Ghana continues to make strides as an emerging oil producer in Africa, targeting increased volumes of oil production in the next few years.
Aker Energy ASA has confirmed a significant offshore resource base in Ghana, and has committed to scale up new developments in the Deepwater Tano Cape Three Points block (DWT/CT).
A Government delegation, led by Finance Minister Ken Ofori-Atta, on Wednesday announced to investors in Oslo, Norway, that overall crude oil production from Ghana is expected to more than double over the next four years, as a result of the development.
Creative exploitation
Addressing the meeting of 20 key international companies, Mr Ofori-Atta said Ghana has re-asserted herself strongly as a key destination for petro-chemical industry players.
Aker Energy ASA last week announced the biggest oil find in Africa, of 450-550 million barrels, with potential recoverable reserves of nearly one billion barrels.
"Overall, crude oil production is expected to increase from 196,089 barrels per day in 2019 to 420,020 barrels per day in 2023," Mr Ofori-Atta said, according to a release from the Finance Ministry.
The Finance Minister said the vision of the government is to create an optimistic, self-confident, and prosperous nation, through the creative harnessing of human and natural resources.
He added that Ghana would operate within a democratic, open and fair society in which mutual trust and economic opportunities exist for all.
According to Deputy Energy Minister, Mohammed Amin Adams, Ghana's production of crude oil is expected to reach half a million barrels by 2024.
Tema Drydock Shipyard
The delegation, which included Minister of Transport, Kwaku Ofori Asiamah, held extensive discussions with Aker and other related entities.
The discussions also highlighted plans to develop the Tema Drydock Shipyard. This is in line with President Akufo-Addo's vision to ensure that Ghana develops a shipbuilding, and Floating Production Storage and Offloading (FPSO) capacity.
The Government of Ghana is the sole shareholder of PSC Tema Shipyard Company, which operates Tema Shipyard.
Kjell Inge Rokke, the majority owner of Aker, is 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.
Massive resource potential
Between 2012 and 2016, Hess, an oil & 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, 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.
$10bn investment
In order to fully develop the DWT/CT, the partners will be required to make significant capital investment in Ghana, with estimates of total investment in excess of $10bn.
The Ghanaian delegation in Oslo includes the Deputy Finance Minister, Charles Adu Boahen, Petroleum Commission CEO, Egbert Faibille, and Ghana Gas CEO, Ben Asante.
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