Business News of 2014-04-07

More gas from Nigeria impossible - ACEP

Ghana is not likely to get additional gas from Nigeria because the country is getting better prices from new markets, Mohammed Amin Adam, Executive Director of the Africa Centre for Energy Policy (ACEP), has indicated.

Mr Adam disclosed this at an oil and gas workshop recently in Accra themed: “Gas Commercialization as a solution to Ghana’s energy crisis – Myth or Reality.”

According to him, Nigeria and Algeria were laying gas pipes to Europe and therefore there was the need for Ghana to consider developing its indigenous gas facilities seriously too.

Mr Adam said Ghana should use its indigenous gas to improve the energy sector while it imports gas to develop the petro-chemical industry.

This, he said, was because the gas reserves were inadequate for the provision of the required electricity in Ghana.

Dr. Joe Asamoah, Managing Director of Enerwise Africa, in a speech, said about 40 per cent of Ghana’s land had some quantities of oil deposits.

The areas, he mentioned, included Greater Accra, Eastern, Ashanti, Brong-Ahafo, Northern and Volta regions.

He suggested the use of other alternatives to boost the energy sector.

He also appealed to the government to provide fiscal incentives to attract investors into the oil and gas sectors to add value to the products and to also to lay the Petroleum Exploration Bill before Parliament and evolve a master gas plan as well as pricing rules for Ghana.

Dr Asamoah said steps should be taken to provide facilities for the storage of Liquefied Natural Gas (LNG) while government intensifies the promotion of local demand for gas products to help enhance development.

Source: Daily Guide
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