Gov’t committed to developing robust regulatory regime for petroleum – Veep

By
Godwill Arthur-Mensah, GNA

Accra, Aug. 28, GNA
– Vice President Dr Mahamudu Bawumia on Wednesday assured of government’s
commitment to develop efficient and effective regulatory environment for the
petroleum industry for Ghana to become the petroleum hub in the West Africa
sub-region.

To that end, he
said, government was developing robust institutional framework and legislations
to ensure environmental safety, fair, transparent and value for money in the
exploitation of the hydro carbon resources.

Therefore,
Government would continue to collaborate with international agencies to learn
international best practices towards the realisation of the “Ghana Beyond
Aid” agenda, he said

Vice President
Bawumia said this at the opening of the 11th International Upstream Forum
(IUF), organised by the Petroleum Commission in Accra.

Ghana has,
therefore, become the first country in Africa to host the International
Upstream Forum.

The event attracted
association of petroleum experts, regulatory agencies and policy-makers, to
discuss challenges facing the petroleum industry, share ideas and experiences
to ensure optimum benefit for resource-rich nations.

There were
delegations from eight countries including Ghana, Nigeria, Uganda, Mozambique,
United Kingdom, USA, Canada and Norway.

Vice President
Bawumia mentioned some legislative instruments and regulatory frameworks that
had been instituted for sound and safe environmental practices and ensure good
governance to attract the needed investments in the sector.

These include the
Petroleum Management Act and Petroleum Exploration and Production Regulation of
2011 as well as development of Jubilee Oilfield, TEN Oilfield and Integrated
Offshore Cape Three Points.

Dr Bawumia assured
of government’s commitment to equip the Ghanaian youth with relevant skills and
expertise to participate in the oil and gas sector.

He said government
would be responsive to the rapidly changing technological needs of the
petroleum industry by adopting contemporary innovative technologies, in order
to derive maximum benefit for the nation.

Dr Bawumia outlined
some strategies government had instituted to improve monitoring and compliance
of petroleum laws to ensure transparent and productive industry.

Some of the
strategies, he said, government adopted include opening new areas of exploration
and production, engineering the Ghana National Petroleum Corporation as a
standby operator to invest in the sector, building the vocational skills of the
youth to explore the oil and gas industry and promulgate robust regulatory
regime for effective governance of the industry.

Mr John Peter Amewu,
the Energy Minister, in an address, acknowledged that Ghana was still an
emerging zone in the petroleum industry, therefore it was ready to learn and
share ideas with matured jurisdictions for sustainable utilisation of the
resources.

He reiterated
government’s commitment to develop efficient policies and regulatory regime to
attract the needed investments in the sector.

Mr Egbert Faibille
Junior, the Chief Executive Officer of the Petroleum Commission, in his welcome
address, said the Commission was poised to become a world-class regulatory
body, and would continue to foster strategic alliances to help build efficient
upstream sector in Ghana.

He expressed the
conviction that the objectives of the Forum would be realised at the end of the
meeting.

GNA

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