Sector overView:

Ghana’s oil and gas prospects are significant. The oil and gas resource stretches across the country’s shoreline from the west (Cape Three Points) to the east (Keta). Similarly, the Voltain Basin, which covers over 40% of the country’s land mass, is believed to have oil and gas reserves. This Voltain Basin is yet to be fully explored and will be given priority attention during the medium period.

After the 2007 commercial quantities of oil and gas discovery, the Government is focusing on a “value chain” model for effective harnessing of the oil resources to fulfil the national development goals of growth and poverty reduction and the achievement of middle income status by the year 2020.

Petroleum Regulations In Ghana

The relevant laws governing oil and gas operations in Ghana are PNDC Law 84 of 1984, the GNPC Law- PNDC Law 64 of 1983, and the Petroleum Income Tax Law- PNDC Law 188 of 1988.

Production

The phase 1 development production of the Jubilee field produced it first oil in the last quarter of 2010 and the government lifted her first share of oil cargo of 995,259 barrels in March 2011.Currently, the Jubilee Field has produced without any interruption, as of August 2013, 41.3 million barrels of oil and exported over 41 million barrels.

Phase 1A development production which started in 2010 is well advanced and has already identified additional well location. Five of the total eight wells discovered have been drilled with all encountering good reservoir on prognosis.
Other areas of oil and gas discovery such as Tweneboa, Enyenra and Ntomtne (TEN) project have also made good progress.

As at December 2008, the Government finalised plans for the establishment of an onshore natural gas processing plant to process the natural gas that will be produced from the Jubilee oil and gas field. The first phase will entail a 150million ft3 gas processing plant at Atuabo which is at least 50 km East of Effasu and 100km West of Takoradi. An 8km2 land area has been acquired to be developed into a petrochemical industrial park to house the gas processing plant and ancillary industries.

The Market

There are currently over 200 registered service providers in this sector. The services offered cover the broad range of oil field services and other general services such as accounting, auditing and legal.

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