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At the end of the 2-day 2024 Ghana Oil & Gas Conference, GNPC reaffirmed its commitment to shaping the future of Ghana’s energy sector. Speaking at the event, Mr. Mark Prempeh, GNPC’s Deputy Manager for Exploration & Appraisal, joined a distinguished panel of industry leaders to discuss the ‘Status of the Oil and Gas Sector’ and explored the ‘Opportunities and Challenges within Ghana’s evolving Gas Landscape. The discussion emphasized the critical role gas will play in securing Ghana’s energy future and the need for sustained investment in the sector.

“GNPC is focused on unlocking the full potential of our gas resources, in deepwater, shallow waters, and onshore, to drive sustainable growth and secure Ghana’s energy future,” Mr. Prempeh noted during the panel discussion. He further emphasized the Corporation’s dedication to ensuring that discovered and untapped resources are efficiently integrated into the country’s mainstream energy portfolio. “Our ongoing work aims to boost national energy security while positioning GNPC as a leader in the transition to a more gas-reliant energy mix,” he added.

The two-day conference, organized by the Ghana Upstream Petroleum Chamber, gathered industry experts, policymakers, and investors to address the sector’s most pressing issues. Mr. David Ampofo, CEO of the Chamber, welcomed the participants, highlighting that this year’s focus was on assessing the upstream industry’s performance and identifying strategic pathways for future growth. “Ghana’s upstream industry has made significant strides, but there is more to be done to attract investment and accelerate exploration,” Mr. Ampofo said. He also pointed to the Chamber’s annual report, which outlines the contributions of the oil and gas sector to the economy and provides recommendations for stimulating further investments.

U.S. Ambassador to Ghana, Virginia Palmer, offered an international perspective on the state of the sector, urging Ghana to enhance its investment climate by ensuring the sanctity of contracts and maintaining a transparent, consistent regulatory framework. “This means a commitment to contract sanctity, clear rules on international arbitration, and timely resolution of disputes,” she remarked, adding that these measures are critical to creating an investor-friendly environment. Her comments resonated with the wider conversation around creating stability in the sector amid the exit of major international oil companies from the continent.

Mr. Egbert Faibille, CEO of the Petroleum Commission, echoed these sentiments, stressing that Ghana’s reputation as a stable investment destination is integral to attracting capital for oil and gas exploration. “Since the start of commercial production in 2010, Ghana has maintained a strong track record of protecting investor interests, and this reputation is key to driving the next phase of exploration and production activities,” Mr. Faibille said. He highlighted the Petroleum Commission’s commitment to creating a favorable environment for investors while ensuring that the benefits of oil and gas development are felt across the country.

GNPC’s commitment to sustainable growth and responsible resource management positions it as a critical player in the country’s efforts towards a sustainable energy future. As the conference concluded, GNPC reaffirmed its pledge to continue driving innovation, investment, and collaboration in the oil and gas sector, ensuring that Ghana remains a competitive and attractive destination for energy investments.