A new Floating Production Storage and Offload (FPSO) is under fabrication in Singapore and is expected to be named by the First Lady Mrs. Lordina Mahama, in a few weeks.
The onshore receiving facility, which is 80 per cent complete, will be positioned in Sanzule, in the Western Region, where exploration would be done.
It would bring to three, the number of FPSOs in the country.
The others FPSO Kwame Nkrumah and Atta Mills, are currently at the Jubilee and the Tweneboa Enyenra Ntomme (TEN) fields.
The Minister of Petroleum, Emmanuel Armah-Kofi Buah announced this yesterday when his ministry took its turn at the Meet-The-Press series in Accra.
He said with the FPSOs and a number of projects at the appraisal and development levels, Ghana was poised to become one of the major oil producers in sub-Saharan Africa.
Currently, he said, the Jubilee Field produced an average of 100,000 barrels of oil per day, with 80 million standard cubic feet per day, with the TEN field adding about 35,000 barrel of oil per day.
Mr. Buah noted that the upstream petroleum industry had experienced tremendous growth, especially after the commercial discovery at the Jubilee Field.
“Within the period under review, a total of 18 petroleum agreements are in progress and at various stages of delivery of their work programmes while 21 new major discoveries have been made and are being assessed”, he said.
The Minister said the Voltaian Basin, which represented 40 per cent of the country’s landmass, was under intensive assessment by the Ghana National Petroleum Corporation to determine its oil and gas prospectively.
An environmental impact assessment, he said, had been completed and would be submitted to the Environmental Protection Agency for permit by end of this month.
Mr. Buah noted that the passage of the Petroleum (exploration and production) Act 2016 and the development of a number of subsidiary legislation to give better effect to the Act had contributed to Ghana maintaining its position as a preferred investment destination in the sub region despite the downturn in the global oil and gas industry.
He mentioned the coming into force of the local content regulation, L,I. 2204, which had created an enabling environment for Ghanaian companies to favourably participate in the oil and gas industry.
On the liberalisation of the petroleum product prices, the minister said, it had energised the downstream petroleum sector by increasing competition and better service delivery resulting in price reduction to benefit the consumer.
On the Gas Master Plan, Mr. Buah said, his outfit had begun work on the development of a Gas policy and Gas Act that would provide transportation regulatory framework for the gas industry.
The plan, he indicated, would address infrastructure requirements; funding, institutional mandate for the gas sector agencies and provide a revised gas pricing policy to reflect the developmental priorities of the country.
On the gas infrastructure project, he said, it was currently supplying about 80 million standard cubic feet of gas to power generation.
The plant, he stated, was also producing about 500 metric tonnes of liquefied petroleum gas per day, which was about 50 per cent of national demand.
Mr. Buah stated that Ghana Gas had completed extension of pipelines from Takoradi to Tema, awaiting the West African Gas Pipeline Company to interconnect.
On the rural LPG promotion programme to address the challenges associated with the use of wood fuel, he said, over 60,000 6kg cylinders, cook stoves and related accessories had been distributed in 37 districts across six regions.
He also touched on the revamping of the Tema Oil Refinery and the activities of the Bulk Oil Storage and Transportation, Ghana Cylinder Manufacturing Company, local content policy and capacity building to train Ghanaian workforce to operate in the petroleum sector through the oil and gas capacity building project among others.
By Francis Asamoah Tuffour & Dinah Twumasi