ExxonMobil in talks to re-enter Ghana’s upstream petroleum sector – Energy Minister reveals

US oil major, ExxonMobil, has initiated discussions with the Government to reestablish its presence in the nation’s upstream petroleum sector.

This is according to the Energy Minister, Matthew Opoku Prempeh, who made the assertion during the official launch of the 9th edition of the annual Local Content Conference and Exhibition (LCCE) organized by the Petroleum Commission in Accra on Monday, October 23, 2023.

ExxonMobil’s return to Ghana follows its exit from the country’s upstream petroleum sector in May 2021, a move that marked the conclusion of its exploration activities after acquiring rights in 2018. Minister Opoku Prempeh confirmed the ongoing talks, stating that, “ExxonMobil intends to come back to Ghana.”

Mr Opoku Prempeh underscored the strategic importance of harnessing Ghana’s oil and gas resources, noting, “God didn’t put the oil and gas there for us not to utilize.” He emphasized the need to develop local skills and talents to maximize the potential of the petroleum sector, including enhanced carbon extraction.

The annual Local Content Conference and Exhibition, scheduled from November 21 to 24, 2023, at the Best Western Atlantic Hotel in Takoradi, coincides with the 10th anniversary of the passage of the Petroleum (Local Content and Local Participation) Regulations, 2013 (L.I.2204).

This year’s event, themed “10 years of Local Content in Ghana’s Upstream Petroleum Industry: Achievements, Challenges, and Prospects,” aims to promote local content and local participation in alignment with L.I. 2204.

The conference is set to attract more than 1,000 participants, including representatives from key government institutions, civil societies, trade associations, financial institutions, academia, and international delegates from countries such as Trinidad & Tobago, Guyana, Suriname, Angola, Nigeria, Brazil, South Africa, South Sudan, Senegal, Mozambique, Uganda, Kenya, and the United Kingdom.

Source: Norvanreports