Petroleum Sector Made Massive Gains In 2015 – Buah

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As part of Government’s effort to judiciously explore and exploit the country’s hydrocarbon resources, the Ministry of Petroleum, together with its sector agencies, attended a retreat at Ada to fashion out strategies that would ensure that the sector contributes towards the transformational agenda being pursued by President, John Dramani Mahama.

Welcoming participants, the Minister for Petroleum, expressed appreciation to all the sector agencies for taking time out of their busy schedule to attend the event. “As you may recall, we met here about a year ago to strategize on our 2015 work programme. I am glad to observe that, though 2015 was very challenging we performed creditably and achieved most of our targets” he stated.

He observed that, the creation of the new Ministry of Petroleum in 2015 presented a daunting task which required reorganization and refocusing of the Ministry while reprioritizing its programmes and projects. To this end, the Minister stated that the Ministry has acquitted itself creditably well. He therefore congratulated all the major stakeholders for their individual and collective efforts.

Highlighting some of the achievements, Mr. Buah noted that “significant progress has been made in preparation for first oil from the TEN and OTCP project; various securitization packages for the ENI Project has been concluded; significant advances towards the development of the Greater Jubilee Full Field Development (GJFFD) has been made and awaits a revised Plan of Development (PoD); the Exploration and Production (E&P) Bill has been finalized and laid before Parliament; significant progress has been made in the implementation of the Local Content Regulation L.I 2204, and significant Local Content milestones has been achieved with enhanced participation of Ghanaians in procurement of TEN and ENI Projects” he said.

The Minister thanked the Petroleum Commission (PC), the Upstream Regulator for a good work done to ensure the implementation of the L.I 2204. He stated that: “because of the leadership of the Ministry with support from GNPC and PC, we have seen a lot of Ghanaian companies actively winning contracts and participating in the Industry”.

The Minister also indicated that, significant achievements were made in the area of Gas Commercialization. “The Atuabo Gas Project has been completed and is delivering gas to our thermal plants; LPG from the Gas Plant is now available to the domestic market; the Gas Master Plan has been finalized, and we have made significant achievements in our quest to have an effective reverse flow and ultimately build dedicated pipeline from Takoradi to Tema” he observed.

On the downstream sub sector, the Minister indicated that significant achievements were made. He therefore commended National Petroleum Authority (NPA), Bulk Oil Storage and Transportation (BOST), Ghana Oil Company Ltd (GOIL), Oil Marketing Companies (OMC’s) and Bulk Distribution Companies (BDC’s) for collaborating effectively in 2015 to present to Ghanaians a buoyant downstream sector and urged them to continue the hard work.

On the full deregulation of the downstream sector, the Minister stated that, “the Petroleum Price Liberalization has been successfully implemented”. This has been possible because of our collaboration”, he added.

He therefore encouraged them to continue to work closely together because for him “it pays to work together”.

The Minister commended BOST for the expansion and rehabilitation of petroleum product storage depots and transportation especially the Bolgatanga depot which recovered petroleum products worth millions of dollars trapped in pipelines for about a decade.

Mr. Buah, finally congratulated the sector agencies for their immense contributions towards achievements in 2015 and urged everyone to clearly bring out issues identified in the 2016 work programmes for discussions.

The meeting then focused on the strategies for the 2016 work programme and how to successfully implement it. Each sector agency was thus given the opportunity to present its work programmes and defend it.

Dignitaries present included Deputy Petroleum Minister, Benjamin Dagadu, Chief Director of the Petroleum Ministry, Prof Thomas Mba Akabzaa, Chief Executives and Board Chairs of sector agencies, Directors from Ministry of Petroleum, and representatives from Commission on Human Rights and Administrative Justice (CHRAJ), Enterprise Development Centre (EDC) and the State Enterprise Commission.

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