Since the first significant deep-water discovery for Ghana’s Oil and gas sector in 2007, Ghana’s Oil and Gas industry has seen rapid growth and development making it a target for lots of foreign investors. These include oil and gas giants like Tullow Oil PLC, Kosmos energy and ENI Gas.
At present, Ghana has three major offshore oil and gas fields namely the Jubilee, Tweneboa. Enyera Ntomme and Sankofa fields. Total output from the three fields as at 2019 was 71.54 million barrels, a significant jump from the 2018 output of 60.05 million barrels. Meanwhile net gas production from the fields was 140,853.67 million standard cubic feet (mmscf) per day.
Growth in Ghana’s oil and gas industry has been more rapid than most nascent oil and gas industries and is expected to maintain a steady growth rate in coming years, with a total proven reserve base as at January 2019 of approximately 660 million barrels of oil and 2,312.4 billion cubic feet of gas with over 36,000 km2 and 103,600 km2 of open offshore and onshore acreages.
Crude oil is now one of the nations treasured exports, contributing significantly to the nations Gross Domestic Product (GDP). For instance, the central banks data showed that crude oil liftings raked in revenues of US$ 937.7 million in 2019.
With regards to supervision, the Energy Ministry has overall oversight of the Oil and Gas sector largely responsible for developing policies for the sector. The Ghana National Petroleum Corporation monitors exploration and production activities while the Petroleum Commission oversees upstream activities. At the downstream level the National Petroleum Authority monitors activities of the Oil Marketing Companies and consumers.
While the Oil and Gas sector is still in a developing state, there are several opportunities for investment as the sector continues to expand. Investment opportunities exist in the areas of refinery, distribution and transportation, and marketing of petroleum products with the set up of Oil Marketing Companies.