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Business News Tue, 3 May 2022

Ghana will soon offer oil blocks in Western and Eastern Basins – Deputy Energy Minister

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Deputy Minister for Energy, Dr. Mohammed Amin Adam, has disclosed that, Ghana will in no time offer new oil blocks for exploration through direct negotiations in the Western and the Eastern Basins as part of efforts to maximize its resources.

He was addressing a Ghana Investment Forum on the sidelines of the 2022 Offshore Technology Conference in Houston Texas.

He said, “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.”

"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, and provides fiscal stability and certainty against future adverse developments,” he added.

The minister stated that despite the current crisis in the global oil sector, oil exploration in Africa will continue to be beneficial to the global economy.

He however called on investors to invest in Ghana as “Ghana is well-positioned as production cost remains low in our country”.
Source: www.ghanaweb.com
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