In order to strengthen Ghana's energy security, the Chief Executive of the Ghana Upstream Petroleum Chamber, David Ampofo, has emphasized the crucial need of improving domestic gas utilisation and developing the country's gas infrastructure.He pointed out that despite natural gas' crucial role in the nation's energy system, its full potential has yet to be realized.

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He emphasized that one of the major obstacles is the urgent requirement for a clear gas pricing mechanism. This degree of clarity is thought to be crucial for directing investments, facilitating effective planning, and supporting coordinated implementation within the sector.“There is no business to be done if there is no agreed price for goods and services.

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Domestic gas supplies need harnessing and some big decisions need to be made that enable the required investment to take place,” he stated.He pledged Upstream Petroleum Chamber's commitment to facilitating a favorable business environment for both local and international investors venturing into the oil and gas sector.The industry holds immense untapped potential, both onshore and offshore.

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Realizing its full potential begins with exploration.In this context, he emphasized the increasing importance of harnessing natural gas, alongside oil, to ensure energy self-sufficiency, acknowledging that work remains to be done in this regard.Additionally, Energy Minister Matthew Opoku Prempeh acknowledged the influence of the global transition towards cleaner energy in the oil and gas sector.

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“Businesses operate within a policy framework that determines to a large extent how they thrive. The more detailed, predictable and consistent government policy is, the better for industry. Oil and gas companies are keen to work with government to address constraints facing the industry,” he added.

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He pledged Upstream Petroleum Chamber's commitment to facilitating a favorable business environment for both local and international investors venturing into the oil and gas sector.The industry holds immense untapped potential, both onshore and offshore. Realizing its full potential begins with exploration.

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In this context, he emphasized the increasing importance of harnessing natural gas, alongside oil, to ensure energy self-sufficiency, acknowledging that work remains to be done in this regard.Additionally, Energy Minister Matthew Opoku Prempeh acknowledged the influence of the global transition towards cleaner energy in the oil and gas sector.He said: “The energy transition is increasingly influencing investments and strategies are diverging.

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Funding for petroleum projects has become scarce, whereas that for clean energy is abundant.”As a result of these limitations, he observed that numerous International Oil Companies (IOCs) and international financial institutions, which were traditionally pivotal in supporting exploration and production activities in Africa, have been compelled to shift their business priorities towards cleaner energy projects due to security concerns.

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In light of these challenges, including technical capacity constraints affecting the oil and gas sector, he emphasized the necessity of turning to indigenous companies, including local financial institutions, to advance hydrocarbon resource development.

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Nevertheless, he lamented that the majority of these indigenous companies lack the comprehensive capabilities required for oil and gas exploration and production, and even the few that possess such capabilities tend to be risk-averse.

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Among other things, the minister also observed that if the demand and support from Western countries (for hydrocarbon products) is not forthcoming: “It might be difficult if not impossible for us to continue exploring and producing our hydrocarbon resources”.

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This issue was attributed to the insufficient market and infrastructure available across the continent for the processing, storage, transportation, and transformation of hydrocarbons.However, he emphasized that progress could be achieved by enhancing market and infrastructure development, which would enable support and trade among African nations.

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Samuel Atta Akyea, Chairman of the Parliamentary Select Committee on Mines and Energy, also underscored the economic potential of the oil and gas industry during the event. While acknowledging the significance of ongoing discoveries, including those in the Voltaian Basin, he expressed frustration with the pace of resource development and urged private-sector partnerships to expedite the process.

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This year's Ghana Oil and Gas Conference, an annual gathering of industry stakeholders to address emerging challenges, revolved around the theme 'Ghana's Oil and Gas Industry: Prospects and Opportunities.'

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