Energy Minister, Peter Amewu has indicated that there has been immerse growth in the oil and gas industry in the country.
According to him, areas including employment and electricity generation have massively benefitted from the growth of the industry. Rather than solely relying on the ideal hydro-power source of generating electricity, gas is largely now being used for the same purpose. According to him, from what used to be a long period of zero rigs, the industry has expanded to acquire about four rigs which are working at the same time to determine the potential of our basin.
“Ghana’s oil and gas industry has grown in size and in activity from a long period of zero rig to about 4 rigs working at the same time to determine the potential of our basins. In terms of the fiscal impact, we have also seen growth from 1,400 bbl/d in 2009/10 to 214000 bbl/d in 2019. Many of of our people have also been impacted through employment opportunities and service contracts. The country now largely uses gas for most of the electricity generated, hence the industry’s value addition to the economy has been well established.”
Addressing participants at the stakeholders workshop on acceleration of oil and gas exploration and development in Ghana, Mr. Amewu, highlighted the Ministry’s vision of improving and expanding the country’s oil and gas industry for development.
According to him, the country has designed policies and regulations to increase value for its country and people, taking into consideration the operations of industry players.
It is for this reason he noted, that it was significant that views and ideas of relevant stakeholders are collected to inform and help review and align the framework of the industry to the objectives of the sector.
He further noted that through the platform, new strategies would be evaluated for accelerated growth of the oil and gas industry to make room for the country’s existing regulatory framework and practices.
“These will include the development of new regulations and amendments of some provisions. The changes will ensure that regulations are aligned with our policies and strategies, “he said.
Mr. Amewu also stressed on the need for laws to be backed by policies and strategies, adding that there was the need for Ghana’s laws to be effectively responsive to match up with the evolving industry and changing policies.
He additionally reiterated government’s commitment to private sector development for which reason he says it is poised to formulate and implement market-friendly policies to make the country competitive for investors.
“This is important because oil and gas projects have become very expensive, upstream investments are not increasing faster, and the threat of green revolution to the prospects of hydrocarbon based economic development, which have led us to reconsider our strategy for the accelerated growth of our oil and gas sector.’’
The Ministry of Energy on Friday, 24th May, 2019 held a day’s stakeholders workshop on accelerating of oil and gas exploration and development in Ghana.
The program brought together participants including IOCs, indigenous companies, investors, regulatory authorities, civil society organizations, the media and other key players in the oil and gas sector. They included Tullow Ghana, Ghana National Petroleum Corporation (GNPC), Cosmos Energy, Petroleum Commission, and Exxon Mobil.
