Ghana’s Minister for Energy and Petroleum, John Peter Amewu has disclosed that the country’s national oil company Ghana National Petroleum Corporation (GNPC) has undertaken 2D seismic survey across the least explored basin, Voltaian Basin.
According to him, government would continue in its effort to promote reconnaissance surveys in areas with inadequate data as a strategy to de-risk those areas and close the data gaps.
“De-risking sedimentary basins is one of important way of peaking investor interest in a country’s upstream industry,” the Minister stressed.
Speaking on the topic: “Policies and Strategies to Optimize the Benefits of Ghana’s Petroleum Resources” at a two day conference on sustainable ocean organized by the Norwegian Embassy in Accra, Mr Amewu said his ministry is in the process of finalizing a National Energy Policy for onward submission to cabinet for approval.
The document, the minister said, contains policy directions and strategies aimed at optimizing the benefits of Ghana’s petroleum resources.
Mr Amewu explained that the country has seen immense activities with its resultant challenges, especially in the upstream petroleum space since the existing National Energy policy was approved in 2010.
He, thus, stressed the need for a new review of the existing policy to address the current challenges.
Touching on the ongoing Licensing Bid Round, Mr Amewu said “even though we had an impressive Expression of Interest (EoI) and pre-qualification process, the submission of bids was less than desired, which is a clear indication of challenges confronting the upstream industry.”
He said to avoid such occurrences in future the Ministry is having a second look at our existing legal, regulatory and fiscal regimes.
In this regard, Mr Amewu said his ministry on 24th May held a workshop with key Civil Society Organizations (CSOs), International Oil Companies (IOCs) and relevant stakeholders to deliberate on how to move the industry forward.
“We received a lot of inputs especially from the IOCs and CSOs which will improve on the way we do business and ultimately, maximize our benefits from the industry,” he said.
The Minister emphasized on the need for collaboration and cooperation between all the relevant stakeholders including industry, CSOs, the media and Ministries, Department and Agencies to ensure the maximization of benefits from Ghana’s petroleum resources.
Upstream Success in West Africa”
