Latest news with #MichaelAryeetey
Zawya
15-04-2025
- Business
- Zawya
Accra Investor Briefing: Ghana National Petroleum Corporation (GNPC) EXPLORCO to Spud Voltaian Well in Q1 2026
EXPLORCO, the exploration division of the Ghana National Petroleum Corporation (GNPC), is set to spud its first exploration well in the Voltaian basin in Q1 2026, targeting new leads and play-opening discoveries. The company is currently conducting research to support exploration and is inviting partners to help unlock this frontier basin. Speaking at the Invest in African Energies: Accra Briefing on April 14, 2025 – Michael Aryeetey, Managing Director of EXPLORCO, emphasized, 'We will go ahead with the Voltaian project because it is a key project for the country. This is historical because no exploration well has been drilled there since 1974. Because there is so much to do in the basin, the strategy is to invite other partners to explore and drill in the basin. We are looking for credible partners.' The investor briefing provided insights into Ghana's upstream investment opportunities, highlighting how infrastructure-driven exploration has become a top priority for the country. This strategy is expected to attract diverse investments from exploration and production firms. According to Richard Gyan-Mensah, Deputy Minister of Energy and Green Transition of Ghana, 'To investors, Ghana is open for business. There are vast unlicensed blocks offshore available through direct negotiations. There are also partnership or farm-in opportunities for some of the contract areas. Risk has been successfully reduced in some of these blocks.' NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC), commented that this approach reflects a 'Ghanian-first strategy that benefits everyone. Ghana is back, it is ready for investment and ready for energy dominance. As we move forward, I want to encourage [stakeholders] to believe in the potential of Ghana. Believe in this country, believe in this energy sector.' Echoing these remarks, David Pappoe, President of the AEC in Ghana, stated: 'Ghana's energy sector is at a pivotal stage and we need investment. We are here to discuss how we can drive investment into Ghana.' To further support upstream investment, Ghana has been enhancing its regulatory and fiscal environments. Victoria Emeafa Hardcastle, Acting CEO of the Petroleum Commission of Ghana, noted, 'A lot of work has been done on the regulatory side, and we will soon come to the public and announce these. The fiscal regime is something we are looking at, including the length of time taken to get permits and reporting issues and audits.' These efforts are aimed at boosting spending in the upstream sector to mitigate production decline from Ghana's mature fields. Edward Abambire Bawa, CEO of oil and gas company GOIL, stated, 'From 2019 until now, production declined by 25%, due to many attributes such as lack of investment. We are currently assessing opportunities.' One of the government's main priorities is to increase production at the active Jubilee and TEN fields. Victor Kofi Sunu-Attah, former Advisor to the CEO and General Manager, Engineering at GNPC, explained, 'We have 640 million barrels in the Jubilee, TEN and surrounding fields and 1.2 trillion cubic feet of gas in place. We are doing research to ensure that these resources can be brought to the surface. We invite investors to partner with companies that have 2D and 3D seismic on their blocks and are ready to drill.' The Invest in African Energies: Accra Investor Briefing served as a precursor to this year's African Energy Week: Invest in African Energies conference, taking place from September 29 to October 3 in Cape Town. The event provided a platform to discuss 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
02-04-2025
- Business
- Zawya
Ghana National Petroleum Corporation (GNPC) Exploration and Production Limited (Explorco) Managing Director (MD) Joins Ghana Investor Briefing to Discuss Exploration Opportunities
Michael Aryeetey, Managing Director of the Ghana National Petroleum Corporation's (GNPC) upstream-focused subsidiary GNPC Exploration and Production Limited (Explorco), has joined the Invest in African Energies: Accra Investor Briefing on April 14, 2025. Aryeetey will take part in a discussion on Advancing Exploration Opportunities in Ghana, sharing insight into Explorco's project portfolio and expansion strategy. With 17 oil and gas projects in the pipeline until 2027, Ghana is pursuing enhanced exploration and production to stabilize the market and unlock greater returns. For its part, the GNPC – through Explorco – has been at the helm of this growth, intensifying its exploration efforts to unlock new hydrocarbon reserves and sustain Ghana's long-term energy security. In 2025, the company is seeking play-opening discoveries in the onshore Voltaian basin, with an exploration well planned this year. The onshore basin covers an area of 100,000 km² and could be a game-changer for the country. The GNPC has invested $160 million in seismic data acquisition across the basin, aimed at identifying geological structures and supporting future exploration targets. Explorco was established to strengthen GNPC's interests in exploration and production activities across Ghana. In alignment with the GNPC's broader industry goals, the company implemented short-term objectives in February 2025 to enhance oil production and attract investment through collaboration, innovation and operational efficiency. Progress has already been seen to achieve these goals, with international oil company partnerships and GNPC-led upstream projects underway. In 2024, the country reported a 10.7% increase in oil production, with operations in the Jubilee South East project – led by Tullow Oil - contributing to a rise in output. Energy major Eni and the GNPC also committed to strengthening cooperation in March 2025 under efforts to boost exploration and production in Ghana. The companies aim to pursue joint goals, including establishing joint ventures, integrating advanced technologies and investing in local capacity. Eni currently operates the Offshore Cape Three Points integrated project alongside Vitol and GNPC. Meanwhile, working alongside international partners, the GNPC targets several offshore drilling programs in 2025. Tullow Oil is set to drill one producer and one injector well at the Jubilee field in May 2025. A 4D seismic survey is already underway at Jubilee and its adjacent field TEN, aimed at optimizing the 2025-2026 drilling program being implemented by Tullow Oil. 'Ghana offers significant growth opportunities for exploration and production firms, and Explorco is leading the way towards unlocking the country's petroleum basins. Through strategic partnerships, cutting-edge technology and a commitment to local content development, the GNPC is shaping Ghana's future as a competitive oil and gas producer,' stated NJ Ayuk, Executive Chairman of the African Energy Chamber. Taking place at the Kempinsky Hotel in Accra, the Ghana investor briefing serves as a prelude to the African Energy Week (AEW): Invest in African Energies conference this September in Cape Town. The event offers a platform for investors and project developers to explore opportunities in Ghana's upstream market. By facilitating direct engagement between Explorco and potential investors, the event aims to unlock new partnerships that will drive exploration and production activities. Investors will gain firsthand insight into Ghana's evolving regulatory framework, licensing rounds and infrastructure development, enabling them to make informed investment decisions. Distributed by APO Group on behalf of African Energy Chamber.
