He said Ghanaians expect transparent, equitable and prudent management of the oil revenue for the nation's development and this can come to pass if there are proper checks and balances among oil companies, key institutions, government and stakeholders.
"We have to strive to really protect our oil and people. Though there is trust, the country's institutions like EPA, security agencies and others should be strengthened to verify whether the right things are being done so that the oil remains a blessing at all times," he asserted.
Hon. Buah made the observation at a briefing session on "Ghana's Oil and Gas Industry," which was attended by stakeholders, members of the Council of State and Western Regional House of Chiefs, Western Regional Coordinating Council and politicians in Takoradi yesterday.
He noted that despite the significant gains expected from the oil industry, the country should take a cue from the disturbing oil spillage in the Gulf of Mexico to ensure that activities were well-calculated and executed to perfection.
The Deputy Minister, who doubles as Member of Parliament (MP) for Ellembele, disclosed that his outfit intends to open an office in the Western region to help build the capacity of Small and Medium-scale Enterprises (SMEs) to take advantage of the oil industry.
Michael Aryeetey, Senior Geologist, Ghana National Petroleum Corporation (GNPC) intimated that 16 development wells had been drilled at the Jubilee Oilfield.
He disclosed that the installation of special equipment on the sea-bed to commence the pumping of oil to the surface for storage in the Floating, Production, Storage and Offloading (FPSO) vessel was 70 per cent complete.
Mr. Aryeetey also said construction of an on-shore Gas Processing Plant at Bonyere in the Jomoro District of the Western region was underway and that GNPC has 50 per cent equity and a strategic partner, which he refused to name, also has 50 per cent.
He added that the 50 per cent share of GNPC was equivalent to $200 million and that the corporation was discussing with the World Bank to raise the money.
He hinted that a temporary structure would initially be constructed within six months to take the gas from the rig, disclosing that some of the gas would be used to fuel the FPSO until the construction of permanent buildings for the Gas Plant in two years' time.
The Senior Geologist revealed that only one well is currently producing oil at about 400 barrels a day in the Saltpond Basin of the Central Region, stressing that the operator, Saltpond Offshore Producing Company Limited has accumulated 65,000 barrels of crude oil that would be lifted at end of this month.
For his part, Paul Evans Aidoo, Western Regional Minister pleaded with the Ministry of Energy, GNPC and the oil companies to resource the people so that they can hold stakeholders' meeting on the emerging oil industry.
He said the RCC and the Regional Security Council were on top of security issues and called on the youth to remain calm when the Ghana starts producing oil in commercial quantities.
Awulae Annor Adjaye III, Paramount Chief of Western Nzema Traditional Council mentioned that no chief had the right to sell land to any oil company or investor instead the land should be used as equity.
Members of the Council of State expressed their views on how the country should manage the oil find and entreated Ghanaians, particularly those in the catchment area of the industry, to cooperate with oil companies and other potential investors.