The media launch of the 6th Annual Ghana Economic Outlook & Business Strategy Conference (EOBC) took place today [Monday, March 12, 2018] at the Octagon in Accra. The media launch attracted representatives from various media houses to interact with them and explain the purpose and theme for this year’s conference.

The Chairman of the event, the former Chief Executive of the Tema Oil Refinery (TOR), Dr Yaw Akoto, revealed the theme as “10 YEARS OF OIL AND GAS: CHALLENGES AND PROSPECTS”

In his introduction, the chairman said, “The year 2017 marked the 10th year that Ghana pumped her first crude oil to the surface. This singular event of the First Oil presented a lot of real possibilities from the discovery of a significant petroleum resource – oil that could potentially drive economic growth, create jobs and enhance national development.”

The expectation was that Ghana could have been lifted above the middle-income bracket and turn the country into a real developed economy, so what revenue have been generated from the petroleum.

The purpose of this year’s conference is to get the key players in the Oil and Gas industry along with the regulators to review what has been done so far and what should be done to enable Ghana achieve more and better success going forward.

This year’s conference happens to be the 6th since its inception and has been slated for Wednesday 21st March this year at the Labadi Beach Hotel. The Vice President, Dr. Mahamadu Bawumia would grace the event as the keynote speaker. Mr. Alex Kofi Mensah Mould, former Chief Executive Officer of Ghana National Petroleum Corporation is also expected to participate as one of the panelist.

Some major questions that arose from the media representatives was the fact that since this would be the 6th Conference organized, what was the impact of all the 5 which were held before?

The Media and general public were advised to participate in the conference where all of such questions and more would be addressed by the right people in authority.

10 years of Oil and Gas Production and Ghana has made significant strides since the First Oil. The production from the Jubilee Field as at 30th September, 2017 was 24.3 million bbls, compared to the first quarter of 2011 when the Jubilee partners recorded around 50,000 bpd gross production. The difference is quite clear and significant. The Sankofa-Gye-Nyame Field from records, between 20th May, 2017 since the start of its production to 30th September 2017, had a production output at around 2,154,214 bbls.

It was indicated that as part of the conference companies such as ExxonMobil Corp and other major IOC would be participating in the conference. Other Oil and Gas players include; Tullow Oil, Kosmos Energy, Hess, ENI, Vitol, and Springfield are expected to also participate in the conference.

Source: Ghana/ Adomako


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