Since the discovery of the giant Jubilee field in 2007, Ghana has emerged as a lucrative area for oil exploration and production. Following the discovery, Tullow Oil and its partners have drilled a number of successful exploration and appraisal wells in the country. Tullow Oil recently announced a new offshore discovery (Owo), making it the company’s third major field in the country after Jubilee and Tweneboa.
The first oil from Jubilee field started in December 2010, establishing Ghana as a significant oil producing nation. Following a period of testing, production will gradually increase over approximately six months to plateau at 120,000 barrels of oil per day (bopd). The field will also produce approximately 12 million cubic feet per day (MMcfd) of natural gas.
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The continued success of exploration activities in the country promises Ghana’s emergence as a key oil exporting country in West Africa.
East Africa has significant oil and gas prospects to become a leading oil and gas producer in the future. Oil and gas exploration and production activities are increasing in East Africa with significant players such as Anadarko, Eni and Petrobras, all planning to develop their reserves in the region to meet the increasing oil and gas demand globally. Moreover, the increased oil and gas exploration and production can serve the continent’s domestic demand. The continent’s oil demand is expected to increase by around 40%, to around 4.3 million barrels per day (MMbbl/d) in 2020 from approximately 3 MMbbl/d in 2008. This leads to an annual growth rate of 3%.The increased East African oil and gas production can also support the increased energy demand in West and Central Africa, which is expected to increase by 60% till 2020. In South and North Africa, the increase could be around 57% and 22% respectively.
GBI Research’s new report, “Oil Market in Africa to 2015 – Offshore Finds Transforming Africa into a Major Oil Producing Region”, provides an in-depth analysis of the crude oil Market outlook in Africa and highlights the various concerns, shifting trends and concerns in the region. The report provides forecasts for the Exploration and production, Storage industry, Pipeline and Refining of crude oil industry to 2015. The report also provides forecasts of the crude oil market in Africa and highlights the major countries in the region. The report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Research’s team of industry experts.