Government moves to restore investor confidence as Ghana seeks to revive oil production
The government is implementing measures to restore investor confidence, increase exploration and reverse declining oil production as Ghana seeks to revitalise its upstream petroleum sector, Minister for Energy and Green Transition Dr John Abdulai Jinapor has said.
Ghana's government is taking steps to boost investor confidence and stimulate oil production, aiming to revive the nation's upstream petroleum sector, declared Energy Minister Dr John Abdulai Jinapor. During the Petroleum Commission's 15th-anniversary celebration, Jinapor highlighted the country's struggle to compete with international capital, exacerbated by the ongoing global energy transition.
Production levels have dropped from previous peaks, underscoring the need for increased exploration and new investments, Jinapor emphasized. The government is currently reviewing Ghana's upstream petroleum policy, legislative, and regulatory framework to establish a more appealing investment environment while ensuring the state receives a fair share of its petroleum resources. To this end, Jinapor stressed the importance of creating a predictable regulatory regime, fiscal stability, transparency, and consistency.
Jinapor reported a resurgence of interest in Ghana's upstream acreage, including frontier basins, from major international oil companies. He also disclosed that Jubilee and TEN partners have committed approximately US$2 billion for further development, including at least 10 new wells.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
