Deputy Energy Minister, Dr. Mohammed Amin Adam, has said in furtherance with government’s desire, to make open contracting an important feature of our governance of our petroleum resources, the Petroleum Commission, has commenced the development of an online public register of contracts.
The exercise he said would be completed by the close of this year to allow public access to petroleum contracts and other relevant information of public interest.
The Energy Ministry he added, is also pursuing an addressing exploration drive with the aim of replacing and increasing Ghana’s oil and gas reserves.
According to him, Ghana is currently producing from our depleting resources and if we do not make more discoveries, we will not have an oil and gas industry in the near future.
Mr. Adam announced further that, an environmental impact assessment has been conducted on the Voltaian basin in Ghana measuring about 103,600 sq. km in size.
Contracts he said have been awarded by the GNPC for work to commence on the basin, with the necessary community engagements being conducted to educate communities on the potential impact on oil and gas development.
Dr. Mohammed Amin Adam, who was speaking at the 3rd African Oil and Gas Summit said, maximizing the benefits of our petroleum resources requires that, the revenue generated from these resources, are equitably and efficiently distributed.
He said President Nana Addo Dankwa Akufo-Addo, this year, committed significant portion of our oil revenue, to pro-poor sectors of education, agriculture and health.
The president is committed to the full implementation of the free senior high school policy.
He indicated that government allocated an amount of GHc211 million from the annual budget funding from the oil revenue, for the implementation of this policy.
He added, the figure represented about 53% of the financing requirement and this in our view, ensures the most equitable manner of distributing our oil revenue the best way, to maximize benefits from our oil.
This will also provide a convenient foundation for the development of our human resource base whose development impact we believe will outlive our oil wealth, he concluded.