\n
The Executive Director of the Institute of Energy Security (IES), Nana Amoasi VII, has raised concerns over the declining interest of international investors in Ghana\u2019s oil and gas sector.<\/p>\n
Speaking on the state of the petroleum industry, he highlighted key challenges that have discouraged exploration and production activities, contributing to a consistent drop in oil and gas output over recent years.<\/p>\n
\u201cThe reduction in upstream production is no surprise. Companies are struggling to find new fuel sources, with exploration activities declining due to regulatory challenges and uncertainties,\u201d Mr Amoasi stated.<\/p>\n
He pointed out that over the past five years, production has steadily declined as approvals for exploration and development became increasingly difficult to obtain, adding that \u201cProcesses are complicated and approvals are delayed, leaving investors frustrated.\u201d<\/p>\n
\u201cToday, Investors don\u2019t find Ghana\u2019s oil field or oil upstream sector attractive anymore, and so for us to have that attractiveness that we had initially, then we should be looking at our policies and our approval processes. This is very key.\u201d he indicated.<\/p>\n
Mr Amoasi cited the exit of significant players like ENI, an Italian oil company that initially discovered oil in Ghana before also finding resources in C\u00f4te d\u2019Ivoire.<\/p>\n
\u201cENI found C\u00f4te d\u2019Ivoire to be a haven, as they encountered fewer challenges compared to Ghana,\u201d he said. Today, C\u00f4te d\u2019Ivoire is seen as a safer and more attractive destination, with ENI choosing to operate there while only briefly entering Ghana to conduct essential business.\u201d<\/p>\n
He called for policy reforms to restore investor confidence, stressing that \u201cpolicy certainty, transparency, and good governance\u201d are crucial to reviving Ghana\u2019s upstream sector.<\/p>\n
He urged the government to simplify the approval processes to help boost oil and gas production.<\/p>\n
The IES Executive Director also criticised political interference in the sector, warning that it drives investors away.<\/p>\n
\u201cIf we allow political influence to dictate operations, this is what we get. The sector is time-bound; if you delay projects, investors will move to other countries eager for business.\u201d<\/p>\n
\u201cTo attract investors again, we must ensure clear, transparent, and efficient regulatory processes, free from political interference. Only then can we make Ghana\u2019s oil and gas sector competitive once more,\u201d he said.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
The Executive Director of the Institute of Energy Security (IES), Nana Amoasi VII, has raised concerns over the declining interest of international investors in Ghana\u2019s oil and gas sector. Speaking on the state of the petroleum industry, he highlighted key challenges that have discouraged exploration and production activities, contributing to a consistent drop in oil […]<\/p>\n","protected":false},"author":1,"featured_media":251130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-251129","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"\n
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