On Thursday, 20th February 2025, the KNUST College of Engineering hosted a public lecture delivered by Mr. Theophilus Ahwireng, Chairman and Managing Director of MODEC Production Services Ghana JV Ltd. The lecture, held under the theme “Capturing the Optimum Value of Petroleum Resources – Looking Beyond Fiscal Elements,” brought together students, faculty, industry experts, and stakeholders to explore strategies for deriving sustainable economic benefits from Ghana’s petroleum resources.
The event was graced by the Pro Vice-Chancellor, KNUST, Prof. David Asamoah, who represented the Vice-Chancellor, KNUST, Prof. Rita Akosua Dickson. In his opening remarks, Prof. Asamoah emphasised the timeliness and importance of the topic, noting that it aligns with KNUST’s commitment to fostering dialogue on critical national issues. He highlighted the need for a comprehensive approach to realising the full potential of Ghana’s petroleum sector, including value addition, policy refinement, and sustainable practices. He described the lecture as an excellent opportunity to drive national discourse and inspire innovative solutions for the industry.
Mr. Ahwireng, a distinguished industry leader and one of Ghana’s foremost experts in petroleum resource management, shared his wealth of knowledge and experience with the audience. He described petroleum as an “enigma of a resource” that has the potential to transform economies and impact generations.
Mr. Ahwireng emphasised that petroleum resources can catalyse economic growth when managed effectively. He outlined the upstream value chain, which includes licensing, exploration, appraisal, development, production, and decommissioning, as a framework for understanding the lifecycle of petroleum resources. He identified location, quality, field size, and market dynamics as crucial factors determining the value derived from petroleum resources. He stressed the importance of strategic decision-making and cost management to ensure long-term benefits.
Mr. Ahwireng highlighted the need for robust legislation, strong institutions, and skilled human capital to prepare nations to explore and manage oil and gas resources. He called for alignment among state actors and the development of local expertise to drive the sector forward.
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.
