Overview

The discovery of oil and gas offshore Ghana is a major economic boost for the country and provides an opportunity for further industrialisation and development. The discovery of the giant Jubilee field in 2007 and first oil from the site in December 2010 confirmed the country as an area of interest, attracting international majors to explore its offshore licences. Subsequent finds include the Tweneboa, Enyenra, Ntomme and Sankofa fields.

While oil output from Jubilee averages approximately 100,000 barrels per day, the country’s gas production does not meet domestic demand. Gas is seen as an important driver for economic development by providing a low-cost source of electricity and for attracting industry. However, a project to use associated gas from the Jubilee field for power generation and fertiliser production has been subject to delays, and the country continues to use expensive liquid fuels to supply its thermal plants.

The gas fields found to date are not large enough for LNG exports, but the revenue generated from oil exports and potential for gas to drive domestic development means hydrocarbons could challenge cocoa as Ghana’s primary industry. Gas production in Ghana is expected to grow substantially once sufficient infrastructure is in place.

Page updated: 24/07/2014