Ghana’s Petroleum Commission (PC) is taking steps to improve the country’s oil and gas sector attractiveness. Here’s a breakdown of the key initiatives:
Deeper Geological Understanding
- The PC signed agreements with four international firms to acquire 3D seismic data on Ghana’s offshore oil fields.
- This will enhance understanding of oil reserves and potentially attract more investors.
- Existing investors, like Tullow, are also encouraged to invest in data acquisition.
Tailored Fiscal Regimes for Oil Blocks
- The PC is exploring amendments to create a tiered fiscal regime for oil blocks.
- Riskier blocks would benefit from more favorable terms to incentivize exploration.
- This replaces the current “one-size-fits-all” approach.
Addressing Challenges in Investment
- The PC acknowledges the decline in new Petroleum Agreements (PAs) since 2018.
- Efforts are underway to encourage existing operators to invest more in exploration and production.
- Regulatory reforms are planned to make the sector more flexible and attractive to new investors.
Focus on Data Quality and Regulatory Reforms
- Experts like Ms. Yorm Ama Abledu highlight the need for high-quality data to attract investors.
- Ghana is currently facing data gaps and low data quality in its oil basins.
- Regulatory reforms are seen as crucial to address these challenges and unlock Ghana’s oil potential.
