The call for energy transition, he noted, posed a significant threat to the successes of the oil and gas industry particularly among new and emerging producers of the commodity which called for strategic partnership to mitigate its impact.

The General Manager for Investment and Strategy was speaking at the opening of the Seventh Local Content Conference and Exhibition (LCCE), organised by the Petroleum Commission in Takoradi, in the Western Region.

The three-day Conference, under the theme: "Attracting Exploration and Production Investments to Boost Local Content- New Pathways", brought together hundreds of industry players to deliberate on the sector's performance over the period, form strategic partnership and chart new paths to advance the fortunes of the industry in the midst of the transition challenges.

Dr Baah-Nuako noted the regional and domestic market linkages and collaborations to create demand for the oil and gas resources had become critical than ever, "especially when the developed countries decided to stop the purchase of the commodity or invest in its exploration and drilling".

He said the GNPC had, therefore began signing series of Memorandum of Understanding with some African
countries who have the technology and space for the commodity including Angola, Algeria among others..." we at the GNPC are currently exploring such possibilities".

Dr Baah-Nuako asked the National Oil Companies to build a reservoir of financial resources capable of making them stand to their feet if international investment also dwindled.

He, on the other hand, praised the Petroleum Commission for consistently organising the conference which he said should serve as a business driver to embrace the very best benefits for the industry players.

The General Manager for Tullow Ghana, Mr Jean-Medard Madama, said attracting investment to the sector had become even more important as the oil resources were critical to the lives of emerging economies.
He said the developing countries must harness the natural resources to their benefits in a just transition period.