GNPC Outlines Investment, Exploration And Commercial Priorities At Africa Oil Week

Ghana must continue to improve its competitiveness to attract the capital needed to sustain production from existing oil fields, develop discovered resources and advance new exploration opportunities, the chief executive officer of the Ghana National Petroleum Corporation (GNPC), Kwame Ntow Amoah, has said.

Speaking at Africa Oil Week, held at the Kempinski Hotel Gold Coast City in Accra from Sept. 1 to 3, Ntow Amoah said Ghana needed to compete for investment by providing predictability, competitive project economics, timely decision-making and partnerships that deliver value to both investors and the country.

“Ghana must compete for capital through predictability, competitive project economics, timely decision-making, and partnerships in which both investors and the country derive fair value,” he said.

Amoah also highlighted ongoing frontier exploration in the Voltaian Basin as part of efforts to expand Ghana’s long-term petroleum resource base.

His comments came as the government outlined measures aimed at improving the country’s upstream investment environment and encouraging further exploration activity.

GNPC Deputy Chief Executive for Exploration and Production Michael Aryeetey also participated in Ghana Day discussions on new investment opportunities in the upstream sector.

He moderated a panel involving GNPC Explorco, the Petroleum Commission and industry operators.

The discussion focused on conditions needed to attract exploration capital and move projects towards development, including access to geological data, regulatory efficiency, project economics, commercially aligned partnerships and a competitive investment environment.

A key development at the conference was the signing of a memorandum of understanding involving the Government of Ghana, GNPC, Shell Overseas Holdings Limited and Chevron Sub-Saharan Africa Ventures Ltd. concerning petroleum exploration and production rights over the South Deepwater Tano Block.

The conference also provided an opportunity for GNPC to outline its commercial priorities.

GNPC Deputy Chief Executive for Finance, Commercial and Administration Hamis Ussif said discussions about certainty for upstream investors should also recognise the corporation’s role as an investor.

“Even as a national oil company, let us not forget that in one breath we are an investor and we require certainty as well,” he said.

Ussif said GNPC’s ability to access capital and plan around predictable revenues would become increasingly important as the corporation assumes greater investment and commercial responsibilities.

Managing Director of GNPC Explorco Samuel Opoku Arthur said the subsidiary was seeking to build an exploration and production portfolio through direct investment and partnerships.

He said Explorco was taking on commercial risk by committing equity, funding its share of work programmes and investing alongside partners, which he said would align the interests of the parties around project delivery.

GNPC also engaged investors, operators and other industry stakeholders at its exhibition booth during the conference, where it presented opportunities in Ghana’s upstream sector and outlined its operations and strategic priorities.