Energy Minister, Dr. Matthew Opoku Prempeh on Tuesday opened the Petroleum Commission’s 2022 Local Content Conference and Exhibition in Takoradi calling for enhanced exploration and production activities in the context of Energy Transition.
Addressing captains of industry and stakeholders, Dr. Prempeh used the opportunity to reemphasize his commitment to local content and local participation which according to him is the vehicle through which the country could create value in the exploitation of the hydrocarbon resource.
The Minister said in spite of the fact that the energy transition concerns keep growing by the day, with calls for reduction in the production and consumption of fossil fuels, the rate of growth of alternative energy sources are not keeping up with pace to replace fossils fuel in the global energy mix. This he says clearly shows that fossil fuels will continue to be part of global energy mix in the foreseeable future.
“This has led to the recognition that oil and natural gas play critical roles in today’s energy and economic systems, and that, affordable and reliable supplies of liquids and gases (of different types) are necessary parts of a vision of the future. This could be possible if the oil and gas industry takes the necessary steps to deploy the requisite technologies in their E&P activities to minimise the adverse impacts of their operations on the climate. As such, it opens a way – which some companies are already following – for the oil and gas industry to engage with the “grand coalition” that we in Ghana considers essential to tackle climate change” he said
The Manhyia South law maker further said the sustainability of local content development in Ghana’s upstream oil and gas sector depends on a healthy pipeline of E&P projects and activities underpinned by its highly prospective sedimentary basin and attractive fiscal regime. Within the last five (5) years, six significant discoveries have been made offshore Ghana, of which five (5) are pending appraisal and development.
“With a healthy pipeline of oil and gas discoveries awaiting development, Ghana’s crude oil production is forecast to reach about 400,000 barrels per day and 600 MMscf of natural gas export per day by 2028. This growth in oil and gas production is expected to be unlocked through the upside maturation of already discovered reserves and the development of new discoveries” he noted
Dr. Prempeh said the vision of government for the energy sector is to develop a modern, diversified, efficient, and financially sustainable “Energy Economy” that will ensure that all Ghanaian homes and industries have access to an adequate, reliable, affordable and environmentally-sustainable supply of energy to meet their needs and to support the accelerated growth and development agenda we all envisage for the country. The role he said of the petroleum sector, especially the natural gas sub-sector in achieving this vison cannot be overemphasized. “It is expected that indigenous gas production will not only offer the nation a clean energy source to meet Ghana’s commitments under the Paris Agreement, but also cost-effective fuel for power generation on reliable basis” he added
The 2022 edition of the Local Content Conference marks the return of the conference to its in-person nature after it halted due to the limitations of the COVID-19 pandemic. The event which ends on Thursday, November 24, 2022 is expected to provide opportunities for networking towards the development of not only local content but the entire upstream petroleum industry.