Ghanaian press zooms in on 40,000 Barrels boost in oil production, others

APA – Accra (Ghana)
The report that Ghana’s oil production has received a major boost with the addition of about 40,000 barrels of oil per day (bopd) from the Greater Jubilee Field is one of the leading stories in the Ghanaian press on Thursday.
The Graphic reports that Ghana’s oil production has received a major boost with the addition of about 40,000 barrels of oil per day (bopd) from the Greater Jubilee Field.
The breakthrough by Tullow Oil Ghana and its partners has now restored production from the Jubilee Field to over 100,000 bopd, up from the 85,000 bopd being produced from the field for the past three years.
FPSO Kwame Nkrumah, the production vessel on the Jubilee Field, has the capacity to process about 120,000 bopd.
President Nana Addo Dankwa Akufo-Addo is expected to turn on the valves next month to signal the production of additional oil and the first from the Jubilee South East (JSE) well.
The leap in production follows the successful development of the Jubilee South East (JSE), which is an extension of the Jubilee Field, offshore Cape Three Points in the Western Region.
The increase in production comes with enormous benefits to the country including more revenue for the state, the companies and the value chain, skills transfer, more jobs and local content for the participation of indigenous companies.
It also ends the 10 per cent decline in the volume of oil produced in the country in the last three years.
The JSE wells, which Tullow Oil Ghana and its partners are developing under the “Ghana Volume Maximisation Plan”, is part of the Greater Jubilee Field located in the Tano Basin.
The newspaper says that Ghanaian economy experienced a significant expansion of 4.2% in the first quarter of 2023, according to data released by the Ghana Statistical Service today.
This growth rate surpassed the 3.2% recorded in the previous quarter, marking the fastest pace of economic growth for the West African country since Q2 2022.
Additionally, it marked the 10th consecutive quarter of positive growth for Ghana.
Several sectors played a crucial role in driving the overall Gross Domestic Product (GDP) growth during this period. Notably, the Public Administration, Defense & Social Security, Health, Education, and Information and Communication sectors emerged as the primary drivers of the economy.
The Public Administration, Defense & Social Security sectors stood out with an impressive growth rate of 37.6%, contributing significantly to the overall GDP expansion. Following closely, the Health & Social Work sector experienced remarkable growth of 31.6%, indicating the importance of the healthcare industry in Ghana’s economic progress.
Furthermore, the Education sector witnessed a substantial growth rate of 26.0%, highlighting the country’s commitment to investing in human capital. The Information & Communication sector also exhibited robust expansion, recording a growth rate of 18.9%.
However, not all sectors experienced positive growth during this period. Certain sub-sectors faced contraction, affecting their contributions to the overall GDP. The Water Supply, Sewerage, Waste Management & Remediation Activities sector encountered a decline of 6.4%, reflecting challenges within the industry.
The construction industry also faced a contraction of 6.0%, indicating a challenging period for infrastructure development. The Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles sub-sector experienced a decline of 5.3%, impacting Ghana’s retail landscape. Similarly, the Fishing industry encountered a contraction of 3.3%, hampering its overall performance.
The Graphic also reports that Ghanaian international oil and gas company, Springfield Exploration and Production Limited (SEP), has secured a $750 million facility from the African Export-Import Bank (Afreximbank).
This is a major breakthrough for the upstream oil and gas company to increase production for national development.
In an interview with the Daily Graphic yesterday after signing the deal, the Head of Communication of SEP, Kennedy Noonoo, said Afreximbank signed the loan agreement with Springfield at the former’s 30th Annual General Meeting in Accra to beef up the independent African energy company’s financial reserve.
The Director, Export Development of Afreximbank, Oluranti Doherty, signed on behalf of the African Union’s Development Bank, while the Chief Finance Officer of Springfield, George Owodo, signed for the company.
Mr Noonoo said the facility would positively impact the development of the West Cape Three Points Block Two, particularly the unitised Afina-Sankofa field, which would boost the upstream oil and gas space.
The Afina-One well made two discoveries in October 2019.
The field contains gas, critical and light oil at a water depth of 1,030 metres drilled at a depth of 4,085 metres.
The field more than doubled Springfield’s proven oil reserves to 1.5 billion barrels and added almost one trillion cubic feet (TCF) of gas to the existing discoveries.
The Ghanaian Times says that the population of refugees and asylum seekers in Ghana has increased to more than 18,000, following the influx of Burkina Faso nationals fleeing violence in the country.
So far, only 10,665 of the refugees and asylum seekers have been biometrically registered and documented by the Ghana Refugee Board (GRB).
They are from 30 countries including Cameroon, Côte d’Ivoire, Afghanistan, Sudan, Democratic Republic of Congo, Syria, Togo, Burkina Faso and Liberia.
This came to light during the commemoration of this year’s World Refugee Day in Accra, which was being held globally on the theme: “Hope Away From Home.”
The event, which is celebrated on June 20 every year, is an international day designated by the United Nations, to honour refugees around the globe, help to mobilise political will and resources to ensure refugees live decently and focus global attention on the plight of those fleeing conflict or persecution.
Speaking at the event, Prof. Kenneth Attafuah, Chairman of the Ghana Refugees Board (GRB), said, 3,218 Burkina Faso nationals have been registered as asylum seekers, adding that many others were undergoing screening to be registered.
He said, the country was committed to making sure that refugees did not only keep hope alive while they remain in the country, but develop themselves so that they could make meaningful contribution to the communities they live in, and possibly play their part in rebuilding their countries whenever they return home.
The government, Prof. Attafuah stated, had also authorised the issuance of a version of the Non-Citizen Identity Card to refugees, to ensure the inclusion of refugees in socio-economic activities.
In collaboration with the UN¬HCR and the Ivorian government, he said, 4,000 Ivorian refugees have been assisted to return home, while 3,000 who opted to remain in Ghana were being assisted to regularise their stay through the issuance of indefinite residence permits.
Ms Esther Kiragu, Country Representative of UNHCR, commended Ghana for its rich tradition of hosting refugees that allowed “space to participate in rebuilding their own lives and guaranteeing the rights of refugees to move around and earn a living.”
She noted that, Ghana’s policy of inclusion and integration enabled refugee children to have access to free education up to Junior High School as well as access to the National Health Insurance system.
GIK/APA