil exploration.

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The Executive Director of the Africa Centre for Energy Policy, Dr. Mohammed Amin Adam. play

The Executive Director of the Africa Centre for Energy Policy, Dr. Mohammed Amin Adam.

The Executive Director of the Africa Centre for Energy Policy, Dr. Mohammed Amin Adam, has accused the government of awarding contracts to "mushroom" companies to discover oil.

Adam said many of these companies do not have the adequate capital and capacity for oil exploration.

He is alarmed that the country's old discoveries are depleting without replacement.

"Oil companies that have acquired contracts to discover oil are mostly mushroom companies and they do not have adequate capital and capacity to do so," he said at the launch of a report dubbed: "The Weak Link, the Role of Local Institutions in Accountable Natural Resource Management" in Accra. "And so we are currently depleting reserves from the old discoveries without replacing them."

He continued: "In fact, some of these companies have never gone to site ever since they were contracted."

Adam said the inability to explore new discoveries is a "worrying situation" since future "production and revenues depend on the new discoveries that we make today."                 

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