Ghana’s oil and gas prospects are significant. It is believed that Ghana’s oil and gas resources stretches across the country’s shoreline from the west (Cape Three Points) to the east (Keta). Similarly, the Voltaian Basin, which covers over 40 percent of the country’s land mass, is believed to have oil and gas reserves. This Voltaian Basin is yet to be fully explored and will be given priority attention during the medium period. The draft Bill to regulate the upstream petroleum industry is being reviewed with the view to reducing redundancies and further giving effect to the intention to consolidate the activities of the numerous regulatory agencies existing in the energy sector. It is believed that a smaller number of regulatory agencies is needed to manage the sector in order to ensure efficient and coordinated operation and enforcement of regulations.