In the opening session of the ‘Ghana Oil and Gas Conference’ in Accra, David Ampofo, the Chief Executive of the Ghana Upstream Petroleum Chamber, emphasized the pivotal role of natural gas in Ghana’s energy landscape.
He stressed that despite its significance, the full potential of natural gas remains largely untapped, citing key challenges that must be addressed to unlock its benefits.
Ampofo’s foremost concern is the urgent need for a well-defined pricing structure for gas, asserting that such clarity is vital for guiding investments, efficient planning, and coordinated industry implementation.
“There is no business to be done if there is no agreed price for goods and services. Domestic gas supplies need harnessing, and some big decisions need to be made that enable the required investment to take place,” he stated.
Ampofo underlined the importance of enhanced cooperation between the industry and the government, recognizing that businesses in the sector operate within a policy framework that significantly influences their success.
He stressed that detailed, predictable, and consistent government policies are essential for the prosperity of the oil and gas industry. Ampofo also pledged the Upstream Petroleum Chamber’s commitment to creating a responsive business environment for both Ghanaian and international investors in the oil and gas sector.
Turning attention to the untapped potential of the industry, Ampofo noted that both onshore and offshore resources remain ripe for exploration, emphasizing the central role of harnessing natural gas alongside oil to ensure energy self-sufficiency.
Meanwhile, Ghana’s Minister of Energy, Matthew Opoku Prempeh, weighed in on the global push for cleaner energy and its impact on the oil and gas sector. He highlighted the shift in investment trends, with funding for petroleum projects becoming scarce while resources for clean energy projects abound. This shift has led International Oil Companies (IOCs) and international financial institutions to pivot toward cleaner energy endeavors.
Given these challenges and technical capacity limitations in the oil and gas sector, Minister Prempeh suggested the need to rely more on indigenous companies, including local financial institutions, for the development of hydrocarbon resources.
However, he lamented that many of these companies lack the full capacity for exploration and production and tend to be risk-averse.
Furthermore, Minister Prempeh pointed out the dependence on Western countries for demand and support in the hydrocarbon sector. He highlighted the necessity of developing markets and infrastructure across the African continent for the processing, storage, transportation, and transformation of hydrocarbons as a means to overcome this reliance.
Samuel Atta Akyea, Chairman of the Parliamentary Select Committee on Mines and Energy, stressed the economic potential of Ghana’s oil and gas industry. He expressed frustration with the pace of development of potential resources, including those in the Voltaian Basin, and called for private-sector partnerships to accelerate their exploitation.
This year’s Ghana Oil and Gas Conference, held under the theme ‘Ghana’s oil and gas industry: Prospects and opportunities,’ brought together industry stakeholders to address emerging challenges and explore avenues for realizing the sector’s untapped potential.