Oil and gas stakeholders from both the public and private sectors have put forth key recommendations to address the decline in petroleum production recorded over the past four years. These recommendations were presented in a communique issued after a two-day technical consultative workshop organized by the Public Interest Accountability Committee (PIAC), which included representatives from the Ghana National Gas Company Limited, Ghana National Petroleum Corporation (GNPC), Ministry of Energy, the Petroleum Commission, Kwame Nkrumah University of Science and Technology, and other relevant bodies.
Emerita Professor Elizabeth Ardayfio-Schandorf, Chairperson of PIAC, read the communique, emphasizing the need to improve the investment climate in Ghana’s petroleum sector. The stakeholders recommended revising and updating fiscal terms in petroleum agreements to attract investors. They stressed the importance of developing a transparent framework for licensing and regulatory compliance to build investor confidence and draw investments into the industry.
Another key recommendation was the prioritization of infrastructure development for gas processing and transportation. Stakeholders called for investments in constructing and upgrading vital infrastructure to support the industry’s growth.
Collaboration with academia was highlighted as essential to advancing research and fostering innovations that would facilitate data-driven decision-making in the sector. The communique also suggested implementing advanced oil recovery techniques and investing in technology to enhance extraction processes.
In terms of legislative reforms, stakeholders recommended re-assessing the legal framework surrounding petroleum exploration to remove ambiguities and increase clarity. They also called for increased funding for exploration activities, particularly in underexplored areas, with government-backed mechanisms to encourage investment.
Furthermore, stakeholders stressed the need to invest in underutilized gas reserves to boost natural energy production and generate revenue. Improved stakeholder engagement was another focus, with a call for regular dialogue between industry players, government entities, and civil society to address concerns, share insights, and foster a culture of transparency and accountability in government operations related to oil and gas.
These comprehensive measures, if implemented, are expected to reverse the current decline in oil production and revitalize Ghana’s petroleum sector for long-term sustainability.
