The Acting Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC), Kwame Ntow Amoah, has urged industry stakeholders to embrace innovation and strategic investment to revitalize Ghana’s oil and gas sector.

Speaking at the 8th edition of the Africa Energies Summit, Amoah outlined GNPC’s vision within the framework of Ghana’s "resetting agenda," aimed at addressing production challenges and sustaining growth in the industry.

He stressed the need for urgent reforms in Ghana’s upstream oil sector highlighting GNPC’s strategy to reverse the decline in oil output over the past eight years.

"Ghana’s crude oil production has dropped significantly, from a peak of 195,750 barrels per day (bopd) in 2019 to approximately 110,500 bopd in recent years. This is as a result of declining field productivity, low exploration activity, and fiscal policy challenges. Achieving sustainable growth in Ghana’s oil and gas sector requires bold thinking and a willingness to embrace innovation,” he stated.

He also stressed the importance of advacing tchnology to enhance exploration and production efficiencies.

He outlined GNPC’s plans to integrate Artificial Intelligence (AI) and digital solutions for reservoir management, optimize drilling operations, and leverage cutting-edge seismic data acquisition methods.

Amoah called for a more investor-friendly framework, advocating for stable and transparent fiscal policies to attract new players to Ghana’s upstream sector.

He noted that while Ghana’s geological prospects remain strong, regulatory uncertainties must be addressed to build confidence among investors.

“We need to adopt a new mindsetone that balances strategic investment, technological innovation, and sustainable practices,” he asserted.

SP/SA

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