Upstream Petroleum Chamber launches 2023 Industry Report

Ghana Upstream Petroleum Chamber

The Ghana Upstream Petroleum Chamber has held its 2023 Ghana Oil and Gas Conference. The well-attended conference brought together over 500 participants from industry, government, banking, academia and numerous professional services with an interest in oil and gas.

The two-day conference had the theme Prospects and opportunities in the oil and gas industry. The highly-patronised event included delegations from Nigeria and Trinidad and Tobago.

The Chamber launched its 2023 industry report – a comprehensive and up to date documentation of the state of the industry at both the global and local level. The report provides an overview of the industry with reference to key issues in 2022; such as oil production, gas production, gas for power generation and the economic benefits of gas. It also highlights the sector’s contribution to the economy, and the global outlook for oil and gas. It ends with some recommendations centred around increasing incentives for exploration, optimising domestic gas utilisation and taking advantage of opportunities provided by the energy transition.

Chief Executive Officer of the Chamber, David Ampofo, described the domestic oil and gas industry as an untapped frontier with enormous potential both onshore and offshore, adding “There is much to be done to realise its full potential”.

He said even though there is potential for substantial revenue to be earned from oil, the real game-changer lies with natural gas to power the nations industrialisation vision.

In his comments, Joe Mensah, Senior Vice President-Kosmos Energy – who also serves as Chairman for the Chamber, said the industry is working urgently with government to agree an acceptable price to both parties for the gas being produced offshore, so as to enable the necessary investment to take place. He cited the recent upturn in production from the Jubilee South East Field as an example of what is possible when industry and government collaborate.

In remarks read on his behalf by the Ministry of Energy, Dr. Matthew Opoku Prempeh said government is committed to closing any infrastructure gaps facing the industry, so as to ensure the country gets the most out of its hydrocarbon resources.

The subject of energy transition was never far from the presentations and panel discussions, with the generally agreed position that there is still a place for oil and gas in the foreseeable future.

The conference was characterised by highly informative presentations and panel discussions by a host of experienced presenters from the Ghana National Petrolatum Corporation, Petroleum Commission, local oilfield service companies and operator of the Jubilee Field, Tullow Oil.

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