The Media Group made the announcement when its leadership called on management of the Chamber of Bulk Oil Distribution Companies (CBOD) to present a copy of its quarterly energy magazine and to notify the bulk oil distributor about activities leading up to the upcoming event.

Mr Senyo Hosi, Chief Executive Officer (CEO) of the Chamber, said the award was very important to shape the industry and go a long way to strengthen and encourage players in the field to live up to expectations.

"We are solemnly behind you and pledge our full support," he said.

He, however, advised that: "The award must be legitimate to be accepted by all stakeholders; let the industry players be part of the award and let them feel they own it."

Mr Henry Teinor, Energy Media Group CEO, said the award was long overdue- "our main concern is not about making profits but the Ghana Energy Award is to recognize the efforts of the industry players.”

"It’s also to bring together stakeholders in the energy industry to deliberate on issues affecting the sector."

Despite steady progress in the Ghanaian oil sector, its future prospects are mixed. The low oil price environment is one obvious challenge.

Others include a maritime border dispute with Côte d'Ivoire to the west, unfavourable drilling results to the east and policy uncertainty driven by the approach of elections.

Longer-term issues also abound, including how to boost local participation and what role oil should play in boosting the wider economy.

There have been a number of technical challenges holding back Ghana's oil production in recent times, but these have slowly been lifted and production is set to ramp up further in the coming years.

Remedial works at the Jubilee field - so far Ghana's sole producing field - lifted production above 100,000 barrels/day (b/d) in the first half of 2015.

Output from the Tweneboa-Enyenra-Ntomme field was slated to commence in 2016 or 2017 with capacity of around 80,000 b/d, and the Sankofa field could add around 50,000 b/d during 2017.