Dr. Mahamudu Bawumia, the Vice President, has encouraged participants in the petroleum sector to capitalize on the opportunities provided by the African Continental Free Trade Area (AfCFTA) to bolster the industry and foster sustainable development.
He emphasized that the AfCFTA presents significant prospects for the petroleum downstream industry, highlighting that the elimination of trade barriers under AfCFTA could potentially improve market access, spur investment, and fuel economic expansion.
We must capitalize on these opportunities to strengthen our industry and promote sustainable development across the continent.
The Vice President’s remarks were delivered by Mr Herbert Krapa, Minister of State in charge of the Ministry of Energy, during the inauguration of the 6th Ghana International Petroleum Conference (GHIPCON) in Accra.
The conference, held under the theme “The Petroleum Downstream: Building a Future for Growth, Efficiency, and Sustainability”, gathered local, regional, and international experts, leaders, and innovators in the petroleum downstream sector.
The primary focus was on discussing regulatory frameworks and other pertinent issues affecting Ghana’s downstream petroleum industry. Dr Bawumia highlighted the various challenges faced by the petroleum sector, ranging from geopolitical tensions to technological advancements and environmental issues. He also noted the evolving nature of the industry, with oil and gas companies diversifying beyond traditional revenue streams.
He mentioned that the cost of a barrel of oil was currently being challenged by various other factors. He also stated that there is now a greater focus on meeting customer demands and expanding into new areas to generate additional income, such as biofuels, advanced chemicals, hydrogen, LNG, compressed natural gas, autonomous transport-on-demand initiatives, electrical charging stations, renewable energy, and even expanding retail outlets.
Dr. Bawumia urged industry players to maximize their operations and adopt modern technology to attain the desired outcomes for the sector. He emphasized that efficiency, growth, and sustainability were crucial for a flourishing downstream supply chain.
We need to invest in infrastructure, leverage cutting-edge technology, and enhance our supply chain resilience to secure our energy future.
He emphasized the importance of industry stakeholders transitioning to sustainable methods, developing a comprehensive plan for fundamental transformation that integrates sustainability into all operations, and leveraging data to guide choices regarding the adoption of sustainable practices during the design, development, and production phases to monitor, assess, and minimize emissions throughout the entire process.
We must encourage transport and delivery methods that optimise loads, and reduce mileage, emissions, and carbon footprint, we must source materials ethically and in the most sustainable way possible, and we must operate assets and equipment in the most energy-efficient manner, protecting the environment and ensuring workforce safety.
