Emerita Professor Elizabeth Ardayfio-Schandorf (middle) with other PIAC members
The Public Interest and Accountability Committee (PIAC) is asking the government to develop gas reserves by revisiting and implementing the Gas Master Plan to take advantage of underutilised gas reserves for national energy security and revenue generation.
Chairperson for PIAC, Emerita Professor Elizabeth Ardayfio-Schandorf, presenting recommendations from an oil and gas workshop in Accra, called for the promotion of public and private partnership to facilitate the upstream and downstream infrastructure expansion to improve the supply of gas.
She explained that sustainable crude oil production is important to generate revenue for the nation since the country continues to lose revenue as there has been a consistent decline in crude oil production from 2020 to 2023 according to the annual report.
Again, she explained that it is important to publicise the annual report on the use and management of petroleum revenue and investments and also provide a platform for debate in that regard.
“In the three-year period of crude oil decline in Ghana, PIAC recommends the following to generate revenue for the petroleum industry.
The need to improve the legal, regulatory and fiscal framework to enhance the country’s investment climate and attract investors into the industry and also develop a transparent framework for licensing the regulatory compliance in order to build the confidence of investors,” she said.
Madam Elizabeth further noted that there is a need to strengthen collaboration between Industry and Academia to foster research and innovation in oil and gas production and also create an improved database which is accessible to academia to increase data driven decision making and also address technical and operational challenges.
Also, she recommended sustainable practices by developing a comprehensive strategy for integrating renewable energy sources with traditional oil and gas production to ensure a win-win situation for all.
By Florence Asamoah Adom