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Top 5 Upcoming Oil and Gas Projects in Ghana

  • SOURCE: Reporting and Gas | qwesa2big
    • POSTED ON: July 10, 2023

    Ghana’s oil and gas industry has witnessed remarkable growth
    since the discovery of commercially viable oil reserves in the Jubilee fields
    in 2007.

    The country has strategically aimed to capitalize on its
    abundant hydrocarbon resources and establish itself as a regional petroleum

    Ghana is on the verge of becoming a prominent global
    exporter of gas and petroleum products, with 17 oil and gas projects slated for
    development between 2023 and 2027..

    Pecan Phase 1A

    The initial phase of the Pecan Conventional Oil Field, known
    as Pecan Phase 1A, is set to commence commercial production in 2025. This
    venture involves drilling around five wells in the deep waters of the Gulf of
    Guinea. With an estimated reserve of up to 334 million barrels of oil
    equivalent, the project’s development cost is expected to reach approximately
    $1.5 billion. Aker Energy, an exploration and production company, leads the
    project with a 50% stake. Other partners include Lukoil (38%), Ghana National
    Petroleum Corporation (10%), and Bulk Ship & Trade (2%).

    Atuabo II Gas Processing Plant

    In March 2023, Ghana National Gas Company, along with its
    joint venture partners, signed a project implementation agreement for the
    Atuabo II Gas Processing Plant. Located in the Ellembele District of the
    Western Region, this $700 million plant will initially have a capacity of 150
    million standard cubic feet per day, expandable to 300 million standard cubic
    feet per day upon completion in 2025. It will specialize in processing
    liquefied natural gas (LNG) into propane, butane, and pentane condensates.

    Tema VI Oil Storage Facility

    The Tema VI Oil Storage Facility, situated in the Greater
    Accra Region, is set to become operational in 2024. With a storage capacity of
    1.9 billion barrels of oil, the facility will facilitate the storage of
    chemicals, crude oil, and petroleum products. Sentuo Oil Refinery Ltd., a
    petrochemical production company, will own and operate the project, which is
    expected to incur an estimated capital expenditure of $380 million.

    Tema Floating LNG Plant

    Currently under construction in Accra, the Tema Floating LNG
    Plant will possess the necessary infrastructure for importing, storing,
    regasifying, and supplying LNG to consumers in the Greater Accra Area. Helios
    Investment Partners, a private equity firm, will operate the $350 million
    plant, which is projected to have a capacity of 1.7 million tons of gas per
    year, thereby meeting Ghana’s domestic natural gas demand.

    Tema-Akosombo II Pipeline

    The Tema-Akosombo II Pipeline, spanning 70km, will connect
    the Tema Oil Refinery in the Greater Accra Region to the Akosombo Terminal in
    the Eastern Region. This project, currently in the construction phase, will
    significantly augment Ghana’s oil storage capacity. The Bulk Oil Storage and
    Transportation Company Ltd., a state agency, is overseeing the development,
    which is expected to cost $71 million.

    In summary, these upcoming oil and gas projects in Ghana
    demonstrate the country’s commitment to harnessing its hydrocarbon reserves for
    economic growth and establishing itself as a major player in the global energy

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