Preparations for oil exploration in the Volta Basin which is believed to have huge oil, potentials has commenced as officials of Terra Energy met with three institutions in Ghana.
The meeting was to enable Terra Energy to introduce and demonstrate its satellite-based Sub-Terrain Prospecting (STeP) technology to officials of the Ministry of Petroleum, Petroleum Commission and the Ghana National Petroleum Commission.
In his presentation, Mr. Dmitry Vilbaum, Chief Executive Officer, Terra Energy explained that the Sub-Terrain Prospecting (STeP) Technology was a proprietary, remote sensing and analytical technology which interprets and quantifies various natural phenomena which manifest at the surface using sophisticated algorithms and models.
According to him, such phenomena were directly linked to subsurface hydrocarbon/mineral-bearing geological features.
Mr. Vilbaum further explained that, “most of the data is acquired via satellite,” he said. “STeP integrates tectonic, morphological, structural, and spectral models which assess and determine the presence of structures/anomalies, on or offshore”.
According to Mr.Vilbaum, Terra’s methods applied in early exploration stages, in uncharted areas, in difficult settings, in the face of complex geological conditions and/or after conventional methods fail to produce results.
“The Terra Technology and services suite is a powerful set of tools that increase exploration success rates, save time and cut costs,” he emphasised.
The objective of any exploration venture is to find new volumes of hydrocarbons at a low cost and in a short period of time.
In line with this, Mr. Dmitry Vilbaum believed that the STeP study would answer most of the questions associated with the history of the basin’s geological development and oil and gas deposition mechanisms.
“In addition, our survey will be able to delineate most, if not all, structures and/or zones of hydrocarbon accumulation,” he added.
Just after five years of oil production, Ghana has recorded significant achievements in the oil and gas industry.
The government is working to sustain exploration, development and production of the country’s endowed resources as well as ensuring increased national access to petroleum products.
One major project which is undoubtedly the biggest gas investment in the sub region is the USD 7 Billion OCTP Sankofa gas project.
The Petroleum Minister, Mr. Emmanuel Armah-Kofi Buah, in his 2015 Meet-The-Press speech stated that, government will continue to make the industry vibrant and create jobs for the good people of Ghana.
The Voltain Basin represents 40 per cent of the country’s land mass.
The meeting was chaired by the Ministry’s Director of Petroleum, Mr. Lawrence Apaalse and the Deputy Director Upstream, Mr. George Mensah Okley.
By Times Reporter