The Deputy Minister for Energy, Dr Mohammed Amin Adam, has encouraged international oil companies to consider investing in Ghana’s available oil blocks.
He said this during the plenary session at the ongoing Africa Oil Week conference in Cape Town, South Africa on Wednesday.
He stated that as discussions about the energy transition gain traction and critical signposts emerge, Ghana must take immediate steps to bring its hydrocarbons to the surface.
Against this backdrop, he noted, Ghana has made five offshore oil blocks available for strategic promotion to attract the necessary investments into its upstream oil and gas sector.
The Deputy Minister gave an overview of Ghana’s oil and gas industry, noting that commercial quantities of oil and gas were discovered offshore Ghana in 1970, which led to the construction of the Saltpond Field, which started production in 1978.
Dr Amin assured potential investors of E&P investment protection, a transparent, predictable, and equitable regulatory regime and an assurance of a reasonable rate of return for E&P investors.
These protections, he said, “are founded on sound policies, laws, and regulations that govern the upstream petroleum sector and have enabled Ghana to develop a robust regulatory regime that provides clarity, transparency and fairness – attributes essential to investors engaged in upstream oil and gas activities.”
He also announced the accessibility of five blocks for investments in exploration and production.
These include three highly promising unexplored blocks in the Western Basin—Offshore Cape Three Points South (OCTPS) Block, South West Saltpond (SWS) Block and Shallow Water Cape Three Points (SWCTP) Block—that are currently available. He noted that the blocks have received international attention for numerous discoveries made at various geological times.
He further stated that the Deepwater Cape Three Points Block, which was originally operated by ExxonMobil, and the Expanded Shallow Water Tano (ESWT) Block, are currently operated by Base Energy Ghana Limited and offer better farm-in opportunities.
“Over the last decade, as an oil and gas producing country, we have built reasonable levels of infrastructure to support the provision of services to exploration and production companies.
“We’ve also built a dedicated and experienced workforce over the years through existing operations and the government’s Accelerated Oil and Gas Capacity Programme which is managed by the Petroleum Commission,” he disclosed.
Dr Amin said there is an active core of local companies, including SMEs, that have gained on-the-ground experience in service and supply chain operations.
He said these conditions are to reduce contingent and operational costs for exploration and production for investors who come to Ghana.
Irene Wirekoaa Osei, ISD