Addressing a press conference here, the minister said the government had put in place several interventions that would enable it to run the second oil field differently and efficiently.
The measures include the passage and amendment of the Petroleum Revenue Management Act (PRMA), establishment of the Petroleum Commission (PC) to regulate activities in the upstream sector, the passage of the Local Content Law (L.I. 2204), and passage of the Petroleum Exploration and Production (E&P) Bill into law.
There have been calls by some people on the need to manage the expectations of Ghanaians regarding production at the 4 billion-dollar second oil field.
Kofi Buah said the government was conscious of that fact hence the passage of the Local Content Law (L.I. 2204) to ensure a lot more Ghanaians were involved in the sector.
Ghanaian President John Dramani Mahama last Thursday turned the valves on the Floating, Production, Storage and Offloading (FPSO) John Evans Atta Mills vessel to kick-start oil production on TEN.
The field, which will commence with 23,000 barrels of oil production daily (bopd), is expected to peak at 80,000 barrels at full capacity by 2017.
Production on the TEN Field is expected to double government petroleum revenue, contribute to economic growth and provide job opportunities, the think tank said.
The country generated a little over 3.2 billion US dollars in revenue five years into the commercial production of oil, the Finance Ministry says.
Some sections of the population have however questioned the manner in which the government has used the country’s oil revenue, saying not much had been done with it. Enditem.
Source: Xinhua/News Ghana