Tema, June 26, GNA – ExploreCo, the operating arm of the Ghana National Petroleum Corporation (GNPC), is poised to begin onshore petroleum drilling in the Voltaian Basin before the end of this year, President John Dramani Mahama has disclosed.
“So far, all our discoveries have been offshore. We have discovered a lot of potential onshore, and GNPC, through ExploreCo, will start drilling wells to explore that oil before the end of this year,” President Mahama stated in his address when he formally cut the sod for construction works to begin on Phase 2 of Sentuo Oil Refinery, located in the industrial city of Tema.
“Our objective is clear. We are building an energy sector that is productive, competitive, resilient, and globally relevant. That vision lies at the heart of what we have called the Accra Reset. The Reset is about repositioning Ghana from a nation that primarily exports raw materials to one that processes, manufactures, refines, and creates value within its own borders”.
The President said it was about ensuring that a greater share of the wealth generated from their natural resources remain in Ghana to create jobs, support businesses, build industries, and improve livelihoods.
He said whether it was crude oil, gold, bauxite, lithium, cocoa, or any agricultural produce; the future belongs to nations that move beyond the export of raw materials and embrace value addition.
“The future belongs to nations that refine, manufacture, and export finished products. This is why the expansion of Sentuo Refinery is so important. It represents precisely the kind of investment Ghana needs at this stage of our development.”
President Mahama said it strengthens their industrial base, deepens their energy value chains, creates employment opportunities, supports local industries, and advances their broader objective of transforming Ghana into a modern industrial economy.
The President reiterated that the benefits extend far beyond the refinery itself; stating that every refinery creates a wider ecosystem of economic activity.
He said it supported transportation and logistics companies, created opportunities for local contractors and manufacturers, and stimulated demand for engineering services, technical expertise, fabrication, maintenance, and professional services.
He noted that it generated opportunities across multiple sectors of the economy and created a multiplier effect that benefits communities and businesses alike.
The President said for this reason, local participation must remain central to this project, and that their local content agenda must be viewed not merely as a regulatory obligation but also as a critical pillar of our national development strategy.
“We expect meaningful participation by Ghanaian companies throughout the value chain. We expect deliberate investment in skills development. We expect strong partnerships with our universities, technical institutions, and training centres,” the President said.
“We expect the transfer of technology and expertise that will enable future generations of Ghanaians to lead and innovate within the energy sector.”
He said energy security remains fundamental to national development; saying “No nation can industrialize successfully without reliable, affordable, and sustainable energy”.
The President said the Government remained committed to supporting investments that expand domestic refining capacity, strengthen energy infrastructure, and improve the resilience of the nation’s energy system.
He said in the downstream petroleum sector, they had pursued important reforms to improve efficiency, transparency, and sustainability; stating that the Petroleum Downstream Sector Reform Committee had completed its work and submitted recommendations which were now being implemented.
Mr Xu Ningquan, Executive Chairman, Sentuo Group, in his welcome remarks said President’s Mahama’s vision for economic renewal, industrialisation and the 24-Hour Economy had restored confidence among investors and strengthened Ghana’s position as one of Africa’s most promising destinations for long-term investment.
“We are proud that Sentuo Group is part of this national journey. Today, we are not simply cutting sod for another industrial project. We are laying another foundation stone for Ghana’s future. We are making another investment in jobs. We are investing in technology. We are investing in local value addition.” Mr Xu stated.
GNA
Edited by George-Ramsey Benamba