The Minister for Energy and Green Transition, Dr John Abdulai Jinapor, has identified declining oil production and dwindling reserves as the biggest immediate threats confronting Ghana’s upstream petroleum sector.

He said although Ghana’s petroleum reserves remained above the targeted levels, the trend was worrying and required urgent action to ensure that new discoveries and developments increasingly replaced the barrels being produced.

Dr Jinapor said the government would work with the Ghana National Petroleum Corporation (GNPC), the Petroleum Commission and industry operators to accelerate field development, appraisal and exploration, while improving regulatory approvals and addressing infrastructure bottlenecks.

“We will therefore work with GNPC, the Petroleum Commission and industry operators to accelerate field development, appraisal and exploration, improve the pace of approvals, address infrastructure bottlenecks and create a more predictable investment environment,” he said.

Government targets reserves replacement

Dr Jinapor said Ghana needed a deliberate shift in its approach to exploration and upstream investment to strengthen its reserves replacement strategy.

He described several projects being pursued by GNPC as strategically important to the future of the sector.

“GNPC’s focus on Pecan, Eban-Akoma, Afina, Pecan North, Almond and Beech, together with the Eban-Akoma Plan of Development, the amended TEN Plan of Development and near-field opportunities, is therefore strategically important,” he said.

He said government would pursue policies to facilitate the commercialisation of these resources while protecting Ghana’s national interests.

Focus on marginal and frontier resources

The Minister also called for innovative approaches to developing marginal and stranded petroleum resources, including the use of production hubs and shared infrastructure.

He further encouraged technically sound exploration of frontier areas such as the Voltaian Basin as part of efforts to expand Ghana’s petroleum resource base.

“Our objective is exploration capable of generating commercially viable reserves and sustainable production,” Dr Jinapor said.

He said the government’s approach would be aimed not only at increasing exploration activity but also at ensuring that new discoveries could be developed commercially to support sustainable production and strengthen the long-term viability of Ghana’s upstream petroleum industry.