The Minister of Energy and Green Transition, John Abdulai Jinapor, has said that Ghana and Kosmos Energy are set to sign a memorandum of understanding (MoU) to pave the way for oil exploration and production, as the company pledges to invest $2 billion in the country's upstream industry.

Although the minister did not disclose details, he was upbeat about the bright future of the country's oil and gas industry.

Mr Jinapor was delivering a keynote address last Tuesday ahead of a panel discussion at the Africa Energy Forum, a technical session of the Offshore Technology Conference in Houston, Texas in the US.

It is on the theme: "Africa's energy investment drive amid global transition to green minerals and clean energy."

In attendance are key stakeholders to explore Africa's oil and gas industry landscape, funding opportunities, investment prospects and emerging challenges in the sector. 

Energy security

Mr Jinapor stressed the importance of energy security, saying, over 600 million Africans currently live in energy poverty and, therefore, called for more action to ensure energy accessibility and affordability in every part of the African continent.

The minister also hinted that Italian oil giant, ENI, also plans to resume major value spending projects following the resolution of the unitisation impasse.

Mr Jinapor said Ghana was open for business, adding that "data and licence acquisition processes are being reformed."

He also disclosed that Cabinet had approved the setting up of a second gas processing plant to augment the Atuabo Gas Plant.

Mr Jinapor also visited the Ghana stand at an exhibition where he gave an assurance that the future looked bright for the country's oil and gas industry.

Panel discussion

The panel discussion featured senior executives, directors and regulators from various African countries, including Ghana, Senegal and Nigeria, who discussed strategies to attract investment, local content development and how to navigate the energy transition.

The event was chaired by the Chief Executive of USA-GHATEX International LLC, Solomon Tamakloe, and moderated by the Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Simon Madjie.

Overall, the forum served as a platform for dialogue on how Africa can leverage its resources and position itself in the global shift towards cleaner energy, while sustaining oil and gas development.

Ghana’s potential

The Senior Vice-President and Head of Ghana Business Unit of Kosmos Energy, Joe Mensah; the Chief Executive of Petroleum Commission, Emeafa Hardcastle, and the Chief Executive of Ghana Gas Company Ltd, Judith Adjobah Blay, took turns to share the Ghana story and what needed to be done by Africans to optimise their investments in the oil and gas industry.

Earlier, the Minister of Petroleum of Nigeria, Dr Heineken Lokpobiri, said that African problems required African solutions, particularly in the context of energy transition.

He underscored the need for a balanced energy mix that reflected Africa's unique development needs while advancing sustainable energy goals.

— The writer is a member of the Public Interest and Accountability Committee (PIAC).