Oil and gas stakeholders make recommendations to reverse petroleum decline

Stakeholders in the oil and gas sector, including players from the public and private sectors have made recommendations to help reverse the oil production decline recorded over the last four-year period.

The recommendations were captured in a communique released at the end a two-day technical consultative workshop to address the issue.

The event was organised by the Public Interest Accountability Committee (PIAC) with representatives from the Ghana National Gas Company Limited, the Kwame Nkrumah University of Science and Technology, Ghana National Petroleum Corporation, Ministry of Energy, and the Petroleum Commission, among others

In a communique read by Emerita Professor Elizabeth Ardayfio-Schandorf, Chairperson of PIAC, the stakeholders called for the enhancement of investment climate by reviewing and updating fiscal terms in petroleum agreement to attract investors.

“We need to develop transparent framework for licensing and regulatory compliance to build investor confidence to attract investors into the sector,” she said.

The stakeholders also highlighted the need to prioritise the construction and upgrade of infrastructure for the sector.

“There is the need to promote the infrastructure development, and for this there is the need to prioritise the construction and upgrade of infrastructure for gas processing and transportation,” Emerita Prof. Ardayfio-Schandorf stated.

The communique highlighted the need for collaboration with academia to help with research, and foster innovations that would enhance data-driven decision making in the sector.

They also recommended the implementation of advanced oil recovery techniques and investing in technology to enhance oil extraction in the sector.

The stakeholders also recommended that the sector facilitated legislative and regulatory reforms by re-accessing the legal framework surrounding petroleum exploration to eliminate ambiguities and enhance clarity.

They suggested the need to increase funding for exploration activities, develop government-backed mechanisms for exploratory activities to attract investment in underexplored areas and implement plans to invest in underutilised gas reserves for natural energy and revenue generation.

Furthermore, they highlighted the need to improve stakeholder engagement through regular dialogue among industry stakeholders, governments, and civil society to address concerns and share insights.

“We need to foster a culture of transparency and accountability in government operations related to oil and gas action,” the communique added.

Source: GNA

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