Ghana’s petroleum revenue to hit $1.006 billion next year – PC

Ghana is expected to rake in total petroleum revenue of   $1.006 billion next year,  the Project Evaluation Department, Petroleum Commission (PC), has projected.

Out of the total, participating interest from crude oil will fetch Ghana $537.61million, Corporate income tax, $261.13million, royalties from crude $238.1 million and surface rentals $0.9 million, it explained.

A staff at the Project Evaluation Department of PC, Ms Phoebe Afful, stated at the 7th edition of the commission’s engagement with the Western Regional House of Chiefs (WRHC) on Thursday, at Sekondi, in the Western Region.

Giving an outlook for 2022, she said, Ghana needed to pursue an aggressive replacement drive for further reserves on the  oil fields  to hasten and attract  investment for economic development,

The new drive, the PC said, must include further exploration and appraisal within the development and production area, a multi-client seismic data acquisition to fast-track exploration and also work on the Volta basin.

“Sustained investor attraction must focus on promotion of Ghana’s sedimentary basin, planned further licensing rounds and direct negotiations for open acreage.  We also need new policies and guidelines on local content and participation.” Ms Afful said.

She said “ Three fields have been developed and  producing since the inception of commercial hydrocarbons discovery to date namely   the Jubilee,  Tweneboah, Enyera, Ntomme  (TEN) and the Off- Cape Three Point  (OCTP) fields. Ghana risks production decline if no  further reserves are developed.”

Meanwhile, she said, direct negotiations for the development of new blocks by  Koka Energy Company and CNOOOC Petroleum E&P Limited were ongoing on Ghana’s western Basin block 4  while  ENI Ghana Exploration and Production Ltd and First E&P Limited were  also at the licensing round.

On status of operations, she mentioned that, there were three developments/production,  four at appraisals and pre-development stages, while  four  out   of nine explorations had been terminated.

She said ECO Atlantic, planned drilling campaigns for July 2020 postponed due to COVID- 19, but, however,  expected to be back on 2022, adding that,  ENI drilled Akoma 1X exploration well in 2019 and Eban1X  well in 2021.

“Meanwhile, GOIL is undertaking geological studies to identify possible locations of oil and gas deposits. Medea,  conducting ongoing geological studies in  2021,  has submitted an 18-month work programme detailing preparations towards drilling an exploration well. Springsfield also drilled Afina-1X exploration wells and hoping to unitize the discovery. Aker Energy has resubmitted POD of postponed Pecan field development due to COVID -19 pandemic “Ms Afful revealed.

She said “In the Voltain Basin,  the largest unexplored inland basin in Ghana, covering 103,400sq km representing approximately 40 percent land mass of Ghana,  the GNPC is currently conducting a  reconnaissance survey and that, about 1871km of 2d seismic data has been acquired, processed and interpreted. Preliminary  results have identified structures  of interest.”

For now,  the Jubilee Field, she said,  had 642 recoverable million barrels per day (MMBBL) adding that since  the beginning of production to November 2021,  it had produced 337mmbbl of crude and 528 billions of standard cubic feet (bscf) of gas with  173 bscf of  gas exported.

The average daily production of Jubilee, as November 2021,  is 74,000 barrels per day (bbld).

Ms Afful said “Ghana’s upstream petroleum sector presents one of the best opportunities in the sub-region to investors. Reserve replacement and investment attraction continued to remain a  priority for government as part  of the drive towards sustainability.  the impact of p the COVID -19 pandemic continue to wane couple with the adaption  of the industry to the “new normal”.

“The Ministry Energy and  Petroleum Commission will continue to provide needed the support to all companies engaged in the upstream petroleum industry to ensure speedy resumption of operations post COVID -19,” she said.

FROM CLEMENT ADZEI BOYE, SEKONDI

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