Sectors & markets

Interest in Ghana’s oil and gas high at ONS 2018

Ghana’s oil and gas sector has attracted overwhelming interest from international oil companies to explore its upstream oil, gas and allied services through joint ventures.

Ahead of the opening ceremony of the Offshore North Sea (ONS) conference in Norway, more than 70 companies held high hopes of good deals with Ghanaian participants.

At the interactive session of the conference, the Norwegian Energy Partners (WONEP) announced that it had over three dozens of companies in the upstream sector that had booked space to hold business meetings with the Ghanaian delegation.

Proven reserves

The country’s sedimentary basins, dating back to the 19th Century, have become even more attractive since 2007, yielding about 77 percent of the country’s oil production from the three independent fields.

Associated gas, deemed as the game changer, is accounting for 14 percent, and natural gas fields representing 9 percent with more expectations of hydrocarbons deposits on the horizon as the country prepares to award six out of nine offshore blocks by April next year.

The Petroleum Commission has embarked on this second trade mission to Norway with no less than 40 Ghanaian companies to engage global giants in the upstream sector interested in doing business in Ghana or with Ghanaian partners.

Opportunity to leverage

At a breakfast interaction session, the Chief Executive Officer of the Petroleum Commission Mr. Egbert Faibille Jnr. assured the companies interested in doing business in Ghana and exploring the upstream sector of the perfect ambiance for business.

He said the main focus was to ensure that Ghanaian companies on the trade mission get the opportunity to leverage and build the needed synergies to attract the necessary investment to Ghana’s upstream sector.

“At the Petroleum Commission, we have had complaints about the lack of opportunities and contracts in the upstream sector, therefore at this ONS platform, what we seek to do is to introduce Ghanaian companies to other players who are looking to do business in Ghana,” he said.

With the overwhelming expression of interest in Ghana, he said, the Commission would ensure the enforcement of LI 2240. “As part of our mission as a regulator, the PC will continue to promote, regulate and manage the efficient conduct of the country’s upstream petroleum and allied activities as well as the utilization of petroleum resources on a sustainable basis for the overall development of the country.

Joint ventures

“With that, any company that seeks to do business with Ghana has to incorporate a joint venture with an indigenous firm and afford that indigenous firm at least 10 per cent equity in their business operations,” he said.

“I urge you local firms to take advantage of the expression of interest by the big players. And remember this is a business trip and it’s our expectation that before the end of the conference and exhibition, each company has a business, two or more,” the CEO said.

He urged the participating Ghanaian companies to step out boldly and build partnerships as the ONS platform has thousands of companies seeking to do business.

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