Government through the Energy Minister, Boakye Agyarko has revealed its plans to increase Petroleum exploration activities in the country within the year.
Boakye Agyarko, speaking at the maiden edition of The CEOs’ Forum, a meeting between the Ministry of Energy and the various Chief Executive Officers in the Petroleum Industry, hinted that government in collaboration with the industry aims to greatly increase the exploration of petroleum products in the country to benefit the economy.
The meeting which saw stakeholders such as the CEO’s and Directors of the National Petroleum Authority, Petroleum Commission, Ghana National Gas Company, Tema Oil refinery, and other industry giants, was to provide the platform for assisting the ministry in monitoring and evaluating Petroleum-related policies and directives.
The Minister unveiled government’s intention to pursue effective petroleum basin promotion in an attempt to attract companies to invest in exploration and production processes.
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“In the upstream sector, the Ministry intends to pursue aggressive basin promotion especially in the Central, Eastern, Outer Continental Shelf, and Voltaian basins to attract competent companies, particularly the major ones into these basins to increase exploration activities.
Commercial discoveries from such exploration will not only increase the country’s reserves but create needed jobs and significantly increase revenue to the stateâ€, he stated.
The Minister further disclosed government’s target to conduct the first bidding grounds for the award of production and exploration rights to successful companies. This, he believes will promote development and maximize the benefits generated from oil and gas exploration.
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