May 19, 2024
Ghana’s Petroleum Commission Chief Executive Officer to Speak at Invest in African Energy Dubai Reception
African Energy Chamber (AEC) Releases Q1 2023 Outlook: The State of African Energy
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The African Energy Chamber (AEC), the voice of Africa’s energy sector, is pleased to announce that Egbert Faibille, CEO of the Petroleum Commission of Ghana, will speak at the Invest in African Energy Reception in Dubai on March 30, an event hosted with the aim of providing investors from the United Arab Emirates (UAE) an opportunity to connect with African executives and explore new partnership possibilities.
Faibille will accompany Hon. Matthew Opoku Prempeh, Ghana’s Minister of Energy, as well as members from the commission including Ebenezer Koranteng Harmah, Manager for Project Evaluation, and Benedicta Reinarh, Senior Geophysicist.

Since assuming the role of CEO in 2017, Faibille has demonstrated a deep commitment to advancing Ghana’s energy sector. His appearance at the Invest in African Energy Dubai reception carries significant weight as he represents one of Africa’s leading hydrocarbon powers with potential reserves exceeding 5 billion barrels of oil and 1.72 trillion cubic feet of gas. His presence is poised to play a pivotal role in spotlighting crucial gas projects, innovative energy initiatives, and the immense potential for attracting investments from the UAE’s energy sector to Ghana and the broader African energy market.

Faibille holds a critical role in spearheading the expansion of Ghana’s oil and gas industry. As head of the Petroleum Commission, he oversees the vital task of regulating, managing, and coordinating all upstream oil and gas operations in the country. Leveraging a productive and industry-focused regulatory approach, the commission is propelling growth in Ghana’s energy sector, elevating it to a highly desirable investment destination. Collaborating closely with the Ministry of Energy, the commission has established Ghana as a competitive prospect for upstream investment, resulting in a significant surge in oil and gas exploration and development.

The commission is also seeking to work with frontier E&P players to explore untapped basins and attract new entrants in the upstream market. Among the notable accomplishments in Ghana is the Jubilee oil field, producing 150,000 barrels per day; the 3.4 million-ton Tema Liquified Natural Gas terminal; the sizeable discovery by Springfield E&P in the West Cape Three Points Block 2 area; the 1,000 MW Sankofa gas-to-power project; and the West African Gas Pipeline project which aims to transport natural gas from Nigeria to countries in West Africa including Ghana.

In February 2023, Ghana advanced its gas infrastructure and resources to ensure energy security, with the Ghana National Gas Company signing an agreement for the construction of a second gas processing plant with a capacity of 150 million standard cubic feet per day. Additionally, the government is collaborating with stakeholders such as Tullow Oil to maximize exploration and production in the oil sector, aiming to optimize resource exploitation and monetization to meet local, regional, and global energy demand as well as fostering economic development.

As such, the outlook for Ghana’s oil and gas industry is promising, as recent discoveries suggest that oil and gas resources extend along the country’s coastline from Cape Three Points in the west to Keta in the east. Onshore, the Volta Basin is also believed to contain significant oil and gas reserves. Ghana’s oil and gas industry offers attractive growth opportunities and substantial returns on investment for global investors. Moreover, the country’s appealing energy regulatory framework makes it an enabling environment for investment in the sector.

With a business climate that is creating enabling environments for investors, some of the world’s largest oil majors now participate in Ghana’s oil and gas industry. Among these actors are Aker Energy, Tullow Ghana, Vitol, Kosmos Energy, ENI, ExxonMobil, Anadarko Petroleum Corporation, Hess Ghana Limited, Springfield E&P, GNPC, and others. Faibille’s participation at the Dubai event will highlight the contribution made by these major actors in Ghana’s energy sector as well as new opportunities for potential players.

“Ghana is among the most successful energy markets in Africa, with world-class projects positioning it as a regional oil, gas, and power hub. The Petroleum Commission’s efforts to establish an enabling environment, implement market-driven policies and progressive legislature have accelerated growth and interest in the sector. Faibille’s participation at the Dubai reception will provide insights that aim to further promote Ghana’s energy sector at the event. The AEC will continue to support the efforts made by Faibille to enhance Ghana’s energy sector,” stated NJ Ayuk, the Executive Chairman of the AEC.

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