Ghana must remain competitive in order to secure the investment needed to sustain output from existing oil fields, develop discovered petroleum resources and support new exploration activities, Ghana National Petroleum Corporation (GNPC) Chief Executive Officer Mr. Kwame Ntow Amoah has said.
Addressing participants at Africa Oil Week, held at the Kempinski Hotel Gold Coast City in Accra from September 1 to 3, Mr. Amoah said attracting capital would depend on Ghana’s ability to offer investors certainty, favourable project economics, efficient decision-making processes and partnerships that fairly benefit both the country and investors.
“Ghana must compete for capital through predictability, competitive project economics, timely decision-making, and partnerships in which both investors and the country derive fair value,” he said.
He also drew attention to ongoing frontier exploration activities in the Voltaian Basin, which form part of efforts to grow Ghana’s petroleum resource base and create opportunities for future oil and gas development.
Mr. Amoah’s remarks come as the government pursues measures to strengthen the country’s upstream investment climate and encourage greater exploration activity.
GNPC Deputy Chief Executive in charge of Exploration and Production, Mr. Michael Aryeetey, also participated in discussions during Ghana Day, where attention was focused on attracting new investment into the upstream petroleum sector.
Mr. Aryeetey moderated a panel discussion involving officials from GNPC Explorco, the Petroleum Commission and petroleum industry operators.
Participants examined the conditions necessary to attract exploration financing and advance petroleum discoveries towards development. Key issues discussed included access to geological information, regulatory effectiveness, attractive project economics, commercially viable partnerships and the need for a competitive investment environment.
A major outcome of the conference was the signing of a memorandum of understanding between the Government of Ghana, GNPC, Shell Overseas Holdings Limited and Chevron Sub-Saharan Africa Ventures Ltd. covering petroleum exploration and production rights in the South Deepwater Tano Block.
The conference also allowed GNPC to communicate its broader investment and commercial objectives.
Deputy Chief Executive for Finance, Commercial and Administration, Mr. Hamis Ussif, said discussions about investor certainty should recognise that GNPC itself also operates as an investor in the petroleum sector.
“Even as a national oil company, let us not forget that in one breath we are an investor and we require certainty as well,” he said.
He said predictable revenues and reliable access to financing would become increasingly important as GNPC expands its commercial activities and takes on greater investment responsibilities.
Meanwhile, Managing Director of GNPC Explorco Mr. Samuel Opoku Arthur said the company’s strategy was centred on building a strong exploration and production portfolio through direct investments and partnerships.
According to him, Explorco is prepared to assume commercial risks by committing its own equity, financing its share of project work programmes and investing alongside its partners. He said this approach would help ensure that all parties have a shared interest in delivering projects successfully.
GNPC also used its exhibition stand at the conference to engage investors, operators and other industry participants. The corporation showcased opportunities within Ghana’s upstream petroleum industry while providing information on its operations and strategic direction.