Government asked to consider local investors in the oil sector
Ghana can now raise its stakes in the oil sector when looking for investors for exploration of oil in the country.
According to the General Manger of EO Group, Mr Joseph Owusu, the country has earned the right to put more beneficial contracts together because of the jubilee field experience, but also cautions that Ghanaian investors should be considered in doing so.
He made the call at the Oil Dialogue 2011 to discuss the benefits of oil drilling in the country after one year.
Oil drilling in Ghana began in December 2010. Though Ghana’s oil production is 0.1 percent of global production making it insignificant globally, it has propelled economic development in the country.
It has created jobs for many Ghanaians along the oil value chain and increased government’s funds for the 2012 financial year.
However, there are calls for more investment into the sector and also fasten the pace of instituting laws to regulate the sector.
Mr Joseph Owusu noted that the country had begun rippling the economic benefits of the jubilee oil field, adding that, “it’s only a matter of time that such a thing will go up.”
Comparing Ghana to other oil drilling countries, Mr Joseph Owusu commends the country for the advances made in the sector so far.
Mr Joseph Owusu also cautioned the country to take cue from countries such as Nigeria and Libya which has depended on only one economy, oil.
“Because if we make that mistake the only thing that is going to happen is that one day we are all going to fall off the cliff.”
The Jubilee partners have also been advised to engage the media on oil issues for better informed [analysis on the sector.
President of the Ghana Journalists Association (GJA), Mr Ransford Tettey said, “One year on, I believe sincerely that our expectations were all very high. What we have achieved on the ground is not what we expected. And therefore, as media people, we expect the jubilee partners to come out and tell us the story so we can also educate the public about what is happening.”
Operations Manager of the Ghana Independent Broadcasters Association (GIBA), Gloria Hiadzi, added that, “If they are free and willing enough to give us the information that is required, the media will be in a better position to pass out the information so that any cobwebs in the minds of people will be removed.”
To become significant in the global oil production, the jubilee partners have been advised to increase Ghana’s production to one percent.
By: e.tv Ghana
Accra, May 17, 2012
Government’s management of revenue generated from the country’s oil and gas resources will today come under intense scrutiny ... 