The Ghana National Petroleum Corporation (GNPC) has called for support in its operations saying the coronavirus pandemic has had a negative impact on the oil and gas industry in Ghana.
During a virtual conference organised by the Africa Centre for Energy Policy (ACEP) to discuss the impact of Covid-19 on Africa’s oil and gas sector yesterday, Acting Chief Operating Officer, GNPC, Mr James D. Yamoah, revealed that because of the pandemic, international oil companies (IOCs) in protecting their investments have taken business decisions which might not coincide with the national interest.
He spoke on how some of the oil companies have postponed their operations to the second and third quarters of 2021 and some suspending their operations in the country.
He further contributed saying new exploration activities to add onto national reserves planned for this year had been suspended using that as emphasis as to why support has to come in for the GNPC to build its Operatorship capabilities so that the pandemic’s impact on the country will not be severe.
Mr Yamoah also touched on the low oil price on the global market, which affected GNPC’s revenues and cash flows and also affected the share the government left to the Corporation.
The GNPC also had to renew its emphasis on diversification of energy sources and maintain revenue streams that, would help the national oil company.
Mr Yamoah said the Corporation had embraced a safety mindset and every staff of GNPC had to take a proactive approach as part of a strategic response to the pandemic.
As part of efforts to contain the spread of COVID-19, he said staff were going by the protocols from the World Health Organisation and the Ghana Health Service.
“We are working from home and it is very lonely, our job is such that without a physical presence at our work, all what we do is hampered, and then also the stress and the mental health (problems) that come with it.”
He said the GNPC needed to consolidate its gains in the upstream segment and that it had to pursue an aggressive change in strategy from being just a facilitator to a full operator in the upstream business.
Mr Yamoah finally said there was supposed to be continuous and increased investment in GNPC operated blocks reiterating that the Corporation would have to leverage its commercial subsidiaries like the GNPC Exploration and Production Company Limited for commercial participation.
The virtual conference saw stakeholders from Ghana, Kenya, Sudan, and Mozambique participating.
Source: GhanaWeb
