Ghana’s oil production is set to double up over the next four years. Ghana is a comparatively new and small player in Africa’s hydrocarbon sector, and recent discoveries by Norwegian start-up Aker on the Deepwater Tano Cape Three Points block could support production increase from a little less than 200,000 barrels per day (bpd) this year to about 420,000bpd by 2023, as per the finance minister Ken Ofori-Atta.
Aker submitted its $4.4bn expansion plans this year for its Pecan field, where it argues between 600,000 and 1m barrels of oil can be found. Ghana’s oil and gas are helping stage as it is among the continent’s fastest-growing economies, with growth forecast to reach 8.8% this year.
The government is also buoyant that US supermajor ExxonMobil and its consortium partners will find commercial quantities of oil at its Cape Three Points block. AGM Petroleum, backed by Norwegian businessman Kjell Inge Røkke’s TRG Holding, also concluded a deal this year for its exploration of the South Deepwater Tano block.