Latest news with #PetroleumCommission
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
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.
