THE Ministry of Energy and Green Transition has completed a review of Ghana’s upstream petroleum legal, regulatory and fiscal regime, the Chief Executive Officer (CEO) of the Petroleum Commission, Ms Emeafa Hardcastle, has announced.
The review is aimed at improving regulatory certainty and predictability, enhancing the competitiveness of the sector and strengthening its governance.
“The proposed reforms have been submitted to Cabinet for approval, following which parliamentary approval will also be sought. The proposed reforms are already attracting majors and supermajors into the industry,” Ms Hardcastle said.
She was speaking at the 12th edition of the Petroleum Commission’s engagement with the Western Regional House of Chiefs at Sekondi yesterday, ahead of this year’s Local Content Conference, which begins today (Tuesday) in Takoradi.
Ms Hardcastle said the reforms were also intended to restore investor confidence in Ghana’s upstream oil and gas industry.
On the Voltaian Basin Project and Cape Three Points Block 4 (CTP Block 4), she said the Ghana National Petroleum Corporation (GNPC) and its subsidiary, Explorco, had conducted comprehensive studies in the northern part of the Voltaian Basin and identified a location for drilling an exploration well.
She said the company was working to secure a drilling rig to commence operations in the last quarter of 2026 or the first quarter of 2027.
She, however, stressed that there had been no commercial discovery in the basin.
As part of the operational preparations, Ms Hardcastle said GNPC and Explorco had undertaken preliminary stakeholder engagements and community consultations at various levels, while the commission had also engaged stakeholders towards finalising an onshore strategy.
She assured the chiefs that the commission remained committed to ensuring that the national oil company followed due process in undertaking the project in a sustainable manner and in the national interest.
She said the preliminary stakeholder engagements in the Mion District had so far been transparent.
Ms Hardcastle further disclosed that the government had secured about US$2 billion in additional investment commitments from partners in the Jubilee and Tweneboa, Enyenra and Ntomme (TEN) fields to boost oil and gas production. Read More.
FROM CLEMENT ADZEI BOYE, SEKONDI
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