High expectations for upstream petroleum sector

…major IOCs expected to flood in

Chairman of Africa Business Media Dr. Yaw Akoto has said that Ghana is likely to attract more interest from international oil companies (IOCs) owing to recent developments in the upstream petroleum sector.

“Recently, government signed an exploration contract with the world’s largest oil and gas company, Exxonmobil Corp, to explore for oil in the Deepwater Cape Three Points offshore (DWCTP) oilfield. This development is a strong indication that major international oil companies (IOCs) will begin flocking to our waters and exploring at depths from 2000 to 4000 metres; that was impossible without the likes of a major IOC,” he said.

Also, he was positive that onshore exploration in the Voltaian Basin spearheaded by the Ghana National Petroleum Corporation (GNPC) will show that the country is making major strides in the upstream sector which will soon attract more foreign interests.

He added that, as part of these developments, he expects government to continue work on full implementation of the Gas Master Plan as stated in the 2018 budget statement.

Dr. Yaw Akoto made these comments at the media launch of the Ghana Economic Outlook & Business Strategy Conference (EOBS) scheduled to take place on Wednesday March 21, 2018, at the Labadi Beach Hotel in Accra.

This 6th edition of the EOBS conference, dubbed ‘10 years of Oil and Gas; Challenges & Prospects’, will bring together stakeholders in the industry and relevant key players to discuss pertinent issues in the petroleum sector.

“After ten years of production and managing the significant revenues generated from petroleum, we thought that ten years was ample time to do some introspection; to get the key players in the oil and gas industry together, along with the regulators of the industry, to review what has been done so far and what should further be done to enable Ghana achieve more and better success going forward. This is what informed our choice for this year’s theme,” Dr. Akoto narrated.

In a speech read on his behalf, Kwaku Agyemang-Duah, Industry Coordinator at the Association of Oil Marketing Companies (AOMCs) said: “Since we represent a collective interest, any event with the aim of generating and examining new ideas, policies, developmental propositions from all stakeholders to maximally exploit, promote and sustain growth of the industry and economy as a whole is worthy of our support and partnership”.

The Ghana Economic Outlook & Business Strategy Conference is organised by Africa Business Media-publisher of the Ghana Business & Finance Magazine, partnered by the Association of Ghana Industries (AGI), Private Enterprises Federation (PEF) and Business Council for Africa (BCA) Ghana.

Keynote speaker for the event will be Dr. Mamudu Bawumia, Vice-President of the Republic of Ghana.