Dr Matthew Opoku Prempeh said Ghana’s energy sector is awash with plethora of opportunities which could be the basis for mutually beneficial partnerships.
Speaking at an Energy Investment Forum organized by the Ministry of Energy on the sidelines of EXPO 2020 in Dubai, UAE, Dr. Prempeh said Ghana’s energy sector is awash with plethora of opportunities which could be the basis for mutually beneficial partnerships.
The Energy Minister said in Ghana, Exploration and Production (E&P) licenses are awarded through open, transparent and competitive public tender processes.
However, he added that E&P licenses may be awarded through direct negotiations without public tender if direct negotiations represent the most efficient manner to achieve optimal exploration, development and production of petroleum resources in a defined area.
“There are also farm-in opportunities in some of the existing licenses for prospective investors to operate through existing Petroleum Agreements without having to go through block application and negotiation processes” he said.
He added “Ghana’s sedimentary basins are de-risked and highly prospective and our petroleum industry is regulated by clear, predictable and suitable fiscal, legal and regulatory regimes.
In the downstream petroleum sector, The Minister who is also Member of Parliament for Manhyia South said Ghana aspires to become a hub for refined petroleum products in the West African sub-region and beyond, and thus the establishment of the Petroleum Hub Development Corporation (PHDC).
He said the hub will host infrastructure such as refineries, port terminal facilities, storage facilities, petrochemical plants as well as Liquefied Natural Gas (LNG) terminals with a network of pipelines.
In the power sector, the Minister said the generation, transmission and distribution value chain presents opportunities to the private sector. “Our quest to promote energy efficiency in electrical appliances, among others within the context of scaling up 10% renewable energy penetration by 2030 brings key opportunities for strategic investor partnership” he added.
Through info-documentaries and presentations, the Ministry’s agencies explained the current projects in their sectors that needs financing and strategic partnerships.
The Minister assured prospective investors of Ghana’s robust legal and regulatory framework anchored on the respect for the rule of law and the high regard for democratic accountability.
“I am confident that Ghana will impress you, if you choose to invest in its energy sector” Dr. Prempeh said..