Ghana expects oil boom in next decade and beyond
2023/8/4
At last year's COP27 climate summit, several African leaders made the case for developing the region's oil and gas resources. After a year of energy shortages and soaring energy prices, several countries with oil and gas potential are urging investors to develop new low-carbon businesses to meet global demand rather than rely on aging high-carbon ones. Many energy companies now see Africa and the Caribbean as crucial to their decarbonization goals.
In Ghana, there are 17 oil and gas projects between 2023 and 2027. These include 3 upstream projects, 9 midstream projects and 5 new downstream projects. Ghana is now one of the fastest growing hydrocarbon producers in Africa. The West African country already has several oil operations underway, including the first phase of the Pecan conventional field, the Jubilee South East field and the Ntomme Far West development.
Pecan is expected to have a production capacity of 82,500 barrels per day when production begins in 2025, and the first phase will cost $1.5 billion. Operated by exploration and production company Aker Energy Ghana (50%); Lukoil (38%); Ghanaian state-owned Ghana National Petroleum Corporation (GNPC) (10%); and shipping company Bulk Ship & Trade ( 2%). Meanwhile, the Jubilee Southeast field should start producing 37,000 bpd by the end of the year. The field is operated by Tullow Oil (38.98%), deepwater exploration and production company Kosmos Energy (38.61%); GNPC (19.69%); and South Africa's National Oil Corporation (NOC) PetroSA (2.72%). Ghana hopes to discover additional oil and gas deposits at the Ntomme Far West development and has conducted a pre-feasibility analysis with exploratory drilling planned for later this year.
Meanwhile, the country's midstream industry will expand as exploration and production operations expand. Ghana plans to construct the Tema FLNG plant, the Tema VI liquid storage terminal, the Dixcove oil storage facility, the Wa oil storage facility, and the Tema-Akosombo II and Tema pipelines between 2023 and 2027.
In March, the African Chamber of Energy said Ghana wanted to double its oil production from 180,000 barrels per day to 420,000 barrels per day by the end of the year. Egbert Faibille Jr., CEO of the Ghana Petroleum Council, stated: “Ghana has positioned itself to attract investment in the energy sector. We offer one of the best investment opportunities in the sub-region. Following the Jubilee discovery in 2007, a further 30 The discovery is awaiting assessment and development. Ghana guarantees attractive financial terms. These terms have proven over the years to provide a favorable investment framework. Faibille added: “We have several blocks open for direct negotiation and three more Blocks are available for mining. We have some fields in pre-development, so if we can find contractors, we should see a surge in production by 2030. "
Oil operations are already well underway in Ghana, which is expected to open a new $1.98 billion refinery in Tema this month. Sentuo Group's plants are expected to produce 5 million metric tons of petroleum products, including liquefied petroleum gas (LPG), jet fuel, gasoline, diesel and fuel oil. Ghana's trade and industry minister confirmed last month that Sentuo Group is in discussions with the Ghanaian government to acquire 500,000 barrels of crude for refining. Sentuo Group plans to expand the plant to refine 4.26 million tonnes of petroleum products by 2025.
At the same time, the British Tullow Oil Company announced in July that it would start operating the Jubilee South East (JSE) project. The company said the first well has begun production, and two more wells and a water injector are expected to come online later this year. Tullow hopes the field will produce more than 100,000 barrels per day once it becomes operational.
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