Investments and knowledge of the upstream sector key — Experts

Investments and knowledge of the upstream sector key — Experts

Speakers at the two day Ghana Oil and Gas Conference have advocated for more investments in the sector and sharing of more knowledge among stakeholders.

At the climax of the conference at the Movenpick Hotel in Accra this afternoon, they contended that such an objective will deepen an understanding of the sector to enable citizens and stakeholders accrue the necessary benefits from the sector.

Organised by the Ghana Upstream Petroleum Chamber (GUPC) on the theme “Ghana's Oil & Gas Industry: Prospects and Opportunities,”  the Director for Upstream at the Ministry of Petroleum and Resources, Nigeria, Kamoru Busari, called for a clear and appropriate regulatory framework to ensure a successful onshore development of Ghana’s oil.

He also advocated for incentivised and progressive oil and gas laws to grow the nation’s upstream sector. “Institutionalizing local content and petroleum industry value chain while training and harmonizing community and cultural collaboration will achieve the right balance for the successful growth of the nation’s oil  for national development,”; he noted.

Mr Busari challenged stakeholders to formulate a resilient risk management policy to improve the competitiveness of oil and gas investments.

“This can be attained by integrating the value addition in the industry with the host communities making them partners while creating a value chain in the long term,” he stated.

Safety of the environment

Mr Busari charged policy makers in the country to create policies and regulations to protect the environment against oil spillages, pollution and environmental degradation.

Citing an example of Nigeria, he noted that it was not until 2021 that Nigeria passed the Petroleum Industry Act (PIA), to safeguard the environment and the petroleum industry.

“The absence of PIA has led to severe pollution affecting ecosystems, water sources, and local communities in Nigeria,” he stated.

Other Speakers

Other speakers focused on increasing exploration efforts, attracting international investors, and implementing sustainable practices within the industry.

Dr Kwame Boakye-Agyei, Operations Advisor, Ghana Upstream Petroleum Chamber GUPC, emphasized the importance of collaboration between government institutions and private sector entities to accelerate growth and ensure long-term success.

He called for strategies to maximize local content participation, develop human capital, and encourage the growth of Ghanaian oilfield services companies.

“Ghana's oil and gas industry offers immense prospects and opportunities for domestic and international investors. The nation boasts significant untapped resources, favorable investment policies, and a stable political environment. Furthermore, Ghana's commitment to local content creation and environmental responsibility enhances its attractiveness as a strategic partner within the global energy landscape,” he stated.

The Chief Executive Officer (CEO) of Ghana Upstream Petroleum Chamber, David Ampofo called for more stakeholder engagements and harmony among industry players to attract investments in the sector.

“We must deepen our way of the sector, find a way to make it generate revenue for the benefit of our people, this calls for investments and stakeholder engagements,” he noted.

He lauded stakeholders and experts for attending the conference and  appealed to them to make good use of what has been learnt and discussed for the benefit of the country.

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