On Thursday, 20th February 2025, the College of Engineering, KNUST hosted a public lecture by Mr. Theophilus Ahwireng, Chairman and Managing Director of MODEC Production Services Ghana JV Ltd., under the theme: "Capturing the Optimum Value of Petroleum Resources – Looking Beyond Fiscal Elements." The lecture, hosted by the Provost of the College of Engineering, Professor Kwabena Biritwum Nyarko, began with a warm welcome address. The lecture highlighted the revenue growth of Ghana’s petroleum sector, which has contributed about US$10.69 billion to the economy between 2011 and 2024 while also drawing attention to the recent decline in oil production, emphasising the urgent need for strategic interventions.
Mr. Ahwireng firmly believes that Ghana can unlock more value from its petroleum resources by ensuring regulatory stability, leveraging technical expertise, and improving decision-making processes. He stated, "There is nothing wrong with the fiscal regime in Ghana; what the industry wants is the predictability of the regulatory regime. If you pass 2, 3, 4 legislations in one year, you are simply telling an oil and gas investor that I don’t need you." He further highlighted the importance of expertise, remarking, "Getting the right expertise comes with more value because you can argue and settle on what is right." Using the West African Gas Pipeline Project as an example, he urged leaders to think creatively, saying, "The quality of decisions we make is important for the nation to derive the value it requires."
The Pro Vice-Chancellor, Professor David Asamoah, added that sustainable economic benefits require a shift from conventional taxation models to value addition, local content development, and technological advancement. He called for strategic investments in research, human capital, and innovation to maximise petroleum resource benefits for future generations. The lecture reinforced the importance of looking beyond fiscal elements to secure long-term gains for the nation.
While fiscal incentives are important, Mr. Ahwireng argued that quality decisions, critical expertise, and effective management create more excellent value. He urged stakeholders to look beyond short-term gains and focus on sustainable practices that benefit future generations.
The lecture sparked an engaging dialogue, with students posing intriguing questions on topics such as the intersection of petroleum resources and climate change, the future of energy in a transitioning world, and Ghana’s role in the global energy landscape. Mr. Ahwireng’s responses provided valuable insights, encouraging students to think critically about the challenges and opportunities in the petroleum sector.
In recognition of his outstanding contributions to the petroleum industry and his insightful lecture, Mr. Ahwireng was presented with a souvenir by the Provost of the College of Engineering, Prof. Kwabena Biritwum Nyarko. The gesture symbolised the college’s appreciation for his expertise and commitment to advancing knowledge in the field.
The lecture concluded with a call to action for all stakeholders to adopt strategic, sustainable approaches to petroleum resource management. Mr. Ahwireng’s insights served as a reminder of the transformative potential of petroleum when managed responsibly and innovatively.
