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He said Ghana's upstream industry has suffered significant shocks leading to a shortfall in the country's revenue.
Contracts awarded by Aker Energy, AGM, Eni, GOSCO, and Springfield between the fourth quarter of last year and the first quarter of this year were affected.
Egbert Faibille Jnr speaking at a meeting with the Western Regional House of Chiefs in Takoradi said "The cancellation of these contracts such as a five-year Maersk Drilling contract, which was terminated in June 2020 together with associated sub-contracts will have a devastating toll on local businesses."
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Petroleum Commission boss, Egbert Fabille
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He stated that contractors and sub-contractors laid off more than 100 temporary and permanent workers, while more than 450 potential direct and indirect temporary jobs and opportunities were also lost due to the suspension of drilling by international oil companies such as Amni, GOSCO, Eni, and Eco Atlantic.
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"Nana President largely due to the postponement of the Pecan Development Campaign, the impact of the pandemic necessitated the freezing of the work programs and a decision to restore the period lost as a result of critical operations and maintenance work on production facilities scheduled for the year have either been stalled or canceled," he said.
The lead operator of the Jubilee and Tweneboa, Enyera, and Ntomme (TEN) field also reduced staff, he noted.
"The pre-COVID-19 outlook of the industry resulted in considerable investment in infrastructure, personnel, and technologies in anticipation of participation in major projects.
"Indeed, over 98 contracts worth over $389m were awarded by Aker Energy, AGM, Eni, GOSCO, and Springfield from Q4 2019- Q1 2020. The cancellation of these contracts such as the 5-year Maersk Drilling contract which was terminated in June 2020 together with associated subcontracts would have a devastating toll on local businesses," Egbert Fabille said.