President Mahama Urges Oil Companies to Accelerate Production in Ghana Before Renewable Energy Takes Over
President John Mahama of Ghana has issued a stark warning to international oil companies operating in the country: speed up oil production before the global shift towards renewable energy makes your resources obsolete. Speaking at the Africa CEO Forum in Abidjan, Ivory Coast, Mahama emphasized the urgent need for aggressive drilling and exploration in Ghana’s oil sector to avoid being left with stranded reserves.
In his address, Mahama highlighted the impending transition from fossil fuels to renewables, urging oil companies to seize the opportunity to extract and pump oil while demand is still high. He acknowledged that the world is moving towards cleaner energy sources and emphasized the importance of maximizing Ghana’s oil assets before they lose their economic value.
Mahama criticized the previous Akufo-Addo administration for creating regulatory hurdles that hindered investment and slowed progress in the oil sector. He accused the former government of engaging in disputes with major investors, such as Tullow Oil and ENI, which resulted in a decline in crude oil output in the country.
The Public Interest and Accountability Committee (PIAC) recently reported a decrease in Ghana’s crude oil production, citing reduced investment in new wells as the primary cause. Mahama attributed this decline to regulatory uncertainty and the departure of key players from the sector, including Tullow Oil, which faced operational challenges during the previous administration.
Ghana’s current offshore oil production focuses on fields like Jubilee, operated by Tullow, as well as the TEN and Sankofa fields involving other partners like Kosmos Energy and PetroSA. Mahama expressed his willingness to support and facilitate oil drilling activities in the country, welcoming any investor interested in exploiting Ghana’s oil resources.
As the world transitions towards renewable energy, President Mahama’s call for aggressive oil drilling in Ghana serves as a timely reminder of the need to capitalize on existing resources before they become economically irrelevant. With the right investments and regulatory support, Ghana can maximize its oil production and revenues for the benefit of its people and
Ghanaflare.com
