• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 35 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Does Toyota Know Something That We Don’t?
  • 6 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 6 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 5 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 5 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 6 days Putin and Xi Bet on the Global South
  • 6 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 7 days United States LNG Exports Reach Third Place
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 11 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
Iron Ore Prices Rise as China Ramps Up Imports

Iron Ore Prices Rise as China Ramps Up Imports

Despite challenges like the Evergrande…

Europe Set for 50 TWh Solar Power Boom in 2024

Europe Set for 50 TWh Solar Power Boom in 2024

Europe anticipates a significant increase…

Ghana Production To Average 200,000 BPD In 2017

Ghanaian oil production will average 200,000 barrels per day in 2017, despite a two-month shutdown at one of the small African nation’s major production facilities.

The Jubilee floating, production, storage, and offloading (FPSO) facility will go offline in September and October for repairs on a damaged turret, according to Mohammed Amin Adam, deputy secretary of energy for petroleum.

The Tullow-operated FPSO shut down operations in March-April 2016 as well, due to an unrelated technical problem at the 68,500-barrel-per-day facility.

Meanwhile, Ghana’s Sankofa field started production three months earlier than anticipated, according to an announcement from the project’s partners earlier this month.

Italian Eni holds a 44.44 percent stake in the project, which pumps 45,000 barrels of oil per day from the field in the ongoing first phase of the enterprise. By next year, the $7.9 billion Offshore Cape Three Points venture will also extract 180 million cubic feet of natural gas per day from the Gye Nyame reserve.

"ENI has launched production from the integrated oil and gas development project in the OCTP block, off Ghana's western coast, in just two and half years, and three months ahead of schedule," the company said in a statement to Reuters. The project will more than double gas output for the West African nation by adding 1,000 MW worth of production, the government says.

Ghana had sustained growth of at least 8 percent until 2013, partly due to the revenues from oil, but in recent years, Ghana has seen less income due to the plummeting price of the commodity coupled with a growing fiscal crisis.

On a potential bid to join the Organization of Petroleum Exporting Countries (OPEC) to further Ghana’s strategic interests, Adam said: "Why would Ghana join OPEC when it is no longer as relevant as it used to be? The prices are so low and OPEC is not able to impact the market the way it used to."

ADVERTISEMENT

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News