Govt concentrating efforts on onshore oil discovery

Accra, July 06, GNA – President Nana Addo
Dankwa Akufo-Addo, on Thursday, pledged his government’s commitment to the
exploration and discovery of oil in commercial quantities onshore, specifically
in the Voltaian Basin.

In that direction, he commended the bold step
taken by the Ghana National Petroleum Corporation (GNPC) to find oil and gas in
the Voltaian Basin, saying that Government would lend all the support needed to
make the endeavour a success.

President Akufo-Addo gave that assurance in
Takoradi at a durbar of stakeholders in the Petroleum industry, government
officials and traditional authorities in the Western Region, after turning on
the valves on the Floating Production Storage and Offloading Vessel (FPSO) John
Agyekum Kufuor to signal the formal production of oil in commercial quantities
from the Sankofa oil and gas fields in the Cape Three Points.

The symbolic ceremony was done offshore by the
President turning the production valve of the FPSO and opening a Subsea Well

The President stated that the efficient
management of petroleum resources and its associated revenues was a national
priority, as the oil industry had become an important contributor to the
country’s economy.

He said the Government would, therefore,
ensure the judicious management of nation’s oil resources in order to better
the welfare of the Ghanaians, promote employment, improve the environment, and
strengthen trade and industrial development in the country.

President Akufo-Addo recalled the pledge made
by former President John Kufuor then a presidential candidate, to concentrate
attention to discovering oil in commercial quantities.

“I believe God will be on our side once again
under another NPP administration to strike more oil and gas; President J A
Kufuor made it happen off shore, the focus now is also to explore opportunities
on shore,” he stated.

“That is why my Government is committed to
intensifying efforts towards the discovery of oil and gas on shore in the
Voltaian Basin,” he said.

“My government is totally committed to giving
Dr K. K. Sarpong and his team all the support they need to make this happen. I
have been briefed that all the necessary preparatory work has been done to
commence initial seismic survey. “Approval for the award of the contract for
the seismic survey will be given soon.” 

President Akufo-Addo gave the assurance that
the Government would ensure that the petroleum sector remained a significant
contributor to financing nationwide industrial development, and thus generate
resources that could be used for rapid national development.

He said his Government was laying the basis
for continued development of the petroleum sector by ensuring that the oil
industry remained an attractive area for investment.

It would also enhance transparency and
accountability in the management of the petroleum resources, adding that it was
developing the Western Region into an oil services hub and it was aggressively
investing in education and skills enhancement of Ghanaians to manage the sector
through the “Accelerated Oil & Gas Capacity Development Programme.”

“The accomplishment of these policy objectives
will help us fulfill our vision for the energy sector to become a modern,
diversified, efficient, and financially sustainable ‘Energy Economy’ that will
ensure that all Ghanaian homes and industries have access to adequate,
reliable, affordable and environmentally-sustainable supply of energy, to meet
their needs and to support the accelerated growth and development we all desire
for the country,” he said.

The OCTP integrated oil and gas development is
made up of the Sankofa Main, Sankofa East and Gye-Nyame fields, which are
located about 60 kilometers off Ghana’s Western Region coast.

The fields has cumulatively, recoverable
reserves of about 1.07 TCF of gas, 173 million barrels of oil and about 30
million barrels of condensate.

The Sankofa fields would produce altogether
45,000 BOPD of oil and 170MMSCFD through 18 wells, using the FPSO John Agyekum

A 63-kilometer submarine pipeline would
transport gas to Sanzule’s Onshore Receiving Facilities (ORF), where it would
be received and transmitted for power generation.

The OCTP Project has achieved significant
local content development and participation with the fabrication of module
stools, risers, jumpers, among others, in Ghana.


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