'Oil & Gas Industry Needs Tough Laws'

GOVERNMENT HAS been advised to enforce stringent laws and regulations to control the oil industry in order to prevent the incidents of oil spills and other corrupt practices that might have a negative impact on the  emerging industry.

A visiting lecturer from Nigeria, Dr. Obiora Ozoh, made the call at a colloquium that was organized by the Business Department of the University of Cape Coast (UCC) in Cape Coast.

The colloquium was under the theme: “Oil and Gas discovery and Enterprise development in Ghana.

Dr Ozoh further noted that many oil countries, particularly in Nigeria had “not benefited immensely from their oil due to the mishandling of proceeds from oil revenue.”

 Dr. Obiora Ozoh emphasized the need for government to ensure surveillance over the activities of the oil companies to ensure adherence to both local and international laws and agreements.

“Ghana should learn from the past mistakes of Nigeria and other countries. Ghana National Petroleum Co-operation (GNPC) and the energy commission must diversify by creating other agencies to effectively manage the emerging oil industry,” he added.

Dr Ozoh explained that oil production had increased in Nigeria from a modest export of 5100 million barrels per day in 1958 to over three million barrels per day in 2009.

Some of the problems associated with oil discovery, he observed, included community violence over oil revenue distribution, frequent pipelines damage, oil spills, oil waste dumping, acts of sabotage and gas flaring.

The Vice Chancellor of the University of Cape Coast (UCC), Professor Jane Naana Opoku Agyemang, confirmed that the oil and gas industry would require constant evolution, adaptation by companies and long-term partnerships that must be based on shared interests and values.

According to her, it would take financial investments and efforts by educators, professionals, policy-makers and stakeholders to ensure the maximum benefit from the emerging oil production.

“It is time for us to invest in the oil resources for future generations. As a country, we stand a good chance of transforming our economy in the shortest possible time, if we review our relations with other developing partners,” she reiterated.

The Municipal Chief Executive of Mfantseman, Kweku Hayfron, called on government to pay attention to the Saltpond oil fields.

From Sarah Afful, Cape Coast