The insurance industry in West Africa needs to do more to cover risks in the oil and gas industry, the Ghana National Petroleum Corp has claimed.

Speaking to the Daily Independent, the company's managing director Nana Boakye Asafu-Adjaye said that insurance companies in the region lack both the capital reserves and the technical proficiency to expertly accommodate the insurance needs of the energy sector.

He called for a greater investment in training and technology transfer to ensure that there are now potentially hazardous gaps or deficiencies in cover as countries such as Ghana achieve first oil.

"Additionally, the concept of local or sub-regional insurance pools may need to be looked into," he added.

Ghana is expected to achieve first oil in the Jubilee field in the final quarter of this year.

Tullow, operator of the field, has invested heavily in new training programmes to ensure local workers are able to fill new positions created by the country's nascent oil and gas industry.

Getenergy for Western Africa