In seeking to increase Ghana’s oil reserves and improve on oil and gas production, Cabinet is expected to soon approve a ‘Blueprint and Roadmap for Accelerated Oil and Gas Exploration and Development’, which is based on a new strategy of aggressive exploration.
President Akufo-Addo said the strategy seeks to build synergies with the domestic downstream petroleum sector to increase Ghanaian participation in the oil industry; and to accelerate the pace of institutional capacity development to manage our oil and gas resources.
He was speaking at lunch of Ghana Oil and Gas Licensing Round 2018.
He said re-emphasizing that the oil and gas industry, which is international in nature, requires the enforcement of stringent international standards in all aspects of the value chain, the President demanded that any person or company aspiring to participate in the industry must be cognisant of these requirements.
“Government will, on its part, continue to prioritize the development of skills of our youth and the Ghanaian entrepreneur through the AOGC programme, so they can meet international standards, and, thereby, become more competitive in the industry.
“My hope is that more Ghanaian companies will participate in the bidding process,” he said.
The President commended the Minister for Energy, John Peter Amewu, and his predecessor, Boakye Agyarko, and their teams for working assiduously to make this important process operational, as provided in the Petroleum (Exploration and Production) Act 2016 (Act 919).