Gov’t must keep up the momentum

It is a relief to have some critical issues behind us. The future depends on how responsive the government remains. We are pleased to see increased collaboration between industry and government. The new catchphrase is, "Ghana is open for business."

Current Developments in the Industry

Let’s start with our current operators. They are key to immediate revenue. The three producing fields are Jubilee, TEN, and Sankofa Gye Nyame.

Jubilee and TEN partners include Tullow, Kosmos, Petro SA, Explorco, and GNPC. They recently announced a $2 billion investment plan. This will fund drilling up to 20 wells by 2040. Drilling starts this month with two wells using the Noble Venturer drillship.

We need to find more oil quickly to reverse declining production trends. Jubilee partners want to explore near fields through Infrastructure Led Exploration. They are discussing terms for this exploration with the government.

The TEN field is viewed more as a gas field than an oil field. Delivering indigenous gas is crucial for domestic use instead of importing crude oil for power consumption. Partners are negotiating a commercial framework with the government that benefits everyone involved.

Next is the Sankofa Gye Nyame field where ENI, VITOL, and GNPC partner together. ENI is a major player in oil and gas globally. They have made several discoveries needing further work for more production.

ENI plans to resume drilling this year using the Saipem Deep Value Driller drillship. This will boost oil production in their area. Additionally, they aim to increase gas supply from 245 million standard cubic feet to 270 million by August 2025.

Pecan Energies stands out among non-producing operators likely to begin production soon. The government aims for a long-awaited Final Investment Decision with them so development can start.

Several other companies like Heritage, Omni, and EcoAtlantic are also exploring opportunities in Ghana's waters. We hope they complete their drilling programs successfully.

Springfield is preparing as well; discussions continue regarding their appraisal works with the Petroleum Commission and Ministry.

GNPC should not be overlooked in industry developments either. They plan to drill in the onshore Volta basin under new leadership focused on advanced technology for exploration and production.

Overall, prospects look bright if we stay focused on revitalizing exploration efforts while addressing declines in mature fields.

Support from Regulators

Our engagement with the new CEO of the Petroleum Commission has been positive. She oversees important changes beneficial for industry growth. We support her goals fully.

The Ghana Revenue Authority (GRA) plays another crucial role here too. We've met with their new Commissioner and made progress on various matters together.

However, some tax disputes remain unresolved that could escalate if not addressed soon. We want to avoid public legal disputes that could harm Ghana's image as an investor-friendly destination.

We hope this openness leads to quick resolutions of outstanding issues moving forward.

Next Steps Forward

We met Minister Jinapor recently; he shows determination to make progress happen quickly. His speech at Offshore Technology Conference signaled that Ghana is ready for business again.

While enthusiasm exists, things aren't finalized yet; we must make wise choices moving forward.

The Minister indicated interest from several companies looking into opportunities here.
We hope these discussions yield productive results leading toward favorable policies attracting investors.

Getting our business environment right has always been our challenge; fixing it will help us succeed.

By mid-year we should see how these incentives impact our industry positively.
The Chamber has organized a Ghana Day during Africa Oil Week from September 15-18 in Accra.
This event will provide an excellent opportunity to assess our industry's current status.