Government is taking steps to reverse the decline in Ghana’s oil production while increasing domestic gas supply to meet growing demand, particularly from the power generation sector.
The Minister for Energy and Green Transition, John Abdulai Jinapor, announced this after engaging with the Ghana Upstream Petroleum Chamber to assess developments in the country’s upstream petroleum sector and discuss measures to attract fresh investment.
According to Mr Jinapor, restoring investor confidence and creating a more competitive environment for the upstream petroleum industry remain key priorities for government.
He said government was pursuing a number of policy, regulatory and infrastructure interventions aimed at strengthening the sector and maximising the value of Ghana’s oil and gas resources.
“Reversing the decline in oil production is high on our agenda,” Mr Jinapor said, adding that government was also focused on increasing gas production to meet growing domestic demand, especially for power generation.
He noted that the ongoing review of Ghana’s upstream legal and regulatory framework was intended, among other objectives, to make the sector more competitive and attractive to investors.
The Minister said government’s broader objective was to ensure that more of the oil and gas produced in Ghana was processed and utilised locally rather than relying heavily on imports.
He identified increased gas supply for domestic consumption as critical to improving the country’s energy security and reducing dependence on imported natural gas and other energy products.
Mr Jinapor said the engagement with the Ghana Upstream Petroleum Chamber also allowed government to listen to concerns raised by industry players and explore ways of addressing them.
He stressed that a strong partnership between government and the private sector would be necessary to build a more competitive, predictable and sustainable petroleum industry.
The engagement forms part of government’s efforts to strengthen collaboration with key stakeholders as it implements reforms aimed at revitalising Ghana’s upstream petroleum sector and attracting the investments needed to boost production.
CREDIT: MAVIS FANTEVI