The Parliamentary Select Committee on Energy in Ghana has made an appeal to the Ministry of Finance to release GH¢5.6 million to the Petroleum Commission. This fund is crucial for establishing and operating a world-class data centre. The Committee believes that access to these funds will significantly enhance the Commission's capacity to manage critical upstream petroleum data and improve its overall operations. This move is part of efforts to bolster the Commission's capabilities in managing and regulating the country's upstream petroleum activities.
According to Chairman of the Committee, Emmanuel Kwasi Bedzrah, the appeal is vital for revitalizing Ghana's upstream petroleum industry and increasing oil production. He noted that despite a decline in investment and hydrocarbon production in recent years, Parliament's approval of an extension of the petroleum agreement to 2030 has attracted additional funding. This has contributed to an increase in production from about 80,000 to 120,000 barrels per day. The Committee is keen on ensuring that the sector receives the necessary investments to regain its momentum.
During a working visit to the Petroleum Commission, the Committee engaged with the Chief Executive Officer, Emeafa Hardcastle, who outlined the Commission's working procedures and mandate. These include regulating, managing, and coordinating upstream petroleum activities. Hardcastle disclosed that since assuming office in 2025, the government has pursued measures to reverse the decline in crude oil production. The goal is to sustain output and reposition Ghana as an attractive destination for investment in Africa's increasingly competitive petroleum sector.
The government has secured fresh commitments of about US$35 billion to help revitalize the sector. This significant investment is expected to play a crucial role in enhancing the country's petroleum industry. The Committee's visit aimed to assess the Commission's operations and management procedures, ensuring that the funds allocated are used effectively and efficiently.
Concerns have been raised over repeated budget allocations for oil exploration in the Voltaian Basin. Mr. Bedzrah emphasized that funds approved for exploration must produce tangible results. The Committee will require clear evidence of progress before supporting future budget allocations for the programme. This stance underscores the Committee's commitment to ensuring accountability and effective use of resources in the sector.
As part of its oversight exercise, the Committee is expected to conclude its monitoring visit with engagements at the National Petroleum Authority (NPA) and the Ghana Oil Company Limited (GOIL). These interactions will provide further insights into the operations of key players in the petroleum sector. The Committee's oversight activities are crucial for assessing the sector's performance and identifying areas for improvement.
The appeal for the release of GH¢5.6 million to the Petroleum Commission highlights the ongoing efforts to strengthen Ghana's petroleum industry. The Committee's proactive approach to addressing the challenges facing the sector is commendable. With the release of these funds, the Petroleum Commission will be better positioned to manage critical upstream petroleum data and improve its operations, ultimately contributing to the growth and development of Ghana's economy.
Key points
- The Parliamentary Select Committee on Energy appeals for GH¢5.6m to strengthen Petroleum Commission's data management and operations.
- Ghana's upstream petroleum industry has seen a decline in investment and hydrocarbon production in recent years.
- The government has secured fresh commitments of about US$35 billion to help revitalize the sector.
