Gov`t to make petroleum sector attractive

The Minister for Energy, Hon. Felix Kwasi Owusu-Adjapong, has noted that the government has created the requisite incentive mechanisms to attract investors with technical and financial capabilities into the country's petroleum sector.

According to him, his ministry would continue with its good policies to ensure that the oil discovered in the country is managed well, to benefit the present and future generations.

The Minister made this statement when he addressed players in the oil industry at a workshop on oil and gas in Accra.

The workshop was organized to raise awareness about the opportunities in the oil and gas sector, as well as discuss how to develop efficient mechanisms to properly manage both upstream petroleum sub-sectors, so as to achieve national policy objectives.

Mr. Owusu-Adjapong said, the government has set up a Local Content Committee with an objective to ensure local participation of issues concerning the oil industry, in order to push economic advancement to improve on standard of living in the country.

He said the policy also focuses on the promotion of value addition in Ghana, through the local raw materials, products and services in order to stimulate growth of indigenous capacity.

The Energy Minister noted that the country was looking for collaboration in the areas of capacity building, health, safety and environmental management, distribution networks, regulatory reforms legal framework and other activities in the development of both the upstream and downstream sectors.

The Minister stated that as Ghana becomes an oil producing country, the government will continue to enforce the relevant laws of the country and where necessary, enact appropriate laws and regulations that would be consistent in managing the oil sector.

“With the oil discovery, there would be opportunities within the industrial chain for many interested Ghanaian businesses and other partners to generate employment”, he said.

The workshop, which has an objective to enhance the understanding of the Petroleum upstream challenges and the role of the private sector in meeting those challenges, was attended by a delegation from United Kingdom West Africa Action Group (UKWAAG).

Mr. Jon Woodwards, leader of the delegation and International Business Director, UK West Africa Advisory Group, in his presentation noted that the country has to rapidly establish an oil and gas supply chain and infrastructure required to manage the industry.

He said, the UK experience in areas such as developing an oil and gas supply chain, projecting financing, oil and gas licensing and fiscal regimes, energy security and health and safety regulation are all of keen interest to the Ghanaian government, as it prepares to establish and manage its new found oil resources.