GHANA ANNOUNCES AGGRESSIVE OIL EXPLORATION PLANS

ACCRA– Vice President Dr Mahamudu Bawumia has announced ambitious plans by Ghana to embark on aggressive exploration in the upstream oil industry to revive the petroleum industry, accelerate discoveries and to replace the depleting oil reserves.

To that end, he said here Monday, the government would embark on Ghana’s first bidding round later this year to allocate oil blocs to competent local companies in the offshore basins, while the State-Owned Ghana National Petroleum Corporation actively undertake seismic work onshore in the Voltaian Basin.

These efforts, Vice-President Bawumia believes, will ensure the revival of the oil industry locally and create more business opportunities for Ghanaian firms and businesses to create jobs and ensure wealth creation.

He was delivering a keynote address at the Ghana-Norway Business and Investment Forum.

The two-day forum is being organized by the Norwegian Embassy in Ghana, Norwegian African Business Association and Norfund, a private equity company owned by Norway’s Foreign Ministry, aimed at fostering co-operation and partnerships between Ghanaian and Norwegian companies and businesses, to enhance business and investment opportunities in the country towards achieving economic growth and job creation.

There are 30 business delegations from Norway, Germany, Holland and other Group of 20 (G20) countries taking part in the forum to explore investment opportunities in Ghana. The event is a follow-up of the Norwegian-African Business Summit held in Oslo, Norway, in October, last year, which Vice-President Dr Bawumia attended and made a presentation on the need for Norway and other developed countries to invest in Africa.

The forum was used to launch the new West Africa Office of the Norwegian Investment Fund (Norfund) for developing countries in Accra as well as the signing of the Norwegian-German Investment Facilitation Agreement to bolster investment in Ghana.

Vice President Bawumia said in February this year the government launched the Petroleum Register, which contained all the 17 published petroleum active agreements and permits, thereby making Ghana one of the leading countries in Africa, with resource contract transparency and a demonstration of the government’s commitment to fight corruption in the extractive industry.

Source: NAM NEWS NETWORK

   

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