Ghana’s black gold and the quest for value
The modern era of Ghana's petroleum industry began with the establishment of the Ghana National Petroleum Corporation (GNPC) in 1983 under the Ghana National Petroleum Corporation Act (PNDCL 64). The GNPC was mandated to lead the nation's efforts to explore oil and gas resources efficiently. For decades, the sector saw exploratory efforts that eventually culminated in major commercial…
Ghana's petroleum industry has witnessed significant growth since the establishment of the Ghana National Petroleum Corporation (GNPC) in 1983. The corporation's primary responsibility is to explore and exploit the nation's oil and gas resources efficiently. Over the years, Ghana's petroleum sector has made remarkable strides, transforming the country into a prominent player in the West African energy market.
The discovery of the Jubilee Field in deep waters off the coast of the Western Region in 2007 marked a watershed moment for Ghana's petroleum industry. By December 2010, the nation had begun producing oil, joining other African oil-producing countries. The Jubilee Field, operated by Tullow Oil, remains the cornerstone of Ghana's oil production, consistently delivering around 100,000 barrels of oil per day (kbpd) by 2014.
The Jubilee Field was followed by the TEN (Tweneboa, Enyenra, Ntomme) and Sankofa Gye Nyame fields, which further boosted the country's crude oil output. These fields have proven crucial not only for crude oil but also for the non-associated gas that powers Ghana's thermal power plants.
The Ghanaian petroleum industry is divided into three subsectors: upstream, midstream, and downstream. The upstream subsector, regulated by the Petroleum Commission, involves exploration, development, and production activities. Petroleum Agreements (PAs) facilitate private investment, combining concession and product-sharing elements. The downstream subsector, overseen by the Energy Commission, is responsible for natural gas processing, transmission, wholesale supply, and distribution.
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