Chief Executive of the Commission, Egbert Fabile Jnr called for reforms to the country’s legal framework on oil explorations.
Speaking on the state of the petroleum industry, he highlighted key challenges that have discouraged exploration and production activities, contributing to a consistent drop in oil and gas output over recent years.
The Petroleum Hub is expected to ensure that all homes and industries in Ghana have access to reliable, affordable, and environmentally sustainable energy supply while creating 780,000 direct and indirect jobs for Ghanaians.
All priority areas such as agriculture, including fisheries; physical infrastructure and service delivery in education and health; and roads, rail and other critical infrastructure received funding in the period under review with the exception of industrialisation.
The PetroChallenge competition tested students’ ability to utilise OilSim, an online business simulation to develop students’ understanding of the upstream oil and gas industry.
In financial terms, Ghana received 840.7 million dollars in the first half of the year as against 540 million dollars in the same period last year.
Four major oil companies currently operate in the country, contributing to this revenue stream, which is monitored and reported by the Public Interest and Accountability Committee (PIAC) as part of the Annual Budget Funding Amount (ABFA) from petroleum revenue.
Oil prices fell on Monday after China’s fiscal stimulus measures, announced at the National People’s Congress, failed to meet investor expectations, suggesting limited support for fuel demand.
There has been a 55.6 percent increase in revenue received for the period as a result of higher production, which recorded over 10 percent increase.
This is a result of a prudent governance system and efficient operational practices introduced by the Board and Management of the Company over the past four years.