Historic oil discovery made off the coast of Ghana. It could dramatically lift the West African nation Updated for 2021

82,125FansLike
2,966FollowersFollow
2,690SubscribersSubscribe
82,125FansLike
3,122FollowersFollow
2,690SubscribersSubscribe

Updated: February 27, 2021

A company in Ghana has become the first independent African energy group to discover oil in deep water.

Independent Springfield Group would soon announce deep water oil discovery offshore Ghana, a discovery described as historic for Ghana and Africa’s local content.

[read_more id="2" more="Read full article" less="Read less"]

Ghana may soon become the fourth largest oil producer in Sub-Saharan Africa, producing about 250,000 barrels of oil a day by next year.

The Springfield discovery, if confirmed, would dramatically boost production in Ghana, a country located in West Africa.

The oil discovery does not only mark the first deep water oil discovery made by an African oil company, it could also be a bigger find than Ghana’s Jubilee Field, which remains the biggest oilfield in the country.

The discovery is the result of the drilling of two wells over the past 40 days, which both struck oil.

As much as 1.2 billion barrels of oil could be held within the deposit, with up to 35% recoverable according to Springfield.

Equally important, commercially viable quantities of gas were also discovered.

“What a year for Africa’s exploration!” declared Nj Ayuk, Executive Chairman of the African Energy Chamber and CEO at the Centurion Law Group.

“Springfield and its CEO Kevin Okyere represent the African spirit of defying unsurmountable odds and sticking to it when everyone counts you out,” he in a pool statement.

“Africa is a burning exploration frontier where the most significant oil & gas discoveries are being made not only by international explorers, but by our own companies. The Ghana discovery is the result of efforts made by African entrepreneurs, in a country where first discoveries were made only 12 years ago. More importantly, it was made within a block that was relinquished by US explorer Kosmos Energy, known to be a front-runner in making massive discoveries across Africa and opening up new frontiers. It speaks volumes to the value that local content development can create when African companies and entrepreneurs are given an opportunity to contribute to their industry.”

In only a decade, Ghana went from not producing oil to becoming sub-Saharan Africa’s fourth-biggest oil producer, with current production averaging about 195,000 barrels of oil per day (bopd).

The country has been spearheading transformations within the continent’s energy sector, providing the right market-driven policies and environment for African companies to acquire world-class assets from international counterparts, such as Springfield’s acquisition of Kosmos Energy block, or Chrome Resources and Rockefield’s acquisition of the West Keta block operatorship from Hess Corp after its exit in 2014.

Since the discovery of the Jubilee oilfield by Kosmos Energy in 2007, Ghana has managed to bring three offshore projects on stream, resolve its maritime border dispute with Cote d’Ivoire and position itself as a key hydrocarbons province in the Gulf of Guinea. Oil is now being produced from Kosmos Energy’s Jubilee field, Tullow Oil’s Twenneboa, Enyenra and Ntomme fields and ENI’s Offshore Cape Three Points Integrated oil and gas development project. Production is expected to reach 250,000 bopd next year, and most optimistic expectations put output at half a million barrels a day by 2025.

The African Energy Chamber calls on the government of Ghana to incentivize the full development of the block. We believe such development will create jobs for Ghanaians, and opportunities for Ghanaian companies and entrepreneurs to service one of West Africa’s largest upcoming offshore development. Such a discovery has the potential to spur considerable economic growth for Ghana, already the world’s fastest-growing economy this year.

[/read_more]

Simon Ateba
Simon Ateba
Simon Ateba covers the White House, the U.S. government, the International Monetary Fund, the World Bank and other financial and international institutions for Today News Africa in Washington D.C. Simon can be reached on simonateba@todaynewsafrica.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Now

TRENDING

Human Rights Watch concludes Abiy Ahmed’s soldiers bombed civilians to death, schools, hospitals and markets in Tigray region

Ethiopian federal forces carried out apparently indiscriminate shelling of urban areas in the Tigray region in November 2020 in violation of the laws of war, Human Rights Watch said on Wednesday. Artillery attacks at the start of the armed conflict struck homes, hospitals, schools, and markets in the city of Mekelle, and the towns of Humera and Shire, killing at least 83 civilians, including children, and wounding...

Stay connected

[/read_more]

[read_more id="2" more="Read full article" less="Read less"]

error: Alert: Content is protected !!
Reddit
Tweet
Share
Share
Pocket
Share
More