Friday, February 3, 2023
  • Home
  • News
    • Sector News
    • District News
    • World News
  • Speeches
  • GhanaToday Magazine
  • Creative Arts
  • Sports
  • Contact
No Result
View All Result
GhanaToday
  • Home
  • News
    • Sector News
    • District News
    • World News
  • Speeches
  • GhanaToday Magazine
  • Creative Arts
  • Sports
  • Contact
No Result
View All Result
GhanaToday
No Result
View All Result

Our Oil Blocks are ready to be tapped – Energy Minister tells investors in London

Our Oil Blocks are ready to be tapped – Energy Minister tells investors in London

by Ghana Today
January 13, 2023
in Business
0
">
ADVERTISEMENT

The Minister for Energy, Dr Matthew Opoku Prempeh, has invited investors in London to visit Ghana and take advantage of the numerous opportunities in Ghana’s upstream petroleum industry.

According to the Minister, who led the Ghanaian delegation, the Deep-Water Cape Three Points Block, Offshore Cape Three Points South Block, Shallow Water Cape Three Points Block and Southwest Saltpond Block are the six available oil blocks for massive investment. They also include the Offshore Cape Three Points South (OCTPS) Block and the Expanded Shallow Water Tano (ESWT) Block.

">

The Minister stated this at a strategic roadshow event at the Cavendish Conference Centre in London on Thursday.

Dr Prempeh asserted that Ghana has four sedimentary basins of significance to oil and gas namely; Western, Central, Eastern and the Voltaian. He said the Western basin has Ghana’s three actively producing deep-water oil and gas fields. He added that the Voltaian Basin was onshore and the remaining two are largely offshore. Most parts of the offshore basins are open for E&P activities.

">
ADVERTISEMENT

“GNPC is currently exploring the Voltaian Basin to establish its prospects, following which the basin will be open to investors,” he said.

The Minister informed investors that the Jubilee Field was Ghana’s first commercial deep-water discovery, heightening investor interest in deep-water exploration in Ghana.

 “We accelerated the development of the Jubilee Field and the first commercial oil production began in December 2010, just 40 months after discovery,” he stated.

He added that “Two new fields (Tweneboa-Enyenra-Ntomme (TEN) Field and Sankofa – Gye Nyame Field) have since been brought onstream for production in 2016 and 2017 respectively. The three producing fields currently provide an average daily production of about 150,000 bbl./d from a peak production rate of approximately 200,000 bbl./d.”

“Three of the six available blocks are available for farm-in opportunities. These are Expanded Shallow Water Tano (ESWT) currently operated by Base Energy Ghana Limited and Deep-Water Cape Three Points (DWCTP) originally operated by ExxonMobil, but now operated by Goil Upstream Limited. The third of these is the Offshore South-West Tano, operated by OSWT & EK Operating Company Limited” he noted.

Dr Prempeh went on to state that Ghana has a stable political and business climate, a highly prospective sedimentary basin with a high exploration success rate, guaranteed and attractive fiscal terms and a well-defined legal and regulatory framework.

He also emphasized the existence of an existing architecture to support infrastructure-led exploration, which reduces the time between exploration and production. As a result, he urged investors to find a friend and partner in Ghana.

It may be recalled that Dr Prempeh in September last year led similar road shows in Houston and Aberdeen, all in an attempt to position Ghana’s upstream sector strategically for the needed investment.

Irene Wirekoaa Osei, ISD

Tags: Dr Matthew Opoku Prempehpetroleum industry
SendShareTweetShareShare
Previous Post

504 Housing Units for Police Service to be completed in February 2023 - Deputy Lands Minister

Next Post

Gender Minister seeks support of staff, stakeholders to achieve ministry’s mandate

Ghana Today

Related Posts

Business

Energy Minister calls for value addition in Africa’s Oil and Gas value chain

October 24, 2022
Dr Matthew Opoku Prempeh
News

Tighten energy sector cybersecurity space- Energy Minister

October 6, 2022
News

50% of Ghanaians to have access to LPG by 2030 – Energy Minister

October 4, 2022
Next Post

Gender Minister seeks support of staff, stakeholders to achieve ministry’s mandate

Sports Minister inspects venues for 2023 African Games

Lands Minister commends Ghana Boundary Commission

Samuel Abu Jinapor appointed Caretaker Minister for Trade’s Ministry

President Akufo-Addo leaves for Abu Dhabi, London

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

">

Recent News

Education Minister urges stakeholders to uphold USAID Partnership Education

February 3, 2023

MCE admonishes contractor to speed up work Koforidua Jackson Park

February 3, 2023
Dr John Ampontuah Kumah (5th Right), Mr Tito Alai (5th Left) with other members of the delegation.

Ghana is ready to host Afreximbank’s 30th AGM – Deputy Finance Minister

February 3, 2023
">
GhanaToday

Ghana Today is your authentic, reliable News Website of the Information Services Department.

Follow Us

Browse by Category

Recent News

Education Minister urges stakeholders to uphold USAID Partnership Education

February 3, 2023

MCE admonishes contractor to speed up work Koforidua Jackson Park

February 3, 2023
  • Home
  • News
  • Speeches
  • GhanaToday Magazine
  • Creative Arts
  • Sports
  • Contact

© 2022 All Rights Reserved | GhanaToday.gov.gh

No Result
View All Result
  • Home
  • News
    • Sector News
    • District News
    • World News
  • Speeches
  • GhanaToday Magazine
  • Creative Arts
  • Sports
  • Contact

© 2022 All Rights Reserved | GhanaToday.gov.gh

GhanaToday cookies
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
SAVE & ACCEPT
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.