Free Markets and an Enabling Environment: Ghana’s Petroleum Commission to Demonstrate How Pragmatic Regulation Drives Investment at African Energy Week in Cape Town.
August 2, 2021
Petroleum Commission CEO Egbert Faibille will drive a strong narrative on the value of market-driven policies and progressive regulation in attracting investment, increasing private sector participation, and accelerating economic growth.
Egbert Faibille, CEO of the Petroleum Commission of Ghana, has confirmed his attendance and participation at African Energy Week (AEW) 2021, taking place in Cape Town on the 9th-12th of November. Confirmed to deliver a keynote address at the event, Faibille will attend AEW 2021 with a delegation of industry leaders and executives from Ghana, including Hon. Minister Dr. Matthew Opoku Prempher and representatives from the Ghana National Petroleum Corporation (GNPC). Representing one of Africa’s most promising natural gas sectors, and the agency responsible for Ghana’s upstream oil and gas sector, Faibille will drive a discussion on Africa’s gas miracle, pushing a strong narrative on the role of effective regulation and upstream oil and gas activities in driving continent wide energy sector and economic growth.
As CEO of the Petroleum Commission, the Ghanaian state agency responsible for the regulation, management and coordination of all upstream oil and gas activities, Faibille plays a fundamental role in expanding the country’s oil and gas industry. Despite having only been established in 2011, in response to the discovery of significant commercial hydrocarbon deposits, the Petroleum Commission has accelerated energy sector growth, and positioned the country as an attractive investment destination through productive, industry focused regulation. Under the auspices of the Minister of Energy, and built against a backdrop of reformed market-driven policies, the Commission has positioned Ghana as a highly competitive destination for upstream investment, leading to the rapid increase in oil and gas exploration and development.
Notably, one of the Commissions primary achievements has been the creation and implementation of one of the most transparent, modern, and industry-focused regulatory frameworks in Africa, leading to an influx of private sector participation and international investment. Having restructured its energy sector from the ground up, enforcing legislature that prioritizes women inclusivity, local content, and the increasing ease of doing business for all stakeholders, Ghana has positioned itself as the go-to market for investment. What’s more, the Commission has created an impressive benchmark for other African nations seeking investment and the increase in domestic exploration and production. Ghana is a prime example of how regulation can drive energy sector success and AEW 2021 aims to emphasize this.
Accordingly, both the Ministry and the Commission have kick-started Ghana’s energy sector, driving new exploration and associated oil and natural gas developments. Some of the most noteworthy oil and gas achievements in the country include the billion-dollar discovery made by local company Springfield E&P Ltd. in the West Cape Three Points Block 2 area; the 150,000 barrels per day Jubilee oil field; the 3.4 million-ton Tema Liquified Natural Gas terminal; the 1,000MW Sankofa gas-to-power project; and the West African Gas Pipeline project. By ensuring an investor friendly business climate, Ghana now boasts the participation of some of the world’s most significant oil majors. Notable actors include Aker Energy, Camal Energy, Sahara Group, and Swiss African Petroleum with major oil and gas operators including Tullow, Kosmos Energy, Eni, ExxonMobil, Anadarko Petroleum Corporation, Hess Ghana Limited, Springfield E&P, and GNPC. By focusing on creating an enabling environment for investors, the Commission has driven progress in the sector.
“Ghana represents one of Africa’s most successful new markets with world-class projects establishing the country as a regional oil, gas, and power hub. The Commission has done an exceptional job in establishing an enabling environment, pushing through market-driven policies and progressive legislature that has accelerated growth and interest in the oil and gas sector. By participating at AEW 2021 in Cape Town, Ghana will showcase the value and role of regulation, driving a strong narrative that emphasizes reform and transformation. We look forward to hearing Faibille’s insights and aim to further promote Ghana’s energy sector at AEW 2021,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber.
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