Initiatives to explore and open new oil fields in the offing – Bawumia

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Government has said it will continue to roll out more initiatives to explore and open new oil fields in the country.

Vice President Alhaji Dr Mahamudu Bawumia made the pronouncement this morning when he was speaking in Accra at the 11th International Upstream Forum (IUF) which is being hosted in Africa for the first time.

The forum is to discuss emerging issues confronting the upstream petroleum industry, and to deliberate on the best ways to regulate this highly technical, capital intensive and non-renewable industry.

The IUF brings together international government regulators to discuss current offshore oil and gas issues, policy challenges, and best practices.

IUF participants represent those parts of national or provincial governments that manage offshore oil & gas exploration and development through resource assessment; granting exploration, development and production licenses; and environmental protection.

The meetings serve as an extremely important venue to meet and discuss emerging challenges with federal counterparts from around the world. Member countries include Australia, Brazil, Canada, Ghana, Iceland, Israel, Mexico, Nigeria, Norway, the United Kingdom, the United States, and South Korea.

The Vice President underscored that, the vision of the government under the leadership of H.E. Nana Addo Dankwa Akufo-Addo is to create an economy of ‘Ghana Beyond Aid’. Specifically on matters of energy, is to develop a modern, diversified, efficient, and financially sustainable “Energy Economy”.

“An energy economy that will ensure that all Ghanaian homes and industries have access to an adequate, reliable, affordable and environmentally-sustainable supply of energy to meet their needs and to support the accelerated growth and development agenda through the accelerated oil and gas exploration and development plan”, he stressed.

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