Latest news with #InvestinAfricanEnergies:
Zawya
15-04-2025
- Business
- Zawya
Ghana Unveils Ambitious Downstream Agenda at Accra Investor Briefing
Ghana is developing West Africa's first integrated petroleum hub, with the aim of enhancing regional fuel security and reducing petroleum costs. The hub is being developed in three phases between 2024 and 2036. The first phase, which broke ground in 2024, includes a 300,000-barrel-per-day (bpd) refinery, a 90,000-bpd petrochemical plant, storage tanks and marine port infrastructure. During the Invest in African Energies: Accra Investor Briefing on April 14, Dr. Toni Aubynn, CEO of the Petroleum Hub Development Corporation, shared details on the investment opportunities tied to the hub. He remarked: 'Our responsibility is to ensure that we bring the ideas of the state into reality: that is to build three refineries and five petrochemical plants. Ghana will be the first to establish a facility such as this. We are going to rely on investors to develop these important industries. Our target is local investors.' Ghana's sole operating refinery, the Tema Oil Refinery, already plays a key role in reducing refined petroleum imports. Although the refinery has been operational since 1963, modernization efforts are underway to improve its units and increase productivity. Dr. Yussif Sulemana, Managing Director of Tema Oil Refinery, explained that the refinery's success is driven by efficient work processes. 'Short-term, our strategy is to maximize existing assets. Medium- to long-term, we are looking at a partnership and strategic investment. We have a lot of investors interested and are looking for capital injection and expertise.' On the storage side, Ghana is investing in infrastructure to boost capacity and enhance its inter-depot pipeline networks. Bulk Oil Storage and Transportation (BOST), responsible for the country's strategic fuel reserves, is working to strengthen industry infrastructure. Nana Amoasi, Technical Advisor of BOST, stated, 'Going forward, we plan to double our fleet of barges and introduce a pipeline from Tema to the Accra Plains Depot. We want to develop another storage facility and ensure that we use alternative fuels.' In line with this surge in downstream investment, Ghana is also prioritizing local content and human capital development to unlock greater value for the local population. Kwaku Boateng, Director of Economics and Local Content at Ghana's Petroleum Commission, emphasized, 'We need to maximize the oil and gas industry, and to achieve the stability of the hydrocarbon industry, we need local content. At the Petroleum Commission, we have a strategy to ensure that across every petroleum activity, there is a Ghanaian possibility. Ghanaian companies are strong partners to the international oil companies.' However, further work is needed to strengthen Ghana's workforce capacity. David Pappoe, President of the African Energy Chamber in Ghana, pointed out that both the government and private companies have roles to play. 'Ghanian companies have to build capacity… Without human capacity, technology and knowledge, you cannot compete. We want to drive collaboration across the African continent. Through collaboration, we will be on our way to ending energy poverty.' The Invest in African Energies: Accra Investor Briefing served as a prelude to the African Energy Week: Invest in African Energies conference, taking place from September 29 to October 3 in Cape Town. The event highlighted commercial oil and gas opportunities in Ghana, setting the stage for further discussions and deal-making in Cape Town. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
14-04-2025
- Business
- Zawya
Tema Oil Refinery Managing Director (MD) Joins Accra Investor Briefing, Targets Greater Fuel Security in Ghana
Dr. Yussif Sulemana, Managing Director of the Tema Oil Refinery (TOR) in Ghana, has confirmed his participation in the Invest in African Energies: Accra Investor Briefing, as the company aims to enhance operational efficiency and reinforce Ghanaian fuel security. Taking place on April 14, 2025 at the Kempinski Hotel in Accra, the event serves as a prelude to the African Energy Week (AEW): Invest in African Energies conference, returning to Cape Town from September 29 to October 3, 2025. The Accra briefing will explore emerging opportunities across Ghana's energy landscape, from upstream acreage to regulatory reforms to downstream infrastructure developments. With over 17 oil and gas projects expected to come online by 2027, Ghana is poised for a significant expansion in crude production. Backed by over 1.1 billion barrels of crude oil reserves and 2.1 trillion cubic feet of natural gas, the country is ramping up both production and refining efforts. Key projects such as the Jubilee and TEN fields are central to this growth, as Ghana continues to attract upstream investment. Established in 1963, the Tema Oil Refinery stands as Ghana's flagship refining facility and hosts the country's largest single storage tank. The refinery has a crude storage capacity of 1,925,348 barrels across 59 tanks, representing 44% of Ghana's national storage capacity. TOR is also the country's sole producer of Premix fuel and operates the largest LPG storage facility in Ghana. Looking ahead, the refinery is seeking $25 million to support the maintenance and reactivation of an essential unit within its crude distillation unit. The goal is to enhance operational efficiency and ensure TOR's continued role in sustaining national fuel distribution and energy security. As Managing Director, Dr. Sulemana has committed to revitalizing the refinery's operations by focusing on productivity, overcoming operational challenges and seizing emerging opportunities. This includes fostering collaboration with industry stakeholders. A recent visit by the National Petroleum Authority in Q1 2025 identified areas for performance improvement, while the refinery's Finance and Audit team benefited from a KPMG-led in-house training program aimed at aligning internal audit practices with global standards. 'As one of Africa's first eight refineries and Ghana's premier facility, the Tema Oil Refinery plays a vital role in reducing petroleum imports and ensuring fuel security in West Africa. The company's forward-looking strategy to boost capacity will undoubtedly generate substantial value for both the company and the country,' stated NJ Ayuk, Executive Chairman of the African Energy Chamber. The Invest in African Energies: Accra Investor Briefing will lay the foundation for deal-signing and engagement during AEW 2025: Invest in African Energies in Cape Town. Uniting key players from across Ghana's oil and gas sector, the briefing will address sector-wide challenges and opportunities, fostering deeper collaboration as the country seeks to scale up production and strengthen regional energy distribution. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
10-04-2025
- Business
- Zawya
Bulk Oil Storage and Transportation (BOST) Joins Accra Investor Briefing Amid Efforts to Scale-up Ghana's Storage Capacity
Afetsi Awoonor, Managing Director of Ghanaian state agency Bulk Oil Storage and Transportation (BOST), has joined the Invest in African Energies: Accra Investor Briefing to discuss strategies for boosting the country's oil and gas value chain. Taking place on April 14 at the Kempinski Hotel in Accra, the event provides insight into the country's investment opportunities, supporting dealmaking ahead of the African Energy Week (AEW): Invest in African Energies conference this September. With a mandate to sustain strategic reserve stocks in Ghana while strengthening storage and transportation infrastructure, BOST is rapidly expanding its infrastructure development across the country. The company currently has a total storage capacity of 415,000 cubic meters, including 215,000 at the Accra Plains depot; 87,000 at the Kumasi depot; 50,000 at the Buipe depot; 46,500 at the Bolga depot; 12,000 at the Akosombo depot; and 17,000 at the Mami Water depot. To support distribution among the depots and to consumers, the company is developing a network of storage facilities and pipelines across the country. In addition to the depots, the company has developed pipelines linking the Tema Oil Refinery to the Accra Plains depot as well as an 8-inch multi-product pipeline linking the Trafigura Conventional Check Buoy Mooring to the Accra Plains depot. A series of pipelines connect the respective depots, thereby ensuring a strong system of distribution infrastructure. Meanwhile, to support the import of petroleum products in the country, BOST – under the authority of the government – played an instrumental part in implementing the country's Gold-for-Oil initiative. The program, which enables BOST to pay for imported petroleum products with gold, leverages the country's abundant mineral resources to support fuel security. The country increased its gold reserves from 19.5 tons in 2023 to 30.5 tons in 2024, highlighting the value of the commodity in Ghana. Beyond its border, BOST is supporting regional fuel distribution. In March 2025, the company renewed a partnership with Burkina Faso's National Hydrocarbons Company (SONABHY) to enhance cross-border petroleum trade. Under the terms of the agreement, SONABHY will utilize BOST's supply chain infrastructure to streamline the movement of petroleum products from Ghana to Burkina Faso. The company will utilize infrastructure such as logistics networks, pipelines, river transport, bulk road vehicles and storage terminals. A joint technical team established by the companies will assess BOST's operational capacity, thereby ensuring smoother petroleum chain and eliminating supply chain disruptions. 'To make energy poverty history by 2030, African countries need to significantly scale-up their domestic storage and distribution capacity. Companies like BOST are making strides in this area, targeting major investments across the downstream sector to strengthen fuel security in Ghana. As the country drives 17 new oil and gas projects by 2027, efforts by BOST will ensure that local populations benefit from the country's upstream expansion,' stated NJ Ayuk, Executive Chairman of the African Energy Chamber. Serving as a prelude to the AEW: Invest in African Energies 2025 conference – taking place September 29 to October 3 in Cape Town – the Invest in African Energies: Accra Investor Briefing will provide a comprehensive overview of Ghana's oil and gas opportunities. From upstream blocks to downstream infrastructure to capacity building and storage, the event will support decision-making by investors by offering greater clarity into the country's hydrocarbon market. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
04-04-2025
- Business
- Zawya
Ghana's Petroleum Commission to Outline Investment Opportunities at Accra Investor Briefing
Striving to increase production and reverse natural declines in mature oilfields, Ghana is promoting new investment across its upstream oil and gas sector. The country – through national upstream regulator the Petroleum Commission of Ghana – is embarking on a series of industry reforms that aim to strengthen the operating environment for oil and gas companies. These efforts are expected to translate into heightened exploration, as companies pursue play-opening discoveries in Ghana's on- and offshore market. The Petroleum Commission of Ghana will outline the country's exploration opportunities during the Invest in African Energies: Accra Investor Briefing – taking place April 14, 2025, at the Kempinsky Hotel. Victoria Emeafa Hardcastle, CEO of the Petroleum Commission, is speaking at the event, sharing insight into regulatory reforms, untapped exploration prospects and strategies being implemented to bolster production. A prelude to the African Energy Week: Invest in African Energies conference - scheduled for September 29 to October 3 in Cape Town – the event will lay the foundation for future deals, supporting Ghana's broader industry objectives. With 17 oil and gas projects scheduled for development by 2027, Ghana is making strides towards unlocking its 1.1 billion barrels of crude reserves and 2.1 trillion cubic feet of gas. The Petroleum Commission regulates and manages the utilization of petroleum resources in Ghana, coordinating policies across the country's upstream sector. Both existing and new policies are expected to support industry growth, particularly in emerging sectors such as natural gas. Notable policies include the Gas Master Plan, a framework for investing in the country's gas value chain. The plan outlines a development strategy through 2040, incentivizing capital and technology deployment by offering clear terms and objectives. The plan has already incentivized major projects. The Tema FLNG project, for example, is under development in Accra. The facility comprises the requisite infrastructure to import, store, re-gasify and deliver LNG to off-takers in the Greater Accra Area. Operated by Helios Investment Partners, the $350 million plant has a capacity of 1.7 million tons of gas per year. Additionally, the Atuabo II Gas Processing plant – an expansion of the operating Atuabo facility – is on track for production in 2025. The second phase has a capacity of 150 million standard cubic feet per day (mmscf/d), with opportunities to increase output two-fold, reaching 300 mmscf/d in future phases. The plant will be capable of producing propane, butane and pentane condensates and is being built at a cost of $700 million. In the oil sector, the Petroleum Commission continues to attract investments in exploration, promoting undeveloped blocks in both on- and offshore basins. Following the success of the country's biggest oilfields – Jubilee and TEN – the country is inviting partners to unlock the potential of adjacent blocks. Engagement with global partners and regional firms have already begun to yield positive results. Tullow Oil brought three new wells onstream at the Jubilee South East project in Q1, 2024, and will drill one producer and one injector well at the Jubilee field in 2025. The company is also advancing a 4D seismic survey at both Jubilee and TEN. Additionally, the Ghana National Petroleum Corporation will drill an exploration well in the Voltaian Basin in 2025. 'Ghana's approach to developing its oil and gas industry must be commended. The country is not only instituting reforms in tax and policy, but working closely with international operators to strengthen the attractiveness and competitiveness of their investments. Policies such as the Gas Master Plan stand to transform the country from an oil-reliant market into a diverse and integrated economy,' stated NJ Ayuk, Executive Chairman, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
03-04-2025
- Business
- Zawya
Ghana's Petroleum Hub Development Corporation (PHDC) Joins Accra Investor Briefing Amid Efforts to Establish Integrated Petroleum Hub
Dr. Toni Aubynn, CEO of Ghana's Petroleum Hub Development Corporation (PHDC), has joined the Invest in African Energies: Accra Investor Briefing – taking place on April 14, 2025 at the Kempinsky Hotel – to discuss the country's progress towards becoming an integrated petroleum hub in West Africa. During the event, Dr. Aubynn will outline development strategies, investment avenues and petroleum market trends, underscoring the value of investing in Ghana's growing oil and gas value chain. Expecting to launch 17 oil and gas projects by 2027, Ghana is prioritizing investments across the entire hydrocarbon value chain to meet rising domestic demand, increase revenue generation and unlock greater value from the petroleum sector. Strategically located and with over 1.1 billion barrels of proven oil reserves and 2.1 trillion cubic feet of natural gas, the country is well-positioned to become a regional hub for petroleum. Ghana's PHDC strives to position the country as an integrated hub in West Africa. Established under the Petroleum Hub Development Corporation Act, 2020, the company promotes the development of a petroleum and petrochemical hub in Ghana, leveraging innovative technology to develop a value chain that create economic linkages and provides business opportunities for Ghanaians. In August 2024, the PHDC and a consortium of private partners broke ground on the development of the first phase of a $60 billion downstream petroleum hub. The hub represents the first of its kind in West Africa and will be developed across three phases between 2024 and 2036. The first phase – at a cost of $12 billion - comprises a 300,000 barrel per day (bpd) refinery; a 90,000-bpd petrochemical plant; storage tanks with a total capacity of three million cubic meters; a jetty; and marine port infrastructure. Phase one is situated across 6,590 acres in the Jomoro municipal district. Following its completion, the integrated hub will have the capacity to process 900,000 bpd of crude across three 300,000-bpd refineries. Each refinery has the potential to be expanded to 500,000 bpd, targeting an overall production capacity of 1.5 million bpd. Additionally, following the completion of all three phases, the hub will feature five multi-purpose petrochemical plants with a production capacity of 90,000 bpd each. The plants will produce chemicals such as fertilizers, lubricants and cosmetics, utilizing natural gas as feedstock. Phase 1 will include the development of one petrochemical plant while the second and third will see two plants constructed each. The integrated hub showcases the value of public-private partnerships in advancing large-scale oil and gas projects in Africa. Spearheaded by the PHDC, the hub is supported by global and regional partners, including Touchstone Capital Group Holdings, UIC Energy Ghana, China Wuhan Engineering and China Construction Third Engineering Bureau. 'Ghana's integrated petroleum hub should serve as a benchmark for other resource-rich nations in Africa. This innovative project is poised to become a strategic catalyst for economic growth – both in Ghana and across the broader region. The hub will create jobs, increase petroleum distribution, promote skills development and position Ghana as a central point for petroleum production in Africa. The hub is a testament to the role public-private collaboration can play in advancing African oil and gas projects,' stated NJ Ayuk, Executive Chairman of the African Energy Chamber. The Invest in African Energies: Accra Investor Briefing in April offers a strategic opportunity for the PHDC to not only provide an update on the development of the hub, but showcase associated investment opportunities. The integrated hub is a large undertaking, requiring significant levels of finance and technological expertise. Investors will have the chance to gain first-hand insight into the PHDC's ambitions in Ghana, laying the foundation for new deals to be signed. Distributed by APO Group on behalf of African Energy Chamber.
