87% of petroleum sector players cite foreign currency acqisition as biggest challenge in meeting payment obligations – Report

A survey by Deloitte, commissioned by the Petroleum Commission, revealed that 87% of upstream petroleum sector players face challenges in acquiring foreign currency, with high exchange rates being a significant obstacle.

About 46% of respondents also cited high tax rates as a major issue, advocating for tax amnesty.

The Petroleum Commission received an average responsiveness rating of 3.80, with concerns over high fees.

Around 91% of respondents are satisfied with local content regulations, though 25% believe they discourage foreign investment.

The most suggested improvement is simplifying local content regulations.