Page 13 - DMEA Week 22 2022

DMEA NEWS IN BRIEF DMEA

REFINING seen the need to develop a National Energy need for some decades, in spite of the global
Transition Plan to guide her journey towards shift away from fossil fuels.
Deputy Energy Minister attaining net-zero status at a pace realistic to Ghana had passed an amendment to its local
He explained that the global players that
her peculiar circumstances.
woos investors to Ghana’s available and prospective energy sources, content and local participation regulations
“Ghana’s plan will be informed by both
to include channel partnerships and strategic
energy hub accessible financing and other factors,” he alliances in the petroleum upstream sector
assured.
- a novelty which is projected to enhance
A Deputy Minister of Energy, Andrew Mr Mercer noted that the turbulence to be indigenous participation in upstream related
Egyapa Mercer, has urged the global business felt by fossil-dependent African nations like activities.
community to direct their interests to Ghana’s Ghana in this transition period was inevitable, These gains notwithstanding, he assured
ambition of creating the biggest petroleum adding that “the manifestations of global that Ghana was far from comfortable with its
products hub in West Africa. efforts at shifting towards cleaner energy present progress and recognized that more
He said the country had by statute sources will undeniably have an adverse ought to be done.
launched the hub that would include the impact on Ghana’s petroleum upstream Mr Mercer noted that despite the strides
construction of three refineries with a activities and ambitions”. African nations were making in satisfying
minimum production capacity of 900,000 He said the drastic reduction in western their respective energy needs, “Africa must
barrels per day; five petrochemical processing funding for fossil-related projects, as well stay on its toes and be fully cognizant of her
plants as well as the building of industrial and as the revision of business modules of present obligations to the future of its people.”
storage infrastructure. major Exploration and Production (E&P) He urged African nations not to be
For a start, he said, the government had Corporations to lean toward renewables, were oblivious to the reality of changing trends in
secured 20,000 acres of land in the Jomoro a few of many eminent threats to Ghana’s and the global energy space.
Municipality in the Western Region for the by extension, Africa’s growing oil sector. He indicated that the fast-progressing
project, saying “Ghana is open to investments He noted that there existed a real risk energy transition will remain a crucial topic
in the hub.” of stranded assets owing to Ghana’s vast for world leaders for decades to come and its
Mr Mercer who is also the Member of unexploited oil and gas reserves, but that implications must not be lost on us.
Parliament for Sekondi, made the call when notwithstanding, Ghana still regarded “For African nations, efforts ought to be
he delivered the keynote address at this year’s its crude as a resource vital for national made at fully appreciating the challenges as
Africa Energies Summit in London. development and the very medium it can use well as opportunities that this phenomenon
It was attended by key energy players to fund its way to a net-zero status. comes with. Commitments to the net-zero
investing in the African continent and “The intermittent nature of renewable agenda must go beyond mere lip service to
decision-makers, corporate players in Africa energy sources as well as the cost implication concrete strategizing, policy reformation and
as well as finance, legal and service supply of technology required to effectively harness implementation,” he noted.
companies, African governments and national same renders renewables incapable of GRAPHIC
oils corporations. satisfying baseload demands,” Mr Mercer
Mr Mercer noted that factors such as indicated. Military destroys 40 illegal
the central location of Ghana and access to He said for Ghana and many other African
vibrant shipping routes which provided easy nations, natural gas had been identified as the refineries in Delta
access to the regional market, made the hub transition fuel of choice, a conclusion which
project very viable and that “we accordingly necessitated the continuation of responsible The Nigerian military says it has destroyed
want investors to take a close look at this oil and gas exploration and production. 40 illegal refineries and arrested 21 oil thieves
project.” Mr Mercer said the fact still remained the within the Niger Delta region in the last two
The deputy minister said the country had fact that petroleum products would remain a weeks.

Week 22 02•June•2022 www. NEWSBASE .com P13