GNPC Seeks Investors for Voltain Basin Oil Exploration

Mr Eric Pwadura, GNPC

Accra, March 14, 2017//-The Ghana National Petroleum Corporation (GNPC), the state-owned oil company says it is looking for investors to partner in the oil exploration of the Voltaian Basin, country’s sole onshore field.

The Deputy Manager of Corporate Affairs at GNPC, Eric Pwadura, who disclosed this at the media launch of the sixth edition of Ghana Economic Outlook and Business Strategy Conference (EOBS) in Accra, said the potential in the basin is too huge.

 He added: “We are looking at the areas that we have the core competent like the Voltain Basin project which is onshore. GNPC is spearheading exploration work in this area. When we are done we will do analysis and we will know exactly what is down there, then we will now seek partnership”

“There are things that you can do alone, but there are others that you will need support.  Exploration is very expensive. You are looking at about 100 million dollars. If you hit a dry well, it will take time to make that money back”, Mr Pwadura explained.

The Voltain Basin represents 40 per cent of the country’s land mass. GNPC is undertaking the basin’s oil exploration activities.

Dr Yaw Akoto, the  Board Chairman of the African Business Media Limited (ABM), publishers of the multiple-award winning Ghana Business & Finance magazine (GB&F) and organisers of the EOBS, noted: “Ghana has made significant strides since First Oil”.

EOBS Media launch in Accra

He said: “The year 2017 marked the 10th year that Ghana pumped her first crude oil to the surface. This singular event of First Oil presented a lot of real possibilities from the discovery of a significant petroleum resource-oil that could potentially drive economic growth, create jobs and enhance national development”.

Just last year, the production from the Jubilee Field as at 30th September, 2017 was 24.3 million barrels (bbls), compared to first quarter of 2011 when the Jubilee partners recorded around 50,000 barrel per day (bpd) gross production, according to him.

“The difference is quite clear and significant. The Sankofa-Gye-Nyame Field, from our record, between 20th May, 2017 (when it started producing) and 30th September 2017, production output from the field stood at 2,154,214 bbls”.

Recently, the Ghanaian government signed an exploration contract with the world’s largest O&G company, ExxonMobil Corporation, to explore for oil in the Deepwater Cape Three Point offshore (DWCTP) oilfield.

This development is a strong indication that major International Oil Companies (IOC) will begin to flock to our waters to explore at depths from 2,000 to 4,000 meter, which was impossible without the likes of a major IOC ExxonMobil.

“Also, as stated in this year’s budget statement, we expect that the Government is at work on the full implementation of the Gas Master Plan this year”, Dr Akoto said.

It is against this backdrop that the EOBS conference is theme-’10 Years of Oil & Gas: Challenges and Prospects’ to discuss issues on the oil and gas industry in the country.

Ghana’s Vice President, Dr Mahamudu Bawumia is expected to deliver the keynote address at the sixth edition oEOBS on Wednesday 21 March, 2018  at Labadi Beach Hotel, in Accra.

He will lead business executives, policy makers, among others to discuss issues on the theme.

The EOBS which is organised by the ABM, publishers of the magazine with partners and reputable corporate sponsors, is a must-attend event for both local and international businesses.

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