Following the designation of Natural gas as an Energy transition fuel, Exploration and Production Companies have been charged to accelerate oil and gas exploration and production in the next few decades.
This is to ensure that maximum benefits are derived from the resources as demand remains high.
At the launch of the Energy Transition Position Paper by the Ghana Upstream Chamber in Accra, stakeholders acknowledged that with the right investment Ghana can contribute to providing global energy security through hydrocarbons.
The Energy Transition Position Paper recommends, incentivizing exploration and development to increase production, enhance gas infrastructure and optimize domestic gas utilization and to seize opportunities in the emerging decarbonization solutions.
Speaking at the First annual 2022 oil and gas conference under the theme: transitioning to low carbon economy” the Deputy Energy Minister William Owuraku-Aidoo says efforts are ongoing to ensure the establishment of the needed infrastructure to enhance adequate utilization of the country’s natural gas resources.
“Undeniably, oil and gas exploration and production are becoming a daunting task in the era of the energy transition but the declaration of natural gas as a transition fuel globally should motivate E&P Companies to intensify and accelerate oil and gas exploration and production in the next few decades to ensure that maximum benefits are derived from these resources while demand for them remains high. “Mr. Owuraku-Aidoo intimated.
Mr. Owuraku-Aidoo said “efforts should also be channeled at establishing adequate infrastructure for processing, transportation and utilization of gas in the country to enhance our fortunes. The availability of adequate infrastructure will enable us to leverage our enormous gas potential and the rising gas demand for economic development. Gas is already playing a critical role in our domestic and industrial activities and the availability of additional infrastructure will give it a further boost.”
On his part the Chief Executive of Ghana Upstream Petroleum Chamber Mr. David Ampofo said there should be stakeholder collaboration to create a transparent and attractive environment for investors for the realization of the energy transitioning agenda.
“As representative of industry, I know that if industry and government could deepen their collaboration, Ghana would be well on its way to sustainable development, spurred on by increased proceeds from our crude oil and harnessing of domestic gas for the energy needed to transform our economy into a developed one.” He added.
The Chief Executive of Ghana Gas Dr. Ben Asante said using gas for thermal generation is much cheaper than oil hence the need for Natural gas as an Energy transition fuel.
The Chamber Chairman Mr. Joe Mensah said the country must take steps to harness and take advantage of education, experience and exposure to benefit and accelerate the energy transitioning agenda.
“We can get resources on our continent to be able to do the development that we need to do. We don’t have to rely on the external or western world to do that and that’s where our leaders come in to make sure that we can collaborate and make sure that we take care of that. When we do that, seriously this continent by far will be the best continent out there. We are the least developed yet we have all the natural resources in the world coming from here. “He stated.
The Ghana Upstream Petroleum Chamber’s first annual oil and gas conference brought together explorers, oil and gas producers and indigenous suppliers and manufacturers in the industry.
The conference took place at a critical time when Climate issues have taken Center Stage worldwide. Bringing stakeholders together the Chamber seeks to support in the development of a common vision for the oil and gas industry.
The Energy Transition Position Paper recommends, incentivizing exploration and development to increase production, enhance gas infrastructure and optimize domestic gas utilization and to seize opportunities in the emerging decarbonization solutions.
source:https://www.gbcghanaonline.com/