There had been an emphasis from the Ghana National Petroleum Corporation (GNPC) that there is the need for enhanced collaboration among African countries to fully harness their energy resources in the face of the global transition towards renewables.
Speaking on the 7th African Petroleum Producer’s Organization (APPO)National Oil Companies CEOs Meeting in Accra, GNPC’s Chief Executive Officer Kwame Ntow Amoah, Highlighted the potential threats that the ongoing energy transition poses to the sustainability of national oil companies, including GNPC.
According to him, the lack of consistent investment in the oil sector, partly driven by the transition agenda has already contributed to rising oil prices. He stressed that the path towards transition is not straightforward, and that collaboration among African nations is crucial to unlocking untapped resources and preventing valuable assets from becoming stranded. His remarks come as the Public Interest and Accountability Committee (PIAC) cautions that the energy transition could threaten the sustainability of national oil companies, including GNPC.
“We want a just transition. Even those at the forefront of pushing the transition now acknowledge that is not a straight line. If we, as Africans work together, we can harness our vast untapped resources and safeguard the future of our oil and gas assests,” Amoah Stated
He also acknowledged that the Public Interest and Accountability Committee (PIAC) last year warned that the global energy transition poses a major threat to the survival of national oil companies, including the Ghana National Petroleum Corporation (GNPC).
PIAC cautioned that the shift could erode demand and value for fossil fuels, expose companies to environmental, social, and governance (ESG) risks, and weaken their competitive edge and market share.
In its report, “The Role of GNPC in the Upstream Petroleum Industry: Challenges and Prospects,” PIAC noted that building resilient national oil companies in the era of transition will require strategic vision, innovation, and adaptation.
Source: gitficonline.com