Onasis Rosely Kobby, Deputy Chief Executive Officer for Operations and Technical at the Petroleum Hub Development Corporation (PHDC), has underlined that recent developments in world politics provide Ghana a special opportunity to hasten the development and start of its Petroleum Hub project.
Kobby made it abundantly evident in a social media post seen by GhanaWeb Business that the continuous conflict between Israel and Iran, expected to cause a global increase in oil prices, highlights how crucial it is for Ghana and the rest of West Africa to create robust infrastructure that makes the region more resistant to unexpected economic shocks.
According to Kobby, the 1.36 million metric tonne demand for petroleum products in Ghana in 2014 might triple by 2040. Given demand is probably going to increase, a fully operational oil hub could help to close this crucial gap.
Kobby broadened his studies to include the sub-region and projected that, by 2040, ECOWAS member states might require three million barrels of oil per stream day. Ghana could have a good opportunity here to generate income.
By 2040 Ghana could require twice as much oil. We would save billions of foreign exchange if we refined our own oil rather than buying it. Ghana is in a good position to fulfil the rising demand in ECOWAS, which could hit 3 million barrels daily by 2040, Burkina Faso, Mali, and Niger are landlocked and cannot refine.
Energy Transition Strategy: Africa’s oil demand is expected to remain high after 2050 even in case of no net energy consumption. “A modern refinery could be changed to produce feedstocks ready to be turned into hydrogen and biofuels,” he remarked.
Given Africa is expected to keep producing more oil until at least 2025, Kobby noted that Ghana has a strategic edge since it is in a great location for shipping oil and petrochemicals.
“This means that now is the time for Ghana to build up its refining and storage capabilities,” he said, urging the nation to proceed with faster ideas to build a petroleum centre. Given its geography and the fact that ECOWAS depends on imports, Ghana could develop as a hub for energy for the region.
