Ghana is considering selling more oil and gas exploration rights to boost production, reports say Reutersciting government official.
The country is seeking investors for its oil and gas industries from countries such as the US, China and India.
Ghana, which is going through its worst economic crisis in decades, is hoping to generate additional revenue from increased production to finance its energy transition initiatives.
In an interview with the publication, Ghana’s Deputy Energy Minister Andrew Kofi Egyapa Mercer said: “For any investor to see a temporary hiccup as a basis for decisions in Ghana, I think they would be wrong.”
“After Russia, we all recognize the need for energy security. And it is important to live without the pants down,” the minister added.
Speaking on the sidelines of a conference during Singapore’s International Energy Week, Mercer said Ghana is selling gas and oil blocks, including both new acreage and areas ExxonMobil has abandoned.
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“The plan really is that we don’t intend to trap any of our assets. (As) all the commitments that the West made in relation to the Paris agreements were never fulfilled, so it is important for us to finance our own transition, or at least a significant part of it,” Mercer told the publication.
According to the minister, Ghana’s current production stands at 160,000 to 170,000 barrels per day (bopd) of crude oil and nearly 325 million cubic feet per day (mscfd) of natural gas.
He said that after several upgrading projects, production from the Sankofa gas field increased to 235mscfd from 210mscfd.
“We’re trying to get to 250mscfd,” Mercer said, adding that the expansion plan for Sankofa is expected to be submitted for approval in early 2024.
In addition, according to Mercer, African Finance Corp secured the nod to proceed with the development of the Pecan field project, which is expected to produce 80,000 bopd.
Following the final investment decision, production from Pecan is expected to begin in 2025-2026.