Audio By Carbonatix
Ghana’s oil production is expected to peak in 2027 at 297,190 barrels per day as the field reaches plateau.
According to Fitch Solutions, research arm of ratings agency, Fitch, this is possible when Pecan oil field to be operated by Aker Energy begins production in 2025.
The field is an ultra-deepwater play in the DWT/CTP block offshore Ghana and is estimated to contain about 334 million of barrels of oil equivalents.
Having been initially expected to require an investment of $4.4bn, Aker Energy and its partners are now aiming to reduce the capex [Capital Expenditure Project] needed for the project. They aim to find a development concept with a sustainable break-even price, should a low oil price environment continue.
“Due to the project revaluations, we do not expect to see Final Investment Decision (FID) until 2022. Following first oil in 2025, we expect Ghana’s oil production will peak in 2027 at 297,190b/d, as the field reaches plateau”, Fitch Solutions emphasized.
However, it said further delays to the Pecan project reaching FID in 2022 will shift the peak production to the tail end of 10-year forecast period.
But, additional opportunities at the country’s oil fields provide some risk to the longer-term outlook for the upstream oil, unless technical issues are averted.
“Overall, we expect to see sustained output from Ghana’s oil fields over our long-term forecast, owing to increased spending and the pending investment decision for the Pecan Field. The development of additional reserves offers significant upside to this forecast”, Fitch Solutions emphasized.
As a result of the current ongoing and planned developments, there is much potential for Ghana’s upstream sector, the international research institution said.
Presently, the Jubilee and TEN fields are producing about 190,000 barrels of oil per day for the country.
Latest Stories
-
Inflation to average 11.3% in 2027 – Fitch Solutions
23 minutes -
I didn’t campaign for NDC to come and do this nonsense – Kpebu on EOCO
24 minutes -
Fitch Solutions maintains its policy rate forecast of 14% by December 2026
30 minutes -
Diaspora Nasara Caucus congratulates Mohammed Ali Suraj, new NPP executives
2 hours -
Dr Antwi-Boasiako’s cybersecurity book showcased at UN crime prevention congress
2 hours -
We will empower the grassroots and protect every vote – NPP’s 1st Vice Chair Kojo Bamba
2 hours -
I do not see myself as better than anyone – NPP’s 1st Vice Chair Kojo Bamba
3 hours -
Police blur the line between invitations and arrests – Reindorf Twumasi Ankrah
3 hours -
Turning invitations into arrests is making citizens reluctant to assist police – Twumasi Ankrah
4 hours -
The Traffitech-GH SMS spot-fine system: The good, the sad, and the funny – Bright Simons writes
4 hours -
Hawa Koomson pledges experienced and mature leadership of NPP women’s wing
5 hours -
Young woman found dead at Kasoa Peace Town
6 hours -
Playback: The Law examined lawful arrest in Ghana
6 hours -
Mahama urges African governments to treat healthcare as an investment, not budget cost
7 hours -
Bawumia congratulates John Boadu and new NPP executives, pledges support ahead of 2028
7 hours