Delays in gaining approval from the Ghana Procurement Authority for oil exploration in the Volta Basin may affect the schedule for completion of exploration works to discover hydrocarbon.

This was disclosed by the Chief Executive Officer (CEO) of the Ghana National Petroleum Corporation (GNPC), Dr Kofi Koduah Sarpong.

He was speaking at the commissioning of the FPSO J.A Kufuor in the Western Region.

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He appealed to President Nana Akuffo-Addo to ensure that the unnecessary delays are stopped so they can meet their 18 months deadline.

“I’d like to appeal to the President to use the Executive power to give us the necessary approval to overcome the procurement challenges currently delaying the project.”

“The next 18 months will see more exploration activities in our quest to discover hydrocarbon in the Voltaian Basin which covers Eastern, Volta, Northern and Brong Ahafo regions. It constitutes about 40 percent of the national landmass. This is a potential game changer in Ghana’s oil and gas sector,” he added.

A 2016 Annual Petroleum Revenue Management report by Public Interest and Accountability Committee (PAIC) indicated that crude production dropped by 13.7% as compared to 2015.

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The figure dropped from about 37 to 32 million barrels between 2015 and 2016.

This also affected oil revenue which dropped by 38% between 2015 and 2016, according to PIAC.

The amount declined from 396.17 million dollars in 2015 to 247.18 million dollars in 2016.