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Norwegian Petroleum Directorate lauds Ghana’s petroleum policies

  • SOURCE: citibusinessnews.com | Citi FM
    • POSTED ON: August 30, 2018
    • CATEGORY:

    The Norwegian Petroleum Directorate (NPD) has lauded key stakeholders in Ghana’s oil and gas sector for formulating policies aimed at enhancing efficiency in the upstream sector.

    According to the directorate, Ghana has so far achieved substantial gains from the passage and implementation of relevant laws in the oil and gas industry.

    “Now that all the regulations have been passed this is when the real work starts. Ghana has a lot of expertees. We believe the real work starts now. Corporation between Ghana and Norway have been successful in our view,” Project Director at the Norwegian Petroleum Directorate Svein Svilosen said to a trade mission led by the Petroleum Commission to participate in the ongoing Offshore North Sea(ONS) conference in Stavanger, Norway.

    Svilosen stated that Norway has had a fruitful collaboration with Ghana under its Oil for Development Programme.

    He observed that the directorate is waiting for an official communication from the government of Ghana whether it will continue with the programme when it expires next year even though a verbal commitment has been made to continue.

    Per the programme, Ghana is expected to develop its unique petroleum revenue module using the experiences of Norway as a guide.

    After Ghana discovered oil in 2007, the country approached Norway which was said to have one of the best modules in managing revenue from the industry.

    Norway is currently said to hold about 1.1 trillion dollars in sovereign fund from oil proceeds after it discovered the commodity in the 1960s.

    In February 2008, a Memorandum of Understanding (MoU) was signed by Ghana and Norway for long-term cooperation to help Ghana formulate laws on its oil exploration.

    Meanwhile, the acting Chief Executive Officer of the Petroleum Commission, Egbert Faibille Junior who led the trade mission stated that the commission is creating a platform for local indigenous companies to partner with international firms to expand Ghana’s petroleum upstream sector.

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    The move, according to him, will also help Ghanaian companies to enter into joint venture deals with international companies to meet the requirements needed for foreign companies to operate in Ghana.

    “We at the Petroleum Commission have organized this trade mission on the back of the ongoing ONS conference which has thousands of delegates from all over the world attending. Our aim is to ensure that each and every one of you the Ghanaian companies that have been selected to come along on this trade mission to get the opportunity to leverage and build the needed synergies and attract the needed the necessary investment into Ghana’s upstream,” he explained.

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