Since the first significant deep-water discovery of Ghana’s oil in 2007,
Ghana’s oil and gas industry has seen rapid growth and development making it a target for lots of foreign investors. These include oil and gas giants like Tullow Oil, PLC, Kosmos energy and ENI Gas.
At present, Ghana has three major offshore oil and gas fields namely the Jubilee,
Tweneboa Enyera Ntomme and Sankofa fields. Total output from the three fields as at 2019 was 71.54 million barrels, a significant jump from the 2018 output of 60.05 million barrels. Meanwhile, net gas production from the fields was 140,853.67 million standard cubic feet (mmscf) per day.
Growth in Ghana’s oil and gas industry has been more rapid than most nascent oil and
gas industries and is expected to maintain a steady growth rate in coming years, with a total proven reserve base as at January 2019 of approximately 660 million barrels of oil and 2,312.4 billion cubic feet of gas with over 36,000 km2 and 103,600 km2 of open offshore and onshore acreages.
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Oil & Gas Industry
Oil & Gas of Ghana
Crude oil is now one of the nations treasured exports, contributing significantly to the
nation’s Gross Domestic Product (GDP). For instance, the central banks data showed that crude oil liftings raked in revenues of US$ 937.7 million in 2019. However, value addition is the next stage of development in this sector that is being pursued by government policy.
With regards to supervision, the Energy Ministry has overall oversight of the Oil and Gas sector largely responsible for developing policies for the sector. The Ghana National Petroleum Corporation monitors exploration and production activities while the Petroleum Commission oversees upstream activities. At the downstream level the National Petroleum Authority monitors activities of the Oil Marketing Companies and consumers.
While the Oil and Gas sector is still in a developing state, there are several opportunities for investment as the sector continues to expand. Investment opportunities exist in the areas of refinery, distribution and transportation, and marketing of petroleum products with the set up of Oil Marketing Companies.
With regards to supervision, the Energy Ministry has overall oversight of the Oil and Gas sector largely responsible for developing policies for the sector. The Ghana National Petroleum Corporation monitors exploration and production activities while the Petroleum Commission oversees upstream activities. At the downstream level the National Petroleum Authority monitors activities of the Oil Marketing Companies and consumers.
While the Oil and Gas sector is still in a developing state, there are several opportunities for investment as the sector continues to expand. Investment opportunities exist in the areas of refinery, distribution and transportation, and marketing of petroleum products with the set up of Oil Marketing Companies.
Ghana's $60 Billion Petroleum Hub
One of the major projects the Ghanaian government intends to undertake is the development of a petroleum hub for the West African sub-region. The aim is to meet the demands of the West African sub-region, and eventually the entire continent and further develop Ghana’s petroleum downstream sub-sector.
The hub will accommodate a refinery to process crude oil into various petroleum products and manufacturing plants for the processing of fertiliser from the by-products of oil.The move by the government forms part of a major initiative to create more jobs in the oil and gas sector of the economy and provide investment opportunities for interested companies within and outside Ghana.
The hub will accommodate a refinery to process crude oil into various petroleum products and manufacturing plants for the processing of fertiliser from the by-products of oil.The move by the government forms part of a major initiative to create more jobs in the oil and gas sector of the economy and provide investment opportunities for interested companies within and outside Ghana.
Ghana National Petroleum Corporation
Ghana National Petroleum Corporation (GNPC) is Ghana’s National Oil Company (NOC), established in 1983 by PNDC Law 64, to support the government's objective of providing adequate reliable supply of petroleum products and reducing the country's dependence on crude oil imports, through the development of the country’s own petroleum resources.
Ghana Oil and Gas Awards (GOGA)
The Ghana Oil and Gas Awards and exhibition (GOGA) brings together players in the Oil and Gas industry. The awards recognize achievements from local and international companies involved in Ghana oil and gas sector and reward those that have played a defining role in moving the industry forward.
