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Ghana’s Oil and Gas Prospects: Outlook for 2023-2027

  • SOURCE: Reporting Oil and Gas | qwesa2big
    • POSTED ON: July 5, 2023

    Ghana is expected to see a surge in oil and gas investments
    in the coming years, 2023-2027 starting 17 oil and gas projects.

    The country will see the development of three offshore
    fields, nine midstream projects, and two refineries and three petrochemical processing

    As one of Africa’s leading and fastest-growing hydrocarbons
    producers, offshore field developments in the West African country include
    Phase One of the Pecan Conventional Oilfield and the start of production of the
    Jubilee South East field and Ntomme Far West Development.

    In the upstream sector, Ghana will concentrate on three
    offshore fields. The Pecan Conventional Oilfield’s Phase One, valued at $1.5
    billion, is expected to commence production in 2025 with a capacity of 82,500
    barrels per day. The project is operated by exploration and production company
    Aker Energy Ghana Ltd. (50%); petroleum corporation Lukoil (38%); Ghana’s state-owned
    Ghana National Petroleum Corporation (GNPC) (10%); and transport company Bulk
    Ship & Trade (2%).

    The Jubilee South East field, located in the Cape Three
    Points concession area, will produce around 37,000 barrels per day by the end
    of 2023. It is operated by oil and gas exploration company Tullow Oil (38.98%),
    deepwater exploration and production company Kosmos Energy (38.61%); the GNPC
    (19.69%); and South Africa’s National Oil Company (NOC) PetroSA (2.72%).

    Additionally, the Ntomme Far West Development is undergoing
    a pre-feasibility analysis, and drilling for a proposed well is scheduled to
    begin this year.

    Midstream Developments Make Progress

    The midstream sector in Ghana will witness the development
    of various projects. Notable among them are the Tema Floating Liquefied Natural
    Gas (FLNG) Plant, designed to produce 83 billion cubic feet of LNG, and the
    Tema VI Liquids Storage Terminal, which will have a capacity of approximately
    1.9 billion barrels of oil.

    The country will also see the establishment of oil storage
    facilities in Dixcove and the Upper West Region, along with the construction of
    the Tema-Akosombo II and Tema Pipelines.

    Ghana’s western regions will feature the development of the
    $300 million oil tank farm near the village of Dixcove, projected to boast a
    capacity of up to 62,000 cubic meters of petroleum products, while the state
    agency Bulk Oil Storage and Transportation Company has announced the
    development of an oil storage facility in the Upper West Region town of Wa.
    Both facilities are due to commence operations in 2024.

    Major pipelines due to come online during the outlook period
    include the 70km Tema-Akosombo II Pipeline and 6km Tema Pipeline. Due to
    complete construction in 2023, and with a total cost of $89 million,
    improvement of Ghana’s midstream sector will contribute significantly towards
    the West African country’s ambitious target of becoming a petroleum hub for the

    Downstream Projects Improve Refining Capacity

    In the downstream sector, Ghana aims to enhance its refining
    capacity. The Prestea gas processing plant, valued at $210 million, will have a
    capacity of 200 million cubic feet per day.

     Furthermore, Ningo
    Oil Refinery Ltd., a Ghanaian company, plans to construct two refineries near
    the Ningo-Prampram district, with capacities of 100 million and 5 million
    barrels per day, respectively.

    These projects reflect Ghana’s ambitions to position itself
    as a leading player in Africa’s hydrocarbons industry and establish a petroleum
    hub in the region.

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