Oil reserves in Ghana

Source: Wikipedia, the free encyclopedia.
Ghana petroleum and commodities; exports in percentage.

The petroleum industry of Ghana is regulated by the state-owned Ghana National Petroleum Corporation (GNPC) and administered by the state-owned Ghana Oil Company (GOIL).

Petroleum and natural gas production

See also: Ghana Oil Company and Ghana National Petroleum Corporation
Ghana's 100% state-owned petroleum and natural gas number 1 filling station; Ghana Oil Company (GOIL) in 37 Military Hospital Road.

1970s–1980s

The 100% state-owned

oil reserves in Ghana were discovered in the 1970s. In 1983 the government established the 100% state-owned state oil company Ghana National Petroleum Corporation (GNPC) to promote hydrocarbon exploration and production of Ghana's entire petroleum and natural gas reserves.[1]

These GNPC prospected in ten

crude oil daily.[1]

1990s

In the early 1990s, GNPC reviewed all earlier crude oil and natural gas discoveries to determine whether a predominantly local operation might make exploitation more commercially viable. GNPC wanted to set up a

oilfields. GNPC was paid with a share of the crude oil.[1]

The Tema Oil Refinery in Ghana underwent the first phase of a major rehabilitation in 1989. The second phase began in April 1990 at an estimated cost of GH₵77.8 million (US$36 million). Once rehabilitation was completed, distribution of liquified petroleum gas was to be improved, and the quantity supplied was to rise from 28,000 to 34,000 barrels per day. Construction on the new Tema-Akosombo oil products pipeline, designed to improve the distribution system further, began in January 1992.[1]

The pipeline was to carry refined products from

northern regions. Distribution continued to be uneven. Other measures to improve the situation included a GH₵60.5 million (US$28 million) project to set up a national network of storage depots in all regions.[1]

The Tema Lube Oil Company commissioned its new oil blending plant, designed to produce 25,000 tons of oil per year, in 1992. The plant was to satisfy both North Ghana and Ghana's requirements for motor and

Social Security and National Insurance Trust (SSNIT).[1]

2000s

Ghana's

Oil and gas exploration in Ghana is ongoing, and the amount of both crude oil and natural gas continues to increase.[3]

Real estate projects such as Petronia City have begun in hopes of integrating new infrastructures in Ghana and taking advantage of this discovery.[4]

2010s

The Ghanaian government, indicated that the country could expand its reserves up to 5 billion barrels (790,000,000 m3) of oil in

reserves within a few years.[5]

The expected annual tremendous inflow of capital from crude oil and natural gas production into the Ghana economy began from the first quarter of 2011 when Ghana started producing crude oil and natural gas in commercial quantities in 2011.

Jubilee oil field, led to a decline in revenues for the government, who had budgeted for oil revenue of more than $650 million.[7] The corresponding shortfall was more than $410 million.[7] The oil firm blamed the decline on “sand contamination of the flowlines that carry the oil from the underwater wells” into the storage facility on the surface.[7]

In the first and second financial quarters of 2013, Ghana produced 115,000-200,000

GH₵140.7 billion (US$65 billion) in 2014.[8]
[9]

Ghana is believed to have up to 5 billion barrels (790,000,000 m3) to 7 billion barrels (1.1×109 m3) of petroleum in reserves,

cubic feet of natural gas in reserves.[10] Ghana's experience with the oil and gas industry has been more complex than is often assumed.[11] Recent research shows that the challenges and prospects of the oil and gas industry go beyond the often discussed issues about macroeconomic stability to pressing current concerns about energy. This research shows the possibility that the rents from oil and gas can be used for social change in Ghana.[12]

See also

References

  1. ^ a b c d e f Clark, Nancy L. "Petroleum Exploration". A Country Study: Ghana (La Verle Berry, editor). Library of Congress Federal Research Division (November 1994). This article incorporates text from this source, which is in the public domain. Lcweb2.loc.gov.
  2. ^ "Ghana leader: Oil reserves at 3B barrels – Yahoo! News". 22 December 2007. Archived from the original on 26 December 2007. Retrieved 21 December 2010.
  3. ^ "Kosmos Makes Second Oil Discovery Offshore Ghana". Rigzone.com. 25 February 2008. Retrieved 26 June 2010.
  4. ^ "Wonda World Constructs World Class Houses". Modern Ghana. 29 December 2023. Retrieved 29 December 2023.
  5. ^ a b McLure, Jason. Ghana Oil Reserves to Be 5 billion barrels (790,000,000 m3) in 5 years as fields develop. Bloomberg Television. Wednesday, 1 December 2010.
  6. ^ a b "Ghana's Jubilee oil field nears output plateau -operator". reuters.com. Reuters. 23 April 2013. Retrieved 18 July 2013.
  7. ^ a b c Tullow Oil's projections cause budgetary worries in Africa, Liberia: GNN Liberia, 2013
  8. ^ "Singapore Opens Investment Office In Ghana". ventures-africa.com. 23 July 2013. Retrieved 25 July 2013.
  9. ^ "Iran pledges assistance to Ghana's oil and gas sector". graphic.com.gh. Daily Graphic. 9 January 2013. Archived from the original on 10 March 2013. Retrieved 25 July 2013.
  10. ^ "Atuabo gas project to propel more growth". Daily Graphic. graphic.com.gh. 13 May 2013. Archived from the original on 16 May 2014. Retrieved 27 October 2013. Alt URL
  11. ^ Obeng-Odoom F, 2014, Oiling the Urban Economy: Land, Labour, Capital, and the State in Sekondi-Takoradi, Ghana, Routledge, London
  12. ^ Obeng-Odoom F, 2015, 'Oil rents, policy, and social development: Lessons from the Ghana controversy', United Nations Research Institute for Social Development (UNRISD) Research Paper, no. 2, May.
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