Members of the Ghana Upstream Petroleum Chamber have held a breakfast meeting with the Vice President Dr. Mahamudu Bawumia to inform him of the challenges facing the sector and discuss how the industry might collaborate with government to address them.

In a presentation to the Vice President and his team, the Chamber provided an overview of the oil and gas industry, highlighting the challenges and how this has resulted in the absence of any new petroleum agreements since 2017.

Commenting, the CEO of the Chamber, David Ampofo, said: “Peak oil production occurred in 2019; but since then, there has been a 32 percent decline. This requires more exploration and new discoveries if the decline is to be arrested”.

Dr. Bawumia said he was committed to deepening the cooperation between government and industry; and assured members that he was “ready to make Ghana a more attractive oil and gas destination and that he would benchmark Ghana’s fiscal regime in relation to other attractive destinations such as Guyana, Namibia and Côte D’Ivoire”.

The meeting enabled the Vice President to engage with the exploration and production as well as the local and international service companies that make up the industry, and provided the Vice President with an opportunity to listen to industry.