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Ghana’s oil production to go up to 500,000 barrels – Minister

  • SOURCE: GNA | Ghana News Agency

  • Mr Ken Ofori-Atta, the Minister of Finance has said the overall crude oil production from Ghana is expected to more than double over the next four years.

    “Overall, crude oil production is expected to increase from 196,089 barrels per day in 2019 to 420,020 barrels per day in 2023,” he said, adding that, the first oil from the Aker fields is expected between the last quarter of 2020 and first quarter of 2021.

    The Aker Energy ASA has confirmed a significant offshore resource base in Ghana and had committed to scale up new development in the Deepwater Tano Cape Three (DWT/CT) points block.

    This was made known in a statement issued by the Public Relations Unit of the Ministry and copied to the Ghana News Agency on Thursday, when the Minister led a government delegation to address 20 key international companies at a meeting in Oslo, Norway on Wednesday.

    Mr Ofori-Atta said Ghana has re-asserted herself strongly as a key destination for petro-chemical industry players and that last month, Aker Energy ASA announced the biggest oil find in Africa, of 450-550 million barrels, with potential recoverable reserves of nearly one billion barrels.

    “Going forward, the vision of government is to create an optimistic, self-confident and building a prosperous nation, through the creative exploitation of our human and natural resources, and operating within a democratic, open and fair society in which mutual trust and economic opportunities exist for all,” the Minister said.

    Mr Mohammed Amin Adams, the Deputy Minister of Energy said Ghana’s production of crude oil was expected to reach half a million barrels by 2025.

    The government delegation, which include Mr Kwaku Ofori Asiamah, the Minister of Transport, held extensive discussions with Aker and other related entities.

    The discussions also highlighted plans to develop the Tema Drydock Shipyard, which is in line with President Nana Addo Dankwa Akufo-Addo’s vision to ensure Ghana develops a shipbuilding, Floating Production Storage and Offloading (FPSO) capacity.

    Government of Ghana is the sole shareholder of PSC Tema Shipyard Company, which operates Tema Shipyard.

    Kjell Inge Rokke, the majority owner of Aker – a shipping and offshore drilling conglomerate, announced his commitment to contribute significantly to the President’s vision to make Ghana a major shipbuilding and repair works hub in the world.

    Between 2012 and 2016, Hess – an oil and gas company sought, unsuccessfully, to appraise the Pecan field (now with Aker as operator) and agreed terms with the government of Ghana on a feasible plan of development for the discovery. Hess’s initial assessment indicated resources of 230 million barrels of oil equivalent.

    In 2017, following discussions with the Ghana National Petroleum Corporation (GNPC), Aker announced its acquisition of Hess’s interest in the DWT/CT License.

    Aker and its partner, working closely in conjunction with the Petroleum Commission and GNPC, immediately undertook preparations for an expansive drilling programme, with Pecan 4A being the first of three planned wells.

    Based on existing subsurface data from seismic and wells drilled, including an analysis of the Pecan-4A well result, the existing discoveries are estimated to contain gross contingent resources (2C) of 450 – 550 million barrels of oil equivalent (mmboe). Aker Energy estimates that with the next two well targets, the total volume potential is 600 – 1,000 mmboe.

    In order to fully develop the DWT/CT, the partners will be required to make significant capital investment in Ghana with estimates of total project spend in excess of $10 billion.

    The Ghanaian delegation in Oslo, include the Deputy Minister of Finance, Mr Charles Adu Boahen, Chief Executive Officer (CEO) of Petroleum Commission, Mr Egbert Faibille and the CEO of Ghana Gas, Mr Ben Asante.

     

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