Chief Executive Officer of the Petroleum Commission, Mr. Egbert Faibille Jnr.
Delivering the lecture, Mr. Egbert Faibille Jnr., Chief Executive Officer of the Petroleum Commission, provided in-depth information and insights into the major transitions in Ghana's oil and gas industry. He divided the transitions into 10 epochs, namely, the Pre-independence era, the immediate Post Independence era, the establishment of a National Oil Company (the Ghana National Petroleum Corporation), the Jubilee Field Discovery, the TEN Fields Discoveries, the Sankofa Gye Nyame Fields Discoveries, the establishment of the Ghana National Gas Company, the Petroleum Commission, the Voltarian Basin Project and the Present.
Mr. Faibille Jnr., stressed the need for Ghana to continually review its existing regulatory framework and fiscal regime to attract investment into the sector, since private capital in the oil and gas sector is constrained and competition for investment is keen in the current energy transition era.
He commended the resolve and commitment of the Minister of Energy in resisting speculators which includes the E&P companies with no proven track records in the industry, who nevertheless seek to be granted E&P rights and thereafter neglect and/or fail to drill their exploratory wells.
A cross-section of participants at the Lecture
He also stated that Ghana must accelerate the monetization of its natural gas resources, which is today referred to as 'transition fuel’ as it is an environmentally benign energy resource and also serves as a cheaper source of energy compared to liquid fuel, which was in the past an important component in the country's power generation mix.
Executive Director of the Africa Centre for Energy Policy, Mr. Benjamin Boakye, discussant at the lecture, who joined virtually, noted that it is necessary to examine the process and protocols around approvals for the production process of oil and the need for investors to undertake the exploitation of resources.
Executive Director of the Africa Centre for Energy Policy, Mr. Benjamin Boakye
He noted that government needs to pay attention to the involvement of diverse stakeholders during critical discussions and meetings concerning the topic of whether oil should be produced or not, adding that some of these stakeholders are often left out of such meetings are important in shaping the future of energy in our world.
Guest of Honor, Hon. Matthew Opoku Prempeh, Minister of Energy, stated unequivocally that there is no economic development without energy. He also touted energy transition as merely a first step toward transforming the country's energy sector from fossil-based fuel to zero-carbon fuel.
Minister of Energy, Hon. Matthew Opoku Prempeh
He stated that the national energy transition framework, which is a collection of various individuals' opinions, is the blueprint for what needs to be done in the country to ensure the transition from fossil-based fuel to clean energy.
Hon. Opoku Prempeh also stated that his Ministry hopes to see Ghana fully achieve the use of clean forms of energy by 2070 using only Ghanaian resources. As sector Minister, he promised to provide the necessary policy direction and leadership to ensure that Ghana is not left out of the energy transition agenda.
Delivering the welcome address, at the beginning of the lecture, the Vice-Chancellor of the University, Prof. Nana Aba Appiah Amfo noted that the University has developed an admirable reputation as one of the top universities over the years and that, under her leadership, the University will continue to stand out as a hub for academic excellence in teaching, research, and community service, on the domestic and international fronts.
Vice-Chancellor of the University, Prof. Nana Aba Appiah Amfo
She said, “We do not seek to engage in the usual rhetoric or talk show but aim at pushing the conversation a notch higher to get policymakers and relevant stakeholders to act”. She noted that the expected outputs from the lecture and subsequent discourse will feed into policy decisions that will contribute to advancing the energy sector.
Prof. Amfo extended an invitation to the public to take note and attend the other lectures that have been outlined by the 75th Anniversary Planning Committee to engage the public on topical issues of national concern, in order to achieve the goal of making the University relevant to national and global development.
Mr. Kweku Andoh Awotwi, Board Chair, UBA Ghana Limited
The lecture was chaired by Mr. Kweku Andoh Awotwi, Board Chair, UBA Ghana Limited, and former Executive Vice President, Tullow Oil Plc. Mr. Awotwi congratulated the University and the 75th Anniversary Planning Committee on assembling an august group of people who addressed the topic satisfactorily.
There was also an interactive session during which the audience asked questions and contributed to the discussion. The lecture was moderated by Legal Practitioner and Journalist, Samson Lardy Anyenini
A cross-section of participants at the Lecture
Present at the lecture were Hon. Lydia Alhassan, MP, Ayawaso-West Wuogon; the three Deputy Energy Ministers, Hon. Dr. Mohammed Amin Adam, Hon. William Owuraku Aidoo, Hon. Andrew Egyapa Mercer; CEO, VRA Ing. Antwi Darkwah and Heads of various institutions in the energy sector.
A group photograph after the Lecture
Also present were the Registrar, Mrs. Emelia Agyei-Mensah; Provosts, Deans and Directors, Heads of Department and students from the University of Ghana, as well as other relevant stakeholders.
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