The Natural Resources Governance Institute (NRGI) has commissioned a study aimed at providing valuable insights to the National Oil Companies (NOCs) in the energy transition.

The study was to assist the NOCs as they played a crucial role in the global energy landscape and controlled significant reserves of oil and gas resources.

In a presentation by the Senior Africa Program Officer, NRGI, Mr Denis Gyeyir mentioned that the study identified potential strategies to inform NOCs investments and transition responses.

Mr Gyeyir made the statement on Friday in Accra during a stakeholders dialogue in the energy sector, aimed at reviewing global findings from the NOC survey and how they could be leveraged.

According to him, the study involved 15 NOCs in Sub-Saharan Africa, Latin America, Ghana National Petroleum Corporation (GNPC), Middle East and North Africa.

The study highlighted gaps in planning around the risk of the global energy transition for NOCS in specific countries that could be used in advocacy efforts, promoting knowledge sharing of the approaches and strategies of different NOCS and their potential challenges.

Also, the study provided ideas on how better management of transition risk could be achieved, in line with what other NOCs were doing, it finally showed gaps in knowledge as well as good practices that could be better understood through the development of in-depth case studies.

Mr Gyeyir stated that NOCs could not only contribute to global climate goals instead, they should secure their long-term viability in a changing energy landscape.

He encouraged GNPC, an NOC to adopt a strategy that prioritises efficient spending, long-term planning, investment, value maximisation and cost reduction.

"Since there is no one size fit-for-all solution in embracing the energy transitions, this would help GNPC structure itself and respond appropriately to the transition process," he noted.