Petroleum Consultant, Dr. Yusif Sulemana, has stated that Ghana needs to shift from its previous hybrid petroleum agreements to optimize the revenue it makes from the sector.
Speaking on Asaase News, Dr. Sulemana noted that, “What is currently happening in the investor community is not one that we can say is friendly to the world of hydrocarbons. However, I still believe that your resources will remain yours and will remain your strategic advantage.”
“Going forward, the lessons that can be learnt with previous agreements that have been signed with our current players that we have is that we have to make consented effort to gravitate to Production Sharing Agreement (PSA) rather than so much dependency on royalties with not maximum shares that we can boast of in terms of participative right.”
Deputy Minister for Energy, Dr. Mohammed Amin Adam, has disclosed that Ghana will in no time offer new oil blocks for exploration through direct negotiations in the Western and the Eastern Basins as part of efforts to maximize its resources.
He was addressing a Ghana Investment Forum on the sidelines of the 2022 Offshore Technology Conference in Houston Texas.
He said, “For example, the government over the last two years amended petroleum regulations to allow for exploration in production and development areas without a requirement for a new petroleum agreement. We also provided flexibility in determining the size of a development and production area to prevent potential assets near field from being stranded.”