Upstream petroleum sector in Ghana employs 7000

oil-rigGhana became a oil producing country in 2010, and to-date about 7000 people have been employed in the sector, Mr Theo Ahwireng, the CEO of the Petroleum Commission said.

Speaking at the 7th Ghana Summit on oil, gas and power in Accra, Wednesday April 20, 2016, he noted that 5,590 or 80 per cent of the employed are Ghanaians, and the rest are expatriates, employed by both international and local companies.

He also indicated that by 2018 Ghana’s current oil production levels averaging 100,000 barrels per day, will increase to 180,000 barrels per day and gas production in the same period will increase to 300 million cubic feet per day.

Making a presentation on behalf of the CEO of the Ghana National Petroleum (GNPC) Company, Mr. Michael Aryeetey, Chief Operating Officer, reiterated the GNPC’s growing interest to engage in oil exploration. The GNPC has therefore established ExplorCo to participate in exploration activities.

The Minister of Petroleum, Emmanuel Kofi Amarh Buah, stated that Ghana is becoming a regional hub for the petroleum sector as many companies are relocating their regional offices to the country.

During question time, when he was asked if the companies were not moving to Ghana because the country has weak laws and regulations, and they are in the country because it is easier to exploit as a result, he admitted that the country is young in the oil industry and might hav e made some mistakes in the beginning, but he thinks the country is attractive to investors because of the ‘ease to do business’ and the country’s democratic stability.

The oil sector also consisted of about 23 per cent of Ghana’s total exports in 2014, Mr. Ahwireng said.

By Emmanuel K. Dogbevi

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