President Nana Addo Dankwa Akufo-Addo has emphasized the significance of the TEN field, which holds “significant gas reserves,” stating that it plays a crucial role in Ghana’s natural gas production and the stability of the nation’s power sector in the years ahead.
The President also highlighted that the success of the Jubilee South East Project aligns with the broader plan for the Jubilee field, aimed at enhancing overall production from the eastern side of the field.
President Akufo-Addo expressed the government’s determination to attract further investments from partners involved in the TEN field project. He made these remarks during the commissioning of the First Oil from the JSE project on Friday, September 8, 2023, underscoring how this expansion will solidify the government’s accomplishments in the oil and gas sector.
President Nana Addo Dankwa Akufo-Addo has emphasized the significance of the TEN field, which holds “significant gas reserves,” stating that it plays a crucial role in Ghana’s natural gas production and the stability of the nation’s power sector in the years ahead.
The President also highlighted that the success of the Jubilee South East Project aligns with the broader plan for the Jubilee field, aimed at enhancing overall production from the eastern side of the field.
President Akufo-Addo expressed the government’s determination to attract further investments from partners involved in the TEN field project. He made these remarks during the commissioning of the First Oil from the JSE project on Friday, September 8, 2023, underscoring how this expansion will solidify the government’s accomplishments in the oil and gas sector.
In cooperation with the Ghana National Petroleum Company (GNPC), Kosmos Energy, Jubilee Oil Holdings Limited, and Petro SA, Tullow is managing the JSE.
President Akufo-Addo spoke about local content and Ghanaian involvement in upstream petroleum activities and said that the government’s attitude on local content is not just about providing ancillary services to the sector, but also having a stake in the resources as well.
“We must collectively endeavour to train our people to get to a level where they have the capacity to be able to participate fully in the industry, and our position is to strengthen all training vehicles in the various industries of the energy sector, like the Accelerated Oil and Gas Capacity Building Programme, to ensure that Ghanaians have the relevant certification to become competitive, and play a fuller role in the industry”.
“That fuller role will be most effectively anchored when we ensure Ghanaian equity participation in the upstream development of our oil and gas resources”, he stated.
President Akufo-Addo stated that it has become essential for Ghana to develop plans and strategies toward the creation of a net-zero energy sector because the country is a signatory to the Paris Agreement, which obliges it to cut its carbon dioxide emission levels.
However, he pointed out, “as I have reiterated on previous occasions, whilst working hard to combat the effects of climate change, it is also important to protect our development by making sure that our oil reserves do not become stranded assets, but, rather, a catalyst for our economic growth. Our position remains unchanged”.
The president reaffirmed that Ghana has a stable political system, a strong legal system, a workable fiscal regime, a good telecommunications system, a dedicated, talented labor force, and a friendly, welcoming populace, making it an ideal location for investment.
“I wish to assure the investor community of our continued support to ensure that their investments are safe in law and in fact, and that they are able to flourish in our country within the context of our relevant laws. Our doors are always open for conversations on your presence in Ghana, and I hope the good, warm relations we have fostered over the years will continue to endure in the times ahead”, he added.