{"id":695701,"date":"2019-08-30T15:11:08","date_gmt":"2019-08-30T15:11:08","guid":{"rendered":" <br><div>\n\t\t\n<p><strong>Vice-President Dr. Mahamudu Bawumia (4th from right) with guests including ministers after the 11th International Upstream Forum in Accra<\/strong><\/p>\n\n\n\n<p>The Vice-President, Dr. Mahamudu Bawumia, has\nsaid government is determin"},"modified":"2019-08-30T15:11:08","modified_gmt":"2019-08-30T15:11:08","slug":"well-develop-petroleum-industry","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/08\/30\/well-develop-petroleum-industry\/","title":{"rendered":"\u2018We\u2019ll Develop Petroleum Industry\u2019 &#8211;"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>Vice-President Dr. Mahamudu Bawumia (4th from right) with guests including ministers after the 11th International Upstream Forum in Accra<\/strong><\/p>\n<p>The Vice-President, Dr. Mahamudu Bawumia, has<br \/>\nsaid government is determined to make Ghana a petroleum hub in the West Africa<br \/>\nsub-region with the introduction of efficient and effective regulatory systems.<\/p>\n<p>That, he said, was part of the reasons<br \/>\ngovernment was developing a robust institutional framework and legislations to<br \/>\nensure environmental safety, fairness, transparency and value for money in the<br \/>\nexploitation of Ghana\u2019s hydrocarbon resources.<\/p>\n<p>The Vice-President made this known during the<br \/>\nopening of the 11<sup>th<\/sup> International Upstream Forum (IUF) organised by<br \/>\nthe Petroleum Commission in Accra yesterday.<\/p>\n<p>It was the first time the forum was held in Ghana<br \/>\nand Africa in general.<\/p>\n<p>Delegates from seven other countries such as<br \/>\nNigeria, Uganda, Mozambique, United Kingdom, USA, Canada and Norway<br \/>\nparticipated in the forum.<\/p>\n<p>According to him, government would continue to<br \/>\ncollaborate with international agencies to learn international best practices<br \/>\ntowards the realisation of the \u201cGhana Beyond Aid\u201d agenda.<\/p>\n<p>The event attracted petroleum experts,<br \/>\nregulatory agencies and policymakers to discuss challenges facing the industry,<br \/>\nshare ideas and experiences to ensure optimum benefit for resource-rich<br \/>\nnations.<\/p>\n<p>Dr. Bawumia mentioned some legislative<br \/>\ninstruments and regulatory frameworks that had been instituted for sound and<br \/>\nsafe environmental practices and ensure good governance to attract the needed<br \/>\ninvestment in the sector.<\/p>\n<p>These included the Petroleum Management Act and<br \/>\nPetroleum Exploration and Production Regulation of 2011 as well as development<br \/>\nof Jubilee Oilfield, TEN Oilfield and Integrated Offshore Cape Three Points.<\/p>\n<p>He said government also aimed at equipping the<br \/>\nyouth with relevant skills and expertise to participate in the oil and gas<br \/>\nsector.<\/p>\n<p>He added that government would adopt contemporary<br \/>\ninnovative technologies in order to derive maximum benefit for Ghana.<\/p>\n<p>Besides, he \u00a0disclosed some strategies government had<br \/>\ninstituted to improve monitoring and compliance of petroleum laws to ensure<br \/>\ntransparent and productive industry.<\/p>\n<p>Some of the strategies included opening new<br \/>\nareas of exploration and production, engineering the Ghana National Petroleum<br \/>\nCorporation as a standby operator to invest in the sector, building the<br \/>\nvocational skills of the youth to explore the oil and gas industry and<br \/>\npromulgate a robust regulatory regime for effective governance of the industry.<\/p>\n<p>The Minister for Energy, John Peter Amewu, in a<br \/>\nremark, acknowledged that Ghana was still an emerging zone in the petroleum<br \/>\nindustry, and was ready to learn and share ideas with mature jurisdictions for<br \/>\nsustainable utilisation of the resources.<\/p>\n<p>The Chief Executive Officer of the Petroleum Commission, Egbert Failbile, welcoming participants, said the commission was poised to become a world-class regulatory body and would continue to foster strategic alliances to help build an efficient upstream sector in Ghana.<\/p>\n<p><strong>By Charles Takyi-Boadu, Presidential Correspondent <\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Vice-President Dr. Mahamudu Bawumia (4th from right) with guests including ministers after the 11th International Upstream Forum in Accra The Vice-President, Dr. Mahamudu Bawumia, has said government is determined to make Ghana a petroleum hub in the West Africa sub-region with the introduction of efficient and effective regulatory systems. That, he said, was part of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":695702,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-695701","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u2018We\u2019ll Develop Petroleum Industry\u2019 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/08\/30\/well-develop-petroleum-industry\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"\u2018We\u2019ll Develop Petroleum Industry\u2019 - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Vice-President Dr. Mahamudu Bawumia (4th from right) with guests including ministers after the 11th International Upstream Forum in Accra The Vice-President, Dr. Mahamudu Bawumia, has said government is determined to make Ghana a petroleum hub in the West Africa sub-region with the introduction of efficient and effective regulatory systems. 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