Accra, March 5, 2018//-Ghana has its eyes fixed on increased oil production for local use and export to accelerate the economy, following the peaceful resolution of its border dispute with Côte d’Ivoire and the picking up of oil prices on the world market.
Although, the country did not slow down oil exploration in the collapse of oil prices (2014-2016), the coming on stream of new oil projects and the first domestic gas flow will further boost the country’s economy.
The West African country joined the league of oil producing countries in Africa when it discovered oil in commercial quantities in 2017. That block was name the Jubilee field because it coincided with Ghana’s 50th independence anniversary celebrations.
Oil production however began in the Jubilee field in 2010 at the time when the country did not have enough regulations and expertise to manage the new wealth. Its first oil hit the international market same year which influenced the growth of the country to over 11% of GDP 2011.
Since the discovery of the Jubilee field, some other discoveries including the Tweneboa, Enyenra and Ntomme (TEN) field was discovered in 2009. It has oil production last year.
Additionally, offshore and onshore exploration is underway alongside infrastructure development for local processing and transport.
The country’s three offshore fields namely- Tano Cape Three Points/ Western Basin, Saltpond/Central Basin, and the Accra-Keta/Eastern Basin.
The Ghana National Petroleum Corporation, a state-owned oil company recently undertook exploratory activities in the Voltaian Basin, country’s sole onshore field. Among the other fields mentioned above, the Voltaian Basin is the least developed. So, it is another investment opportunity for investors, according to industry experts.
By Masahudu Ankiilu Kunateh, African Eye Report
