Petroleum Commission Boss Urges Bold Action to Revive Upstream Sector

The Acting Chief Executive Officer of the Petroleum Commission, Ms. Emeafa Hardcastle, has called for immediate and bold measures to restore investor confidence and reposition Ghana’s upstream petroleum industry for growth, stressing that revitalization of the sector is crucial for national development and long-term energy security.

Speaking at the Local Content Conference and Exhibition (LCCE), Ghana’s flagship upstream petroleum event currently taking place in Takoradi, Ms. Hardcastle outlined a roadmap for the transformation of the country’s exploration and production (E&P) sector.

Ms. Hardcastle said the Commission is determined to drive reforms that would not only revive industry confidence but also expand opportunities for local companies and professionals within Ghana’s petroleum value chain.

“We ought to take measures to immediately revive investor confidence and to turn around the fortunes of the industry, increase contract opportunities for Ghanaian companies. The theme ‘Revitalizing Ghana’s petroleum sector’ is born out of this message” Ms. Emeafa Hardcastle, Acting Chief Executive Officer of the Petroleum Commission.

She emphasized that despite the ongoing global transition toward cleaner fuels, petroleum remains central to Ghana’s economic aspirations and energy security.

According to her, Ghana’s energy transition framework should be implemented in a manner that ensures the sustainable utilization of the country’s petroleum resources to support industrialization and social progress.

“Despite the acceleration of the global energy transition and the move towards clean fuel, Ghana, in the pursuance of its energy transition framework, must harness its petroleum resources in a sustainable manner for national development and energy security.”

The conference, themed “Revitalizing Ghana’s Petroleum Sector: Driving Innovation and Redefining Local Content for a Competitive Energy Economy,” brings together government officials, international oil companies (IOCs), local service providers, and policymakers to discuss strategies for strengthening the petroleum industry.

Ms. Hardcastle underscored that the revitalization of Ghana’s petroleum industry requires a coordinated and innovative approach involving all key stakeholders.

She noted that the Commission is prioritizing regulatory efficiency, transparency, and strategic partnerships to make Ghana an attractive destination for upstream investment once again.

“Putting these words into action demands bold thinking, strategic collaboration, and a renewed commitment from all our stakeholders, including the government, our IOCs, and our service providers.”

According to the Acting CEO, Ghana’s upstream revival cannot be limited to drilling more wells or producing additional hydrocarbons.

Instead, it must include exploring new geological frontiers, improving data transparency, and aligning exploration activities with sustainable development goals. “In revitalizing our E&P sector, it’s not only about drilling more exploration and appraisal wells or producing more hydrocarbons,” she explained.

“We must focus on new geologic frontiers, such as our Accra–Keta Basin and the Voltaian Basin, while attracting investment into our deep-water areas of the prolific Tano Basin through transparent and competitive licensing supported by requisite petroleum data.”

Ms. Hardcastle highlighted the importance of streamlining regulatory processes and ensuring policy stability to boost investor confidence.

She said achieving sustainable growth in the petroleum sector depends on maintaining Ghana’s reputation as a transparent and predictable environment for exploration and production.

“Consequently, revitalization requires deliberate and focused policy and regulatory initiatives involving government, civil society, and communities working together to ensure that petroleum development serves Ghana’s long-term interest.”

The Acting CEO also called for alignment between Ghana’s upstream ambitions, its climate commitments, and its industrial development objectives, noting that sustainable development must remain at the heart of all petroleum operations.

The call for revitalization aligns with government’s broader effort to enhance local participation, modernize regulatory systems, and attract responsible foreign investment to the sector.

The Petroleum Commission’s focus on transparency and investor engagement is expected to be a key discussion point throughout the LCCE 2025, as Ghana positions itself to balance its petroleum ambitions with global sustainability goals.