Chief Executive Officer of the Ghana Upstream Petroleum Chamber, David Ampofo, says the problem with the upstream petroleum industry is the lack of new investment in the sector.
According to him, currently the upstream industry has plateaued largely due to the failure of government to attract new investment into the sector.
Speaking on PM Express Business Edition, he noted that a remedy to the problem was for the government to make the sector much more attractive for investors rather than taking up an adversarial role.
“You’ll have to replace the reserves as you go on. If you’re producing from the same place over the last ten years then obviously you will plateau. New resources must come on stream, new deals must be done, new investors must come in, somebody is working here, somebody is working there… that expands it,” he said.
He continued, “Something is definitely wrong with the investment environment in my view, there’s room to improve. And I think part of it is also overall perception of the industry, we must overcome that. If we perceive oil investors as just there to exploit us and so on, we’ll be in no hurry to work with them. That must change.
“Remember that these are private investors who are risking capital, and significant amounts of capital that they invest, they bring into the country…and they’re seeking returns. It is possible to have a win-win situation. We don’t have to see it as adversarial like some people are getting this, we could be getting more, we’re not getting that much, that’s not the way to perceive it.
“The way to perceive it is to create a much more attractive environment that enables companies to make those investments,” he said.
Latest Stories
-
Paris Olympic hopes hang in the balance as Ghana’s 4×100 relay team drops baton at World Relays
3 hours -
Western Regional House of Chiefs commends Bawumia for his humility and respect for traditional authorities
4 hours -
#JustTurned18: First-time voters critical to deciding 2024 presidential election
5 hours -
Video: EC lied that the cost per voter in 2020 was $7.7; it was $12.5 – Bright Simons
5 hours -
Former IGP passes on
5 hours -
Ejisu by-election: Kwadaso MP gave money to EC officials out of goodwill – Ahiagbah
6 hours -
Millennium City: Land owner breaks silence on fatal shooting of soldier
6 hours -
Photos of 2024 Aboakyer Festival
6 hours -
#JustTurned18: I now have an opportunity to use my thumb to bring someone into power – Excited prospective voters
7 hours -
OSP acted as a whistleblower transferring Cecilia Dapaah’s case to EOCO – Sammy Darko
7 hours -
IMF calls for tariff adjustment for energy sector cost recovery
7 hours -
Samson’s Take: Journalists, block the pretentious idiots
9 hours -
Real Madrid crowned LaLiga champions after Barcelona’s defeat at Girona
9 hours -
Daniel Otting Awuah elected SRC President of Ghana School of Law
10 hours -
Lawrence Ati-Zigi signs St. Gallen contract extension
10 hours