Minister for Energy and Green Transition, Dr John Abdulai Jinapor, has stressed the need for increased exploration and investment in Ghana’s upstream petroleum sector to reverse declining production and secure the industry’s long-term future.

Speaking at the 15th anniversary celebration of the Petroleum Commission, Mr Jinapor said Ghana must take deliberate steps to make its petroleum sector more attractive to investors amid growing competition for international capital.

He said the government was working to create the conditions needed to attract capital and technology while ensuring that the country’s petroleum resources were developed in a responsible and efficient manner.

“Government has therefore made the revitalisation of the upstream sector a priority. We are working to restore investor confidence, increase exploration, reverse production decline, and create a competitive environment for the capital and technology needed to develop our resources,” he said.

Mr Jinapor disclosed that Ghana was already witnessing renewed interest in its upstream acreage, including frontier basins, with major international oil companies expressing interest.

He said such interest demonstrated the potential for Ghana to sustain investment in its petroleum industry if the right regulatory and investment environment was maintained.