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The 2020 annual report issued by the Public Interest and Accountability Committee (PIAC) has revealed that revenue realised from the sale of LPG decreased by 4.16 per cent at the end of the period compared with the same period in 2019.
In spite of the implementation of the Cash Waterfall Mechanism, the report said, cumulative indebtedness to Ghana National Gas Company (GNGC), US$843,276,652.53, is still high.
Following the commencement of oil production in 2010, a National Gas Development Taskforce was commissioned in February 2011 by the Government to review and make appropriate recommendations for the speedy realisation of a national gas commercialisation infrastructure.
In April 2011, the Taskforce submitted its report, recommending the evacuation and treatment of associated gas from the Jubilee Field.
Acting upon the recommendations, the Government sanctioned the establishment of an indigenous company, GNGC, to undertake the project and to give true meaning to government’s emphasis on ‘local content’ in the oil and gas industry.
“Currently, the power generation sector uses a bulk of the country’s indigenous gas, with only about 13 per cent used for non-power activities,” the report said.
It added “Ghana’s gas resource therefore plays a crucial role in government’s effort to provide affordable power supply upon which socio-economic development can be built.
“However, gas supply, as a reliable fuel source for power generation, is currently hampered by financial hurdles, arising from payment deficits.”
Source: 3news.com
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