Ghana To Launch First Exploration Licensing Round

Deputy Minister of Energy Dr. Mohammed Amin Adam

April 17, 2018//-Ghana has announced that it would launch its first exploration licensing round in fourth quarter of this year.

A Deputy of Minister of Energy, Dr Mohammed Amin Adam, who announced this, explained that Ghana would offer up about six offshore blocks.

He said global oil majors like BP, Shell and some independent producers have shown interest in acquiring a stake in oil assets in Ghana.

“We have asked them to wait for our first bidding round which is scheduled for the last quarter of this year,” Dr Adam told Reuters in New Delhi, India.

He also revealed that Ghana would put up another six offshore blocks for auction next year.

From 2010, the industry has been growing in leaps and bounds and making a significant difference in Ghana’s economy.

For instance, in 2011, the first year of petroleum being a part of the country’s revenue stream, the economy recorded a 14.4% growth rate from GHC3.746 billion inflow from oil compared to the growth rate of 8.0% recorded in 2010.

That was quite a significant jump. Since then, there has been incremental contribution of oil revenue to the overall GDP of Ghana.

There are three oil and gas fields currently in production, with a total output of about 200,000 barrels of oil per day. There is a fourth field whose plan of development is expected to be submitted to the Minister for approval in the fourth quarter of the year.

African Eye Report

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