Ghana’s oil and gas industry has experienced significant growth following the discovery of commercial quantities of oil in the country’s Jubilee fields in 2007.
As a result, the West African country has sought to leverage its immense hydrocarbon resources to position itself as a petroleum hub for the region.
With 17 oil and gas projects poised for development between the outlook period 2023-2027, Ghana is set to become a world-class exporter of gas and petroleum products.
Pecan Phase 1A
Poised to start commercial production in 2025, the First Phase of the Pecan Conventional Oil Field will involve the drilling of approximately five wells in ultra-deepwaters in the Gulf of Guinea.
Estimated to contain up to 334 million barrels of oil equivalent, development of the project is projected to cost approximately $1.5 billion.
Operated by exploration and production company Aker Energy with a 50% stake, development partners in the field include petroleum corporation Lukoil with a 38% stake; the state-owned Ghana National Petroleum Corporation with 10%; and transport company Bulk Ship & Trade holding the remaining 2% stake.
Atuabo II Gas Processing Plant
In March 2023, Ghana’s state-owned Ghana National Gas Company and its joint venture partners signed a project implementation agreement for a second gas processing plant at Atuabo in the Ellembele District of the country’s Western Region.
The $700 million Atuabo II Gas Processing Plant will have an initial capacity of 150 million standard cubic feet per day, which can be expanded to 300 million standard cubic feet per day upon completion in 2025. The plant will be capable of processing liquefied natural gas (LNG) into propane, butane and pentane condensates.
Tema VI Oil Storage Facility
With a storage capacity of 1.9 billion barrels of oil, the Tema VI Oil Storage Facility is expected to become operational in 2024. Situated in the Greater Accra Region, the facility will have pipeline, road and sea access and will be used to store chemicals, crude oil and petroleum products.
Owned and operated by petrochemical production company Sentuo Oil Refinery Ltd., the project is expected to witness an estimated capex of $380 million.
Tema Floating LNG Plant
Under construction in Ghana’s capital city of Accra, the Tema Floating LNG Plant will include the requisite infrastructure to import, store, regasify and deliver LNG to off-takers in the Greater Accra Area.
Operated by private equity company Helios Investment Partners, the $350 million plant will have a capacity of 1.7 million tons of gas per year and is poised to meet the domestic natural gas demand of Ghana.
Tema-Akosombo II Pipeline
Due to connect the Tema Oil Refinery in the Greater Accra Region to the Akosombo Terminal in the country’s Eastern Region, the Tema-Akosombo II Pipeline will span 70km and will significantly support the expansion of oil storage capacity in Ghana. At a cost of $71 million, the project is being developed by state agency the Bulk Oil Storage and Transportation Company Ltd. The project is currently in the construction phase.
