The colloquium was aimed at providing a stage for dialogue between all stakeholders in the oil industry with regards to effective management of social impacts and utilization of revenues generated. It also afforded industry players to brief academia on progress made in the Jubilee field and how local involvement would be achieved.

In his welcome address, the vice chancellor of KNUST, Prof. W. O. Ellis, called for effecient utilization of revenues from the oil industry through proper management of funds. Prof. Ellis further stated that prudent utilization would enable Ghana achieve sustainable development for all its citizens.

The keynote address was delivered by Mr. Kwame Pianim, an aclaimed economist. He stressed the need for adequate local participation in all aspects of the oil production chain. He called for judicious use of revenues through the strengthening of institutions involve in managing the revenues. He said Ghana can use the emerging oil and gas industry to achieve transformational development via broad-based involvement and participation of all citizens. Further, he emphasized on the need to fund infrastructure for centers of excellence, for knowledge acquisition, and for teaching and research.

Other speakers included Mr. Alex Mould, head of National Petroleum Authority, and Mr. Sunil Matharani of the World Bank office in Accra. Mr. Mould agitated for proper governance and leadership, and the need to identify areas Ghana can compete effectively. Mr Matharani cautioned Ghana not to be too excited, and said the impact of oil revenue would depend on how revenues are invested. He further talked about the development of a state-of-the-art petroleum laboratory at the Petroleum Engineering Department of KNUST, under the auspices of World Bank and Government of Ghana.

Members of CEESD were unanimous in their view of the burgeoning oil industry. In roundtable discussions, CEESD called for investment in local entrepreneurship as a way of fighting poverty. CEESD also called for premium to be given to environmental issues such as air pollution and water pollution caused by oil spills and other pollutants. Finally, CEESD argued for the setting up of a national emergency team that would be capable of combating any unforseen environmental disaster in the oil sector.

The colloquium was organized by The Energy Centre and the Chemical Engineering Department of KNUST.