African Energy Chamber has disclosed in a statement that Ghana, one of Africa’s fastest-growing hydrocarbon markets, is seeking to double its production by the end of 2023.

The statement, citing a keynote speech Egbert Faibille Jr., CEO of the Petroleum Commission of Ghana at the Chamber’s Dubai event on Thursday, said the country is seeking to double production from around 180,000 barrels per day (bpd) to 420,000 bpd, supported by commercial discoveries in the Tano Cape Three Points block.

“Ghana has positioned itself to attract investments in the energy sector. We present one of the best investment opportunities in the sub-region. Following the Jubilee discovery in 2007, 30 additional discoveries have been made and are pending appraisal and development. Ghana guarantees attractive fiscal terms. These terms have proven over the years to provide a favourable investment framework.”
African Energy Chamber

The statement indicated that speaking during a panel discussion at the same event, Egbert Faibille Jr. highlighted opportunities for upstream investors to enter Ghana.

“We have several blocks open for direct negotiation and three available for farm-in opportunities. We have some fields that are in pre-development, so if we are able to get contractors, we should see a surge in production by 2030.”
African Energy Chamber

At least 26 drilling campaigns and rigs are expected in Africa in 2023, cementing the continent’s upstream revival, African Energy Chamber said in a related statement on the Dubai event.

OA Danquah, CEO of Ghana National Petroleum Corporation noted saying “Two-thirds of oil resources are exported out of Africa. As governments, we need to be able to come together and ensure that our resources are being used for African development.”

The CEO of Ghana National Petroleum Corporation added that “Our strategic advantage is that we have a lot of supply and potential demand, so our resources can never be locked”.

Notwithstanding the plans to double production in the upstream, there are some major developments in the upstream oil and gas sector which threatens the entire industry, Ghana’s potential highest forex earner.

Chief Executive Officer of the Ghana Upstream Petroleum Chamber, David Ampofo, stated that the problem with the upstream petroleum industry is the lack of new investment in the sector.

According to him, currently the upstream industry has plateaued largely due to the failure of government to attract new investment into the sector.

Currently, Ghana’s total proven oil reserves from producing fields is about 527m barrels and total proven gas reserve from producing fields about 1.4tscf. However, the benefits from these reserves can only be realised when harnessed.

Ghana is an up and coming player in the oil and gas industry with operations in the upstream (exploration and production), mid-stream, and downstream sectors.

After the discovery of oil and gas in commercial quantities in 2007, Ghana took steps to ensure a successful oil and gas regime. As such, the Petroleum Commission was set up in 2011 to regulate the upstream industry after commercial production begun in the Jubilee field in 2010. Many international companies have established their presence in the upstream industry.