Gov't plans to review petroleum exploration and production law

Government says there would be periodic review and revise of the Petroleum Exploration and Production Law and the Petroleum Income Tax Law to maintain an attractive investment environment for oil and gas companies.

Dr Joe Oteng-Adjei, Minister for Energy, who made this statement emphasised that the review of policies on oil and gas sector will ensure effective management, guarantee sustainability and protect the environment.

He said "We have to re-organise the institutions to make them more effective and relevant to the sector.

Efforts should be made to fashion out an effective framework for the development and management of the oil and gas sector".

Dr Oteng-Adjei made the call when delivering the keynote address at the opening session of the on-going three-day Oil and Gas Business Conference and Exhibition organised by the management of West Africa Business Association (WABA), Ghana.

The conference under the theme "Oil and Gas; Ghana Asem Pa" is to create awareness on the need for policies and strategies to make the oil find a blessing to the country.

It also sought to promote the oil discovery for businesses to reposition themselves and strategise to ensure communities and operators holistically benefit from the oil.

"We also need to create a friendly environment to encourage investments in the oil and gas industry value chain through fiscal incentives and even handed regulations," he added.

Dr Oteng-Adjei noted that to maintain the country's oil and gas asset, Ghana would work with external partners to ensure smooth development of the sector.

He said there was also the need for a national oil and gas security and regulatory framework adding, the national security and the army would be supported to provide security for the industry.

Dr Oteng-Adjei called on local authorities to develop their expertise and capacity to ensure increased local involvement. "We pledge the commitment of Government to ensure transparent development of oil and gas resources as an integral part of developing the country's economy," he said.

Mr Joseph Winful, Chairman of WABA (Ghana) called on all stakeholders in the sector to forge closer partnership to promote development of the sector.