The Minister for Petroleum, Mr Kofi Armah Buah, says Ghana has been ushered into a new gas era that will guarantee the country’s energy security for the next two decades.
Mr Buah said there currently existed a liberalized petroleum downstream sector, with product availability, competition, better customer service and lower prices, making the country the preferred destination for doing business in the sub-region.
Ghanaians, he said, should therefore, feel empowered to be in the forefront of the oil and gas industry and establish strong private sector participation.
The Minister, who was addressing the media on the projects and programmes of the Ministry when he took his turn at the Meet-the-Press- Series in Accra, Tuesday, disclosed that the Ministry had begun work on the development of a Gas Policy and Gas Law.
The policy and law, he said, would provide a transparent regulatory framework for the gas industry, as well as address infrastructure requirement, funding, and institutional mandates for gas sector agencies and provide a revised gas pricing policy reflecting the developmental priorities of the country.
He noted that since the passage of L.I.2004, the oil and gas industry had seen an increase in capital investment, local sourcing and sub-contracting, with about eighty per cent of the total workforce in the oil and gas industry is Ghanaians.
On capacity building, Mr Buah said over the past five years, government, under the Oil and Gas Capacity Building Project (OGCBP), had increased the capacity of institutions managing oil and gas, and supported institutions that trained the Ghanaian workforce to operate in the petroleum sector.
He explained that as part of the OGCBP, laboratory equipment had been supplied to the Kwame Nkrumah University of Science and Technology (KNUST), Kumasi and three technical institutions, namely the Regional Maritime University (RMU), Takoradi Technical Institute (TTI) and the Kikam Technical Institute (KTI).
He disclosed that the Bulk Oil Storage and Transportation (BOST) had begun supplying petroleum products to the land-locked countries of Burkina Faso, Niger and Mali from the Bolgatanga depot, and by sea to Benin and Nigeria, with plans to extend the exports to Liberia in the coming months.
Touching on the Ghana Gas Infrastructure Project, Mr Buah said the Gas Processing Plant, with a capacity of 150 mega meter standard cubic feet per day, was, currently, supplying only about 80 mega meter standard cubic feet of gas for power generation and producing about 500 metric tonnes of Liquefied Petroleum Gas (LPG) per day, the equivalent of fifty per cent of national demand.
He noted, however, that the development of an appropriate infrastructure for a cost-effective and sustained gas delivery to consumers had become a challenge affecting the gas sector.
Source: Government of Ghana