Ghana has pushed upstream prospects in oil production, Mr Theo Ahwireng, Acting Chief Executive of the Petroleum Commission has said.
“Considering the impact of the depressed oil prices on project cuts in the industry, it is without doubt that Ghana has come out strong with its key projects such as the TEN project, which is still on course, the Sankofa-Gye Nyame project also in progress, and the expected submission of the PoD for the Greater Jubilee project, having gone through FIDs (final investment decisions),” Mr Ahwireng stated.
A statement by Mr J Ato Kobbie, the Senior Media Relation Officer, Ghana National Petroleum Corporation (GNPC), and copied to the Ghana News on Wednesday said, Mr Ahwireng made the remark in Cape Town, South Africa, on where Ghana stood on the global exploration and production (E&P) landscape at the just ended Africa Oil Week Conference.
“The Petroleum Commission led Ghana’s petroleum industry leaders on Tuesday, October 27, 2015 to put up a case for why Ghana should be the preferred investment destination of oil finders on the continent at the 22nd Africa Oil Week Conference.”
The conference showed many projects elsewhere had stalled because of the low world oil prices and lean investment capital.
Speaking on the topic “Ghana: Offshore Acreage, Ventures and Developments in Oil & Gas,” at the week-long conference, Mr Ahwireng said low world oil prices had not affected key E&P activities in Ghana, as many more companies continue to show interest.
He told the gathering of more than 1,400 delegates, from national and international oil companies, including the super major ones that projects such as Jubilee, TEN, OCTP, and that of Hess are still on course.
He invited investors to show interest in the huge offshore acreages still available and take advantage of Ghana’s stable investment climate plus a very attractive fiscal regime and invest.
“There are 15 offshore licenses awarded to 14 IOCs covering 20,342 sq. km., whilst 42,212 of open acreage still exist.
“With the increased interest and investment in E&P activities, the offshore acreage may potentially be expanded up to the 3,000-metre water depth,” Ahwireng disclosed.
The statement said Mr Ahwireng also spoke on the on progress on Ghana’s local content developments, and disclosed that strides have been made in the growth in that area.
He said compared to Jubilee, TEN had delivered a lot with OCTP initial indication that much higher local content would be achieved.
He observed that components of the TEN project FPSO were fabricated in Ghana, before they were shipped to be mounted on the vessel.
He said Ghana’s resolve to monetise its gas has resulted in the construction of a gas plant that is allowing for the processing of indigenous gas for power generation.
“The landscape of Ghana’s upstream sector is good with clearer indications that the TEN FPSO will join the Jubilee FPSO next year, to be followed by the Sankofa-Gye Nyame FPSO by 2017”, Ahwireng stated.
Investment opportunities existed in the areas of: exploration; construction, fabrication, transportation; and support services, he told participants.
Some of the specific areas he outlined included: joint venture with GNPC, farm-in opportunities (e.g. TEN project), support services, financing for gas infrastructure, investment in power generation, fabrication and construction, and construction of pipelines.
Others are bulk storage facilities for gas, special haulage trucks/distribution facilities, power generation, inspections, classification and certification, medical support services, air surveillance and emergency response services, waste treatment and management services, hospitality and catering services, and real estate.
Acting Chief Executive of the Ghana National Petroleum Corporation (GNPC), Alex Mould and GNPC’s Director of Operations, Thomas Manu, Chief Executive of the Ghana National Gas Company (Ghana Gas) Dr George Sipa-Adjah Yankey, General Manager, Tullow Ghana Limited Charles Darko and Tutu Agyare, Director of Tullow were also at the conference to push the Ghana agenda. Tullow is currently seeking investors to farm into the TEN project, in which it holds close to 50 per cent interest.
The week-long conference attracted many oil and gas players across the globe, including investors scouting for prospects.
Some members of the Parliamentary select Committee on Mines and Energy, namely: Dr Stephen Nana Ato Arthur, Michael Coffie Boampong, and Mathias Kwame Ntow, also attended the conference.
Other countries that featured on the opening day and made cases for investments in their countries were: Equatorial Guinea, Congo, Gabon, and Angola.