Government and key stakeholders in the petroleum upstream sector have begun the process of revising the current National Energy Policy (NEP) to provide and ensure efficient petroleum activities in the sector.

Energy Minister, John Peter Amewu revealed this during the 11th International Upstream Conference held in Accra this week. The move is expected to realise optimal long term petroleum resource utilization for the outmost benefit of the State as well as attracting the needed investments in the sector.

The revision of the Policy would also ensure the necessary regulations and policies streamlined to in order to take advantage of the emerging opportunities in the sector whiles ensuring minimal or no adverse consequences.

This, the Vice President Dr. Mahamadu Bawumia asserted that government would be responsive to the rapidly changing technological needs of the petroleum industry by adopting contemporary and innovative technologies to maximise petroleum revenue to ensure outmost benefits to the State.

Speaking during the conference, Dr. Bawumia said government was committed to put in strict and effective regulatory framework to protect investments in the sector.

“One of the anchor pillars is an accelerated oil and gas exploration development plan needed to ensure the promotion of fairness, transparency and predictability in Ghana’s upstream petroleum sector”, Dr. Bawumia reiterated.

A number of civil society institutions and experts in the sector have already been advocating the need to revise the National Energy Policy which would ensure that adequate regulatory framework and measures are put in place to fully utilize the petroleum revenues.

According to the International Energy Agency (IEA), Ghana’s National Energy Policy encompasses cross-cutting plans to manage the major challenge of fast-growing energy needs for the national development agenda.