Special topics
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
hub.
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
sector.
