A Brief on Ghana's Upstream Oil & Gas Industry
Ghana joined the league of oil producing nations in 2010 with oil production from the Jubilee Field located offshore Ghana. There have been 24 other discoveries in the offshore Tano-Cape Three Points basin since 2007. Three of these discoveries namely Jubilee, Twenenboa, Enyenra Ntomme (TEN) and the Offshore Cape Three Points (OCTP) have been declared commercial and are being developed while the others are being appraised. Total recoverable oil and gas resources is estimated at 1.17 billion barrels of oil equivalent with an upside potential of between 5-7 billion barrels of oil. There are currently 17 active Petroleum Agreements all geared towards the offshore concessions mostly in the Tano-Cape Three Points basin. Crude oil production in Ghana currently stands at about 102,000 barrels of oil per day. Ghana’s daily oil production will reach 240,000 barrels by 2020. About 50 per cent of the offshore sedimentary basins are still open with very little ongoing activity.