Members of the Ghana Upstream Petroleum Chamber recently convened for a breakfast meeting with Vice President Dr. Mahamudu Bawumia.
The primary purpose of the gathering was to apprise the Vice President of the challenges confronting the sector and explore collaborative efforts between the industry and the government to address these issues.
During the presentation to the Vice President and his team, the Chamber offered a comprehensive overview of the oil and gas industry, shedding light on the challenges that have contributed to the absence of new petroleum agreements since 2017.
CEO of the Chamber, David Ampofo, emphasized the urgency of addressing the situation, stating, “Peak oil production occurred in 2019, but since then, there has been a 32 percent decline.
This requires more exploration and new discoveries if the decline is to be arrested.”
In response, Vice President Dr. Bawumia expressed his commitment to fostering deeper collaboration between the government and the industry.
He assured the members of his dedication to making Ghana a more appealing oil and gas destination, mentioning his intention to benchmark Ghana’s fiscal regime against other attractive destinations like Guyana, Namibia, and Côte D’Ivoire.
The meeting facilitated meaningful engagement between the Vice President and representatives from exploration and production, as well as local and international service companies within the industry. It provided a platform for the Vice President to actively listen to the concerns and perspectives of the industry stakeholders.