Reversing oil production decline top priority for gov’t — Energy Minister

The government has identified reversing Ghana’s declining oil production and increasing gas supply for domestic consumption as key priorities for the upstream petroleum sector, Energy and Green Transition Minister Dr John Abdulai Jinapor has said.

He said the government is implementing policy, regulatory and infrastructure interventions to restore investor confidence and create a more attractive environment for investment in the sector.

Dr Jinapor made the disclosure in a social media post on Tuesday, August 11, after engaging the Ghana Upstream Petroleum Chamber a day earlier to review developments in the upstream petroleum sector and discuss the government’s plans for the industry.

“At the same time, reversing the decline in oil production is high on our agenda, alongside increasing gas production to meet growing domestic demand, particularly for power generation,” he said.

According to the minister, the government is also reviewing Ghana’s upstream legal and regulatory framework as part of efforts to make the sector more competitive and attractive to investors.

He said the government’s objective is to maximise the value of oil and gas produced in Ghana by increasing domestic processing and utilisation of the country’s petroleum resources.

Dr Jinapor said increasing gas supply for domestic consumption, particularly for power generation, would be critical to improving energy security.

He added that the move would also help reduce Ghana’s dependence on imported natural gas and other energy products.

“Our objective is to maximise the value of the oil and gas produced in Ghana by processing and utilising more of our resources domestically,” Dr Jinapor said.