Ghana To Export Oil By 2010
Ghana To Export Oil By 2010 Website
Ghana is expected to carry out its first oil export in commercial quantities by the first quarter of 2010. About 60,000 barrels of oil a day are expected to be exported during the initial stages, going up to 200,000 barrels a day depending on the quantities available. This follows successful negotiations between Ghana and the oil drilling companies to that effect. Three companies are currently engaged in oil exploration and production in what is now called the Jubilee Field. They are Kosmos, Tullow and Anadgo. According to the Director of Exploration and Production at the Ghana National Petroleum Corporation (GNPC), Mr Thomas Manu, the government had given an indication that it did not want to delay in oil production and exportation, considering the international price of oil on the world market and its impact on the economy. Mr Manu made this known when he delivered an address to members of the Greater Accra Branch of the Ghana National Chamber of Commerce and Industry (GNCCl) at its monthly meeting in Accra yesterday. He said in addition, the government had indicated to the oil companies to ensure a zero per cent flaring of gas, in view of the potential of the gas to support the country's energy requirements. "Gas is flared during the process of oil drilling and since it is a non-renewable resource, there is the need to ensure that the country makes good use of it," Mr Manu stated. He said although the timing was too short, in view of the many processes that had to be gone through to store and use the gas, the government was committed to ensuring early drilling, production and exportation of oil, as well as helping to generate the required energy needs of the country. Mr Manu said the oil companies had also taken up the challenge to deliver on their projections on time, adding that "gas utilisation is critical to the country." He indicated that the West African Gas Pipeline project was still not up and running because of difficulties encountered in Nigeria. The director of exploration and production indicated that with an estimated production of 250,000 barrels of oil a day, the country stood to gain 72 million metric metres of gas, which could generate 250 megawatts of energy. He said various stakeholders were waiting for the results of exploration activities which could confirm the nation's oil reserves. He said the future of the oil industry in the country looked bright, as the country risk profile had been removed by the oil find and that many more companies were now looking at its prospects. He mentioned some of the companies as Vango Energy, Vito Upstream Company, Hess Corporation and Revon Energy, which were currently exploring oil in the seas of the country. In an interview, the Country Manager of Kosmos Energy, Mr George Owusu, said the time lines agreed upon with the government were realistic and achievable. He said contacts had been made with some companies to undertake the construction of pipelines to connect to the already existing gas pipeline to ensure the government's objective of zero gas flaring, Kosmos announced last year that it had struck oil in commercial quantities at Cape Three Points. It later announced another oil find around the same vicinity. According to experts, the country had undertaken oil exploration 17 times since the 1980s. Most of the explorations were done in shallow waters. The current exploration is in the deep seas of the country.