Ghana’s oil production will grow slightly in the near term, with crude oil and other liquids production increasing from 142,440 barrels per day in 2022 to 145,390, Fitch Solutions has disclosed

This projection follows recent investments by Tullow Oil. Here is more.

It said the investments to propel this moderate growth consists of a multi-year drilling campaign at the Jubilee and Tweneboa-Enyenra-Ntomme (TEN) fields which currently account for approximately 80% of Ghana’s upstream output.

In 2022, Tullow’s investments included four new wells.

However, in 2023, Tullow, plans on introducing 6 wells which will come online by the third quarter.

These investments, Fitch Solutions, believe will enable Ghana’s oil industry to reverse natural declines and moderately boost short-term production with production at the Jubilee field expected to exceed 100,000 barrels per day in 2024.

To maintain this level of output, a total of 49 production and injection wells are planned to be introduced to the fields by 2030. As of February 2023, Tullow plans to invest approximately $300mn in Ghana to support these projects.

“While these investments will prevent significant short-term declines, the key upside to Ghana’s longer-term oil production outlook is the 110,000b/d Pecan Field Development. Further progress on the Final Investment Decision (FID) in the Pecan development is essential for Ghana to return to pre-pandemic levels of oil production (which averaged 197,000 b/d in 2019)”, Fitch Solutions pointed out.

The Pecan field, which is part of the Deepwater Tano Cape Three Points licence block, has estimated reserves of 334 million boe. It is operated by Aker Energy, who maintains a 50% stake, while the other partners include Russia-based Lukoil (38%), Ghana National Petroleum Corporation (GNPC) (10%), and Fueltrade (2%)