Government will soon offer new oil blocks for exploration through direct negotiations in the Western and the Eastern Basins, deputy minister of Energy Dr Mohammed Amin Adam has said.
Addressing a Ghana Investment Forum on the sidelines of the 2022 Offshore Technology Conference in Houston Texas, Adam said the country is seeking to maximize resources in producing areas.
“For example, the government over the last two years amended petroleum regulations to allow for exploration in production and development areas without a requirement for a new petroleum agreement. We also provided flexibility in determining the size of a development and production area to prevent potential assets near field from being stranded” he said
Further to this, our investment environment is very enabling and has been considered one of the most liberal in Africa. Our petroleum fiscal regime adequately rewards investment capital, provides fiscal stability and certainty against future adverse developments” he added.
He further indicated that in spite of the global energy transition, Africa’s oil will continue to play strategic role as oil fields globally are depleting faster than the decline in global demand.
This he said requires continued investment in new capacity prioritizing low-cost production areas. “Ghana is well positioned as production cost remains low in our country.