Dr. Matthew Opoku Prempeh, Ghana's energy minister, has urged investors in London to take advantage of the many prospects in the country's upstream petroleum sector.
The six (6) oil blocks available for major investment include the Deep Water Cape Three Points Block, Offshore Cape Three Points South Block, Shallow Water Cape Three Points Block, and Southwest Saltpond Block, and Dr. Prempeh, who is leading the Ghanaian delegation, is attempting to showcase them. Additionally, it includes the Offshore Cape Three Points South (OCTPS) Block and the Expanded Shallow Water Tano (ESWT) Block.
Dr. Prempeh stated that Ghana has four sedimentary basins that are significant for oil and gas, namely the Western, Central, Eastern, and the Voltaian, at a strategic roadshow event at the Cavendish Conference Centre in London. He said that Ghana's three deepwater oil and gas fields that are currently producing are in the Western Basin.
The Voltaian basin is onshore, whereas the other two are primarily offshore, Dr. Prempeh continued. The majority of the offshore basins are available for E&P operations. The Voltaian Basin is now being explored by GNPC to determine its prospectivity, after which the basin will be available to investors, he said.
Investor interest increased when the Minister, who is also a member of parliament for Manhyia South, informed them that the Jubilee Field was Ghana's first commercial deepwater discovery.
He continued, "After accelerating the Jubilee Field's development, first commercial oil production started in December 2010, just 40 months after discovery.
He went on to say, "Two new fields, the Sankofa-Gye Nyame Field and the Tweneboa-Enyenra-Ntomme (TEN) Field, have subsequently been brought onstream for production in 2016 and 2017, respectively.
The three (3) active fields currently produce an average of about 150,000 barrels per day (bbl/d) from a peak rate of about 200,000 barrels per day.
"Farm-in opportunities are available on three of the six accessible blocks. These are Deep-Water Cape Three Points (DWCTP), which was formerly operated by ExxonMobil but is now run by Goil Upstream Limited, and Expanded Shallow Water Tano (ESWT), which is currently operated by Base Energy Ghana Limited.
The Offshore South-West Tano, run by OSWT & EK Operating Company Limited, is the third of them, he continued.
The former minister of education also mentioned Ghana's predictable political and economic environment, our highly potential sedimentary basin with a commensurately high exploration success rate, its guaranteed and alluring fiscal conditions, and the clearly defined legal and regulatory framework.
He also emphasised how infrastructure-led exploration, which reduces the time between discovery and output, is supported by an existing architecture. Thus, he recommended investors to locate a friend and business partner in Ghana.
In an effort to tactically position Ghana's upstream sector for the required investment, Dr. Prempeh held similar road shows in Houston and Aberdeen in September of last year.
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