African Countries In Perspective: Ghana

Elaborated by Author Source: Business Monitor International

After more than a decade of unsuccessful exploration, the state-owned Ghana National Petroleum Company has recorded a successful discovery of significant deep-water oil and gas reserves after seeking partnerships with international companies to aid their efforts. The field is now called the jubilee field. Since production began in 2010, Ghana’s parliament passed an extensive amendment to its petroleum revenue management act to enforce transparency in the management of the country’s petroleum resources.

Tweneboa, Enyenra, Ntomme (TEN) oil fields are recent additions to the sole active field (jubilee) in the country. This promising field has an estimated reserve of 300million barrels of oil and gas to be produced and processed over the next 20 years starting from 2016.

Development has also begun in 2017 on the Sankofa field operated by Eni which started producing gas from offshore cape three points (OCTP). Claimed to provide 180 million standard cubic feet per day or at least 15 years, this success proposes to help Ghana shift from oil-fuelled power generation to a cleaner power source, with financial as well as environmental benefits, and contribute to the Country’s sustainable economic development.

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