• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 1 hour The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 10 hours Confirmed: UN Expert Urges Probe Of Saudi Prince Over Khashoggi Killing
  • 6 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 7 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 2 hours Pioneer CEO Said U.S. Oil Production would be up to 15 mm bbls/day NOW if we had the pipelines. Permian pipelines STARTING Q3
  • 1 hour Emissions Need To Be Halved To Avoid 3C Warming
  • 7 hours The Plastics Problem
  • 4 hours Coal Boom in Asia is Real and a Long Trend
  • 43 mins The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 21 mins US to become net oil exporter in November: EIA
  • 44 mins Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 5 hours Trudeau approves Trans Mountain Pipeline
  • 10 hours Hydrogen FTW... Some Day
  • 8 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
Alt Text

A Watershed Moment For Gazprom

The Kremlin’s push for reform…

Alt Text

Australia Remains Dividend On Roaring LNG Sector

Australia’s LNG sector is booming…

Alt Text

The Gas Flaring Crisis In The U.S. Oil Patch

The amount of natural gas…

Oxford Business Group

Oxford Business Group

Oxford Business Group (OBG) is a global publishing, research and consultancy firm, which publishes economic intelligence on the markets of the Middle East, Africa, Asia…

More Info

Trending Discussions

Ghana Boosts Natural Gas Production

In early July energy firm Eni Ghana Exploration and Production announced it has commenced gas production at the Sankofa fields, part of the $7.9bn Offshore Cape Three Points (OCTP) Integrated Oil and Gas Project. It is estimated the field will yield up to 5.1m cu metres per day for 15 years or more.

The broader deepwater OCTP, located some 60 km off Ghana’s west coast, is composed of six fields – five under the Sankofa project and one Gye Nyame field. Its operators, Eni and partners Vitol Ghana Upstream and national oil firm Ghana National Petroleum Corporation (GNPC), will develop the fields’ reserves, estimated to be around 40bn cu metres of non-associated gas and 500m barrels of oil, and build related infrastructure, including transfer pipelines and on- and offshore-processing-and-storage capacity.

The project is being implemented in phases, with oil production expected to reach around 80,000 barrels of oil equivalent per day in 2019. The take from the Sankofa fields alone is enough to meet half of domestic power generation requirements, improving energy security and reducing import costs.

New blocks to be offered up for exploration

As Eni raises production, other energy majors are gearing up to enter the upstream market.

In January the government granted ExxonMobil the rights to conduct exploratory work in the deepwater OCTP field. Under the agreement, ExxonMobil will hold an 80 percent stake in the project and GNPC 15 percent, with a third, yet-to-be-determined local partner to hold the balance. Initial survey work in the block, which is between 2400 and 4000 metres deep, is expected to begin late this year.

More offshore blocks are on track to be auctioned for exploration later this year and into 2019, as Ghana conducts its first-ever open exploration licensing round. Related: The Weirdest Oil Lawsuit Of 2018

In mid-May the Ministry of Energy (MoE) announced it would call for bids for the right to explore up to nine new blocks off the west coast, with the first six to be offered in the fourth quarter. The blocks were chosen for their proximity to existing infrastructure, including pipelines that could carry any take from new production sites, along with facilities for processing, storage and trans-shipment.

According to Mohamed Amin Adam, deputy minister of energy, there has already been strong interest in the new offshore blocks, with enquiries from Shell and BP as well as some independent operators.

The developments signal growing momentum in Ghana’s energy industry, which since late 2010 has increased commercial crude production from blocks off the west coast to around 180,000 barrels per day (bpd).

New plans aim to develop petrochemicals industry

In tandem with the scaling up of production, the government is looking to bolster refining capacity. The MoE announced plans in January to build a new 150,000-bpd oil refinery over the next four years.

The move comes in response to a decline in capacity at the country’s only refinery at Tema following a fire, which reduced capacity by one-third to around 45,000 bpd, just half of current consumption. Related: Pakistan: Exxon Is Close To Making A Mega Oil Discovery

In June Mahamudu Bawumia, Ghana’s vice-president, announced a new three-phase strategy designed to develop the Western Region into a centre for petroleum products in West Africa by 2030.

While details have yet to be finalised, proposals for the project include constructing four oil refineries with a combined capacity of 600,000 bpd, in addition to related infrastructure such as new storage, distribution and processing facilities with the capacity to hold and redistribute 30m tonnes of petroleum products per year, around 50 percent of annual regional consumption. Designated ship-to-ship and bunker zones are also planned near the Tema and Takoradi ports to regulate and safeguard liquid cargo.

In addition to meeting domestic needs for refined products, the project seeks to capture the part of the regional market currently supplied by imports from outside the region – estimated at 350,0000 bpd, according to the MoE.

By Oxford Business Group

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment





Oilprice - The No. 1 Source for Oil & Energy News