“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: the TEN project still on course, 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).”
The above were words of Acting Chief Executive of the Petroleum Commission, Theo Ahwireng, on where Ghana stands on the global exploration and production (E&P) landscape, after presentations at the just-ended Africa Oil Week Conference showed many projects elsewhere had stalled because of the low world oil prices and lean investment capital.
The Petroleum Commission led Ghana’s petroleum industry leaders on Tuesday 27th October 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, in Cape Town, South Africa.
Speaking on the topic Ghana: Offshore Acreage, Ventures and Developments in Oil & Gas at the week-long conference, Ahwireng said low world oil prices have not affected key E&P activities in Ghana, as many more companies continue to show interest.
He told the gathering of over 1,400 delegates from national and international oil companies including the super-majors 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 licences awarded to 14 IOCs covering 20,342 sq.km., whilst 42,212 sq.km 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.
Speaking on progress in Ghana’s local content developments, Ahwireng disclosed that strides have been made with growth in that area. He said compared to Jubilee, TEN has delivered a lot, with OCTP’s initial indication showing that much higher local content will be achieved. Components of the TEN project FPSO were fabricated in Ghana before being 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 processing 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 exist 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; Construction of pipelines, 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 etc.; Waste Treatment and Management Services; hospitality and catering services; real estate etc.
Acting Chief Executive of the Ghana National Petroleum Corporation (GNPC) Alex Mould; 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 pushing the Ghana agenda. Tullow is currently seeking investors to farm into the TEN project, in which it holds close to 50 percent interest.
The week-long conference has attracted many oil and gas players from 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.
Source: : http://thebftonline.com/commodities/oil-gas/15911/upstream-prospects-pushed-.html#sthash.jAa1tSeW.dpuf