Ghana’s upstream petroleum sector has marked a significant milestone following the formal submission of a Declaration of Commerciality for the Eban-Akoma Oil and Gas discoveries in Cape 3.4, the Ministry of Energy and Green Transitions has announced.
The declaration signals that the Eban-Akoma fields have been confirmed as commercially viable, paving the way for further development and potential production, which is expected to contribute substantially to Ghana’s oil and gas output.
In response to the development, Benjamin Nsiah, Executive Director of the Centre for Environmental Management and Sustainable Energy, has urged government stakeholders to adopt a vertical business model within the petroleum sector to fully harness its economic potential.
According to Mr. Nsiah, adopting such a model will ensure that value is added across the oil and gas value chain, creating jobs, especially for the youth, and boosting downstream industries.
“When we apply a vertical business model, we not only create jobs but also increase value addition to our petroleum products, which benefits industries such as the Tema Oil Refinery (TOR) and other downstream operations,” he explained in an interview with Joy Business.
Mr. Nsiah also emphasized the need for a more strategic and results-oriented approach to managing oil revenue, raising concerns over the current Petroleum Revenue Management Act.
He pointed out that while the Act outlines broad areas for investment of oil proceeds, the tangible results in sectors such as infrastructure and job creation have been minimal.
“We need to redirect our oil income into specific, high-impact areas such as agro-processing and infrastructure development. This will not only promote job creation but also drive sustainable development across the country,” he stated.
The Eban-Akoma discovery represents a key step in expanding Ghana’s oil and gas reserves, with experts and policymakers now focusing on ensuring that the benefits of these resources translate into tangible economic growth for Ghanaians.
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