| Expected to launch 17 oil and gas projects during the period 2023-2027, Ghana is bolstering its oil and gas industry through new deepwater drilling campaigns and a $60-billion petroleum hub project. Recently-appointed Ghana National Petroleum Corporation (GNPC) CEO Joseph A. Dadzie will speak on the country’s efforts to drive production increases, grow domestic refining capacity and build a diversified national energy economy at African Energy Week: Invest in African Energy 2024 in Cape Town this November.
Ghana’s upstream oil and gas sector is currently experiencing revitalized growth, driven by new onstream projects set to enhance the country’s oil production capacity, tap into new reserves and reverse declining output. Key projects include Tullow Oil’s deepwater Jubilee Field, which aims to bring onstream three new producer wells and two water injectors this year. Two producer wells have already come online, increasing the field’s production to more than 100,000 barrels per day (bpd). The ultra-deepwater Pecan Phase 1A Upstream Project – led by GNPC, Aker Energy and Lukoil, among other partners – is currently in approval stage and expected to start commercial production in 2025. Additionally, the Ntomme Far West Development is currently in the pre-feasibility stage, with progress made towards drilling the first well. AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Ghana’s downstream oil and gas sector is also expanding significantly, with key infrastructure projects such as the $700-million gas processing plant at Atuabo and the $380-million Tema VI Liquids Storage Terminal enhancing the country’s refining and storage capacities. Moreover, the government of Ghana finalized agreements in June 2024 to develop the initial phase of the first integrated downstream petroleum hub in West Africa. To be funded by the TCP-UIC private-sector consortium, the multi-phase project includes three refineries, five petrochemical plants, storage tanks, jetties, a port and associated LNG and logistics infrastructure. According to the report distributed by APO Group on behalf of African Energy Chamber, the development supports Ghana’s plans to become the premier destination for energy trading in West Africa. The country signed agreements with Senegal and The Gambia in July 2024 to increase the export of petroleum products, expanding its network that already includes Mali, Niger, Burkina Faso, Ivory Coast and Togo. Meanwhile, GNPC has been pivotal in advancing local content within Ghana’s oil and gas sector, aiming to maximize the participation of Ghanaian businesses and professionals in the industry. The NOC has actively supported the development of local skills and capacity through partnerships with educational institutions and specialized training programs. In May 2024, GNPC Foundation opened applications for its 2024/2025 local scholarship program, which targets undergraduate and postgraduate students pursuing degrees in Ghana. Additionally, GNPC’s efforts include collaborations with IOCs to ensure technology and knowledge transfer, further embedding local expertise into the sector and directly addressing the skills gap in the industry. “GNPC’s participation at AEW 2024 will shed valuable insight into Africa’s energy future, as Ghana represents one of the most historic producers on the continent. With new deepwater and ultra-deepwater projects in the pipeline – in addition to the multi-billion-dollar petroleum hub initiative – GNPC will enhance discussions on energy security, local content and sustainable growth for stakeholders looking to invest in African energy,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. |