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Business News of Saturday, 18 November 2017


Energy Minister woos investors at the 24th Africa Oil Week

Boakye Agyarko, Energy Minister Boakye Agyarko, Energy Minister

The Energy Minister, Boakye Agyarko has told investors at the just ended 24th Africa Oil Week in Cape Town, South Africa that Ghana is the most stable and receptive country for investment in the upstream oil and gas sector in the West Africa sub region.

The Minister was among five Ministers in the Oil & Gas sector representing Nigeria, Côte d’Ivoire, Namibia, Mali and Ghana on the Ministerial Panel Discussion on ‘Attracting Operators and Investment’ at a forum held on 24th October 2017 as part of the 24th Africa Oil Week.

Citing the unparalleled stability of Ghana’s political framework as a feather in the cap, Mr Agyarko reiterated government’s target of making Ghana the most business-friendly country on the continent. “We want to repeat the success of the Jubilee Field at the time of discovery by pursuing a regime of aggressive exploration and development”, the Minister told the audience.

To achieve this, the Minister said that the passage of the Petroleum (Exploration and Production) Act, 2016; Act 919, has established a foundation for a clear and transparent environment to promote investments in the industry through bidding rounds.

Agyarko told the conference that clarity has also been brought to Ghana’s upstream oil and gas sector by the settlement in September of the maritime border dispute with Côte d’Ivoire, which paves the way for companies with acreage(s) close to the previously disputed zone to intensify their approved activities.

He told the conference that “a lot of majors are now coming into the field. A lot of majors are also now moving their regional offices and settling in Ghana, thus making Ghana the hub for the West African sub – region and hopefully the entire continent.”

Amidst all of these developments, Mr Agyarko acknowledged that Ghana understands the low-price environment and is very cooperative with the field producers, making sure they are supported in containing cost and reducing operational cost in a bid to enhance their profitability and global competitiveness.

The Energy Minister assured investors that though Ghana may not be the most endowed, Ghana certainly offered the most friendly and competitive regulatory environment with the assurance of political stability that gives certainty for long term planning for the oil and gas industry.

The Acting Chief Executive Officer of the Petroleum Commission, Mr Egbert Faibille Jnr, Chief Executive of the Ghana National Petroleum Corporation (GNPC), Dr K. K. Sarpong, Board Chairman of GNPC, Freddie Blay, some Board Members of the Petroleum Commission, Prof. Daniel Asiedu, Dr. Jemima Nunoo, Mohammed Hardi Tufeiru, were also in attendance to promote Ghana.

The Conference is Africa’s premier and longest-running oil & gas industry event. It attracted many industry players across the globe, including investors scouting for prospects.

The Petroleum Commission mounted a booth to promote Ghana’s open acreages.