David Ampofo, the Chief Executive Officer of the Ghana Upstream Petroleum Chamber, has raised alarm regarding the declining state of the oil and gas industry, highlighting that significant potential benefits for Ghanaians are jeopardized by a troubling decrease in production over the past years.
According to Ampofo, the sector has witnessed a staggering “32% decline in production”, which poses a serious threat to the country’s economic growth and energy security.
To shed light on this pressing issue, the Chamber has released its 2024 report on the state of the industry, now available for public review.
“The time for action is now,” Ampofo urged.
He made these statements at the annual Oil and Gas Conference of the Ghana Upstream Petroleum Chamber held at Marriott Hotel, Accra on September 25.
He called on all stakeholders, including government officials, to take decisive measures to protect and revitalize the sector.
“Without immediate and strategic interventions, we risk losing the benefits that the oil and gas industry can provide to our economy,” he added.
Nana Appia Kyei, Director of Commercial and New Ventures at Kosmos Energy Ghana, echoed Ampofo’s sentiments, emphasizing the need for increased investment in drilling new wells.
“In the past 3 to 7 years, no new oil fields have been discovered, and the existing ones are gradually depleting.”
He asserted that discovering additional resources is critical to replacing those that are currently being depleted.
“If we do not replenish the oil we extract, we will soon have no oil nor gas left to rely on.” Kyei noted.
According to him, “Ivory Coast, Namibia, and Guyana are attracting investments by making their oil and gas sectors highly lucrative.”
Adding that it’s mind boggling to know that “Investors once showed strong interest in Ghana’s oil and gas, but lastly, they have become more hesitant.”
A situation he says needs immediate attention from government.
