GNPC CEO unveils strategy to reverse Ghana’s Oil Production decline

Mr. Kwame Ntow Amoah, the Acting CEO of the Ghana National Petroleum Corporation (GNPC), shared a vision for GNPC. He spoke at the 8th Africa Energies Summit. His theme was “Taking Ghana to the Next Level: Advancing Oil & Gas Exploration & Production.”

Mr. Amoah emphasized strategic investment and innovation in Ghana’s oil sector. He noted that oil production has significantly declined over the past eight years. Production fell from 195,750 barrels per day in 2019 to about 110,500 bopd recently.

He attributed this decline to low exploration activity and fiscal policy challenges. Mr. Amoah stated that sustainable growth requires bold thinking and innovation. He urged a focus on data-driven strategies and modern technologies.

He highlighted the importance of advanced technologies like Artificial Intelligence (AI). These technologies can guide exploration and production decisions effectively. GNPC plans to use digital solutions for better reservoir management and drilling operations.

One strategy discussed was adopting 4D seismic acquisition technology. This method provides high-resolution data for improved subsurface imaging. Additionally, GNPC is exploring non-seismic methods like Satellite Imagery for safer exploration.

Mr. Amoah stressed developing investor-friendly frameworks to attract new players. Stable fiscal policies are crucial for encouraging investment in Ghana’s upstream sector. He acknowledged that while geological prospects are strong, regulatory risks must be addressed.

“We need a new mindset,” he said, focusing on strategic investment and sustainability. This approach will help position Ghana as a competitive oil hub in Africa.

He called for collaboration between local and international companies in the industry. Multi-operator partnerships can reduce costs and optimize resources effectively. GNPC aims to prioritize local capacity under the President's vision of excellence in Africa.

Beyond immediate challenges, Mr. Amoah urged consideration of long-term sustainability goals. Responsible environmental stewardship is essential for future energy solutions. “Resetting our upstream agenda is about creating a resilient energy future,” he added.

The summit concluded with a call to action for stakeholders to invest responsibly in Ghana’s oil potential. Mr. Amoah’s outline reflects GNPC’s commitment to reversing production decline through innovation and collaboration.

This new direction aligns with the Minister of Energy's leadership in transforming Ghana's energy landscape sustainably.