Energy Minister Dr. Joe Oteng Adjei has justified government’s current arrangements with oil companies operating on the jubilee field. These include capital allowance which has relieved the companies of paying corporate taxes to enable them recoup their investments. The country has so far grossed 112 million Ghana cedis in revenue from the sale of oil from the Jubilee field. Some analysts have however argued that the country could have gotten more. But speaking to Joy Business, Dr. Oteng Adjei dismissed suggestions the country has been shortchanged. He however adds that government is working to correct the shortfalls. "They made these laws at a time that nobody was coming into this country but the joy we have is that whatever deficits we have in that we are working on to bring a new version which will close some of these loopholes that we've all detected," he said. Dr Oteng Adjei said oil exploration was an expensive and risky business and that it was only fair for the companies to be allowed some breathing space. Government is hoping to realize some 1.24 billion Ghana cedis in revenue from crude oil sales from the jubilee field for next year based on average oil price of 90 dollars per barrel.