
Audio By Carbonatix
The Petroleum Commission has hinted of considerations to reduce Ghana's 15% participating interest in oil explorations.
With the discovery of oil in a number of African countries, Ghana faces the risk of losing investments in the capital intensive sector to other African countries.
Chief Executive of the Commission, Egbert Fabile Jnr called for reforms to the country’s legal framework on oil explorations.
In his response to assertions about why Ghana's sector has not developed new oil fields, Egbert Fabile, Chief Executive of the Petroleum Commission bemoaned the regulatory hurdle investors’ face.
"The conversation around that sector is very, very, very commercial, regulatory and also investment related. And the reason is simple, to drill one offshore exploratory Well, a company will have to spend between about 50 to $70 million to be able to bring oil to the surface."
“So when an investor brings their money, GNPC will have to take 15% through exploration, right to production. So if you bring $1, know that 15% of that will never be gotten back.” He added.
He continued by saying that, “In our case, if you look at Section 10, I think sub section four, five thereof, of the petroleum exploration and production act of 2016, it says that in Ghana, the state's constituting interest is 15%”.
This he believes is disingenuous to the quest of making Ghana an exploration hub in the sub-region.
He highlighted the trend across the African continent explaining that “Ivory Coast, Angola, Nigeria, Guyana, and all the rest are hovering around a participating interest of 10% so if you go to the market with these competitors, if you're an investor, where would you want to go?” he quizzed.
He used the opportunity to call on the minister of Energy and other relevant agencies to ensure Ghana remains competitive ahead of the Africa Oil Week conference scheduled to be held in Ghana in September 2025.
The conference will assemble key stakeholders across the oil and gas sector to build partnerships and discuss development of the sector as whole.
Latest Stories
-
Medical and Dental Council investigating 31 disciplinary cases; 64% relate to negligence
4 minutes -
IMCCoD doesn’t have GH¢55m budget capacity; EOCO claim needs clarity – Dr Ekua Amoakoh
23 minutes -
Accra Mayor briefs Ga Traditional Council on proposed Agbogbloshie 24-hour market
27 minutes -
Minority interested in media optics, not answers to questions from BoG Governor – Majority
32 minutes -
NCA removes NGIC’s exclusive rights over Ghana’s wholesale 5G infrastructure
32 minutes -
Mahama Ayariga defends closed-door BoG briefing
33 minutes -
Police arrest suspected arms trafficker, retrieve AK-47 rifle, pistol and ammunition
37 minutes -
144 Ghanaian migrants safely return from Libya under IOM humanitarian programme
38 minutes -
Ghana showcases tourism expertise at Siberian Hospitality Forum in Russia
53 minutes -
WAFCON 2026: Black Queens to face Nigeria in pre-tournament friendly after Côte d’Ivoire win
54 minutes -
Western Region GJA launches 2026 media and corporate impact awards
58 minutes -
NDC Central Regional Chairman apologises to Obaatanpa Radio over chaotic station incident
1 hour -
Accra Mayor briefs Ga Traditional Council on Agbogbloshie 24-hour market project
1 hour -
UN warns of widening terrorist threat across West Africa and the Sahel
1 hour -
You can’t use parliamentary rules to suppress oversight – Afenyo-Markin tells First Deputy Speaker
1 hour