Ghana's oil output will increase by 500,000 barrels a day by 2023 – Ofori Atta

Company News of Friday, February 15, 2019

Source: starrfm.com.gh

2019-02-15

Finance Minister Ken Ofori Atta has announced that Ghana's total crude oil production is expected to more than double over the next four years.

This comes after Aker Energy ASA has confirmed the existence of a significant offshore resource base in Ghana, with the declaration of stepping up new developments in the three-point Deepwater Tano block. Cape (DWT / CT).

Last month, Aker Energy ASA announced the largest oil discovery in Africa, from 450 to 550 million barrels, with potential recoverable reserves of nearly one billion barrels.

Interacting with investors in Oslo, Mr Ofori-Atta said that Ghana has been forcefully reaffirmed as a key destination for petrochemical industry players.

"Overall, crude oil production is expected to rise from 196,089 barrels per day in 2019 to 420,020 barrels per day in 2023," said Ofori-Atta. The first oil from the Aker deposits is expected between the last quarter of 2020 and the first quarter of 2021.

"In the future, the government's vision is to create an optimistic, confident and prosperous nation, creatively harnessing our human and natural resources and operating in a democratic, open and just society in which trust is built. mutual benefit and the economic viability of opportunities exist for all, "he added.

Deputy Minister of Energy Mohammed Amin Adams also said that Ghana's crude oil output is expected to reach half a million barrels by 2025.

Below the complete statement

Ghana's oil production is expected to reach 500,000 barrels

BY DAY OF HERE 2024

Aker Energy ASA has confirmed the existence of an important offshore resource base in Ghana and is committed to intensifying new developments in the three-point Deepwater Tano Cape block (DWT / CT).

A delegation of the Government of Ghana, led by Finance Minister Ken Ofori-Atta, told investors in Oslo, Norway, on Wednesday that Ghana's total crude oil production is expected to more than double during the year. next four years.

S addressing the meeting of 20 key international companies, Hon. Ofori-Atta, said that Ghana has strongly reaffirmed as a key destination for petrochemical industry players.

Last month, Aker Energy ASA announced the largest oil discovery in Africa, from 450 to 550 million barrels, with potential recoverable reserves of nearly one billion barrels.

"Overall, crude oil production is expected to rise from 196,089 barrels per day in 2019 to 420,020 barrels per day in 2023," said the Honorable Ofori-Atta. The first oil from the Aker deposits is expected between the last quarter of 2020 and the first quarter of 2021.

"In the future, the government's vision is to create an optimistic, confident and prosperous nation, creatively harnessing our human and natural resources and operating in a democratic, open and just society in which trust is built. Mutual and economic profitability opportunities exist for all, "said the Minister of Finance.

According to the Deputy Minister of Energy, Hon. Mohammed Amin Adams, Ghana's crude oil production is expected to reach half a million barrels by 2025.

The government delegation, which included the Minister of Transport, Kwaku Ofori Asiamah, had in-depth discussions with Aker and other related entities. Discussions also highlighted the development projects of the Tema Drydock shipyard. This is in line with President Akufo-Addo's vision for Ghana to develop a Shipbuilding and Floating Production Storage and Offloading (FPSO) capability.

The Government of Ghana is the sole shareholder of PSC Tema Shipyard Company, which operates the Tema Shipyard.

Kjell Inge Rokke, the majority owner of Aker – a conglomerate of offshore drilling and drilling vessels – has announced his commitment to make a significant contribution to the President's vision of making Ghana an important global center for construction and ship repair.

Between 2012 and 2016, Hess – an oil and gas company – sought, unsuccessfully, to evaluate the Pecan field (now with Aker as an operator) and agreed on an agreement with the Government of Ghana on a feasible development plan for discovery. Hess's initial badessment indicated resources of 230 million barrels of oil equivalent.

In 2017, following discussions with the Ghana National Petroleum Corporation, Aker announced the acquisition of Hess's interest in the DWT / CT license.

Aker and his partner, working closely with the Petroleum Commission and the GNPC, immediately began preparations for a large-scale drilling program, with Pecan 4A being the first of three planned wells.

Based on existing underground data from seismic and drilled wells, including an badysis of the Pecan-4A well results, it is estimated that existing discoveries contain gross contingent (2C) resources of 450 to 550 million barrels. Oil equivalent (Mbep). Aker Energy estimates that with the next two targets, the total volume potential is 600 to 1000 Mbep.

In order to fully develop the DWT / CT, the partners will have to make significant investments in Ghana with an estimated total project expenditure of more than $ 10 billion.

The Ghanaian delegation in Oslo includes the Deputy Minister of Finance, the Hon. Charles Adu Boahen, CEO of the Petroleum Commission, Egbert Faibille, CEO of Ghana Gas, Ben Asante.