Production decline, reserve depletion threaten Ghana’s upstream sector – Jinapor

Ghana's Minister for Energy and Green Transition, Dr John Abdulai Jinapor, has warned that declining oil production and depleting reserves pose significant challenges to the country's upstream petroleum sector. Despite reserves being above the targeted levels, the Minister expressed concern over the downward trend and emphasized the need for immediate action to replace barrels through new discoveries and developments.

The government plans to collaborate with the Ghana National Petroleum Corporation (GNPC), the Petroleum Commission, and industry operators to expedite field development, appraisal, and exploration. Additionally, the government aims to improve regulatory approvals and overcome infrastructure bottlenecks to foster a more predictable investment environment.

Dr Jinapor stressed the importance of a strategic shift in exploration and upstream investment to bolster Ghana's reserves replacement strategy. Key projects such as Pecan, Eban-Akoma, Afina, Pecan North, Almond, Beech, the Eban-Akoma Plan of Development, the amended TEN Plan of Development, and near-field opportunities are deemed crucial for the sector's future.

The government also seeks to facilitate the commercialization of these resources while safeguarding national interests. Furthermore, innovative approaches for developing marginal and stranded petroleum resources, including the utilization of production hubs, shared infrastructure, and technically sound exploration in frontier areas like the Voltaian Basin, are encouraged to expand Ghana's petroleum resource base.

The ultimate goal is to generate commercially viable reserves and sustainable production, ensuring the long-term viability of Ghana's upstream petroleum industry.