• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    Liberia’s Metieh Glassco – the Director General of Liberia’s Fisheries and Aquaculture Authority (NaFAA) to uphold the 2012 Cape Town consensus
    MDXi Embraces Energy Efficiency and Environmental Sustainability
    South Africa’s Maite Nkoana-Mashabane yelled for Women’s representatives in the enactment of the African Continental Free Trade Area (AfCFTA)
    West Africa Gold Production Expected to Increase by 2.7% in 2021 According to Report
    Sierra Leone’s Ministry of Fisheries and Marine Resources upheld Friendship with Amsoft Technologies to enhance Canoe Registration Web Portal and Portative Application
    N10 Billion filled into the Scholastic realm of Nigeria by Dangote
    African Export-Import Bank (Afreximbank), African Association of Automotive Manufacturers (AAAM) Signs Agreement to Drive Automotive Investment in Africa
    African Union Commissioner disclosed Agriculture is crucial to African Growth
    $200 Million conserved by Rwanda for Continental Export Appropriation, Vincent Biruta Rwanda’s Minister of Foreign Affairs, unearthed
    Kenya Electricity Generating Company (KenGen) Signed Deal to Drill Geothermal Wells in Djibouti

    Ghana’s Oil Reserves Left with 2.5 Billion Barrels – Report

    Posted On 24 Jan 2021
    By : New Africa Business News, Staff Correspondent
    Comments: 12

    By Richard Adorsu-

    Photo Credit: Oil field

    NEW AFRICA BUSINESS NEWS (NABN) Accra, Ghana– Ghana’s oil reserves is left with about 2.5 billion barrels more to be produce if new oil discoveries are not found. This represents about 86% of the total oil reserves.

    According to Fitch Solutions, only about 400 million barrels of oil has so far been produced from the Jubilee and TEN fields, since the country began oil production in the year 2011.

    “So far, just 400mn bbl of oil (gross) has been produced from the Jubilee and TEN fields, out of the 2.9 billion barrels in place, representing 14% of potential production”, it said. This signifies ample opportunity for Ghana’s upstream oil production.

    However, ongoing technical issues at both fields provide some risk to the country’s oil production potential. Previous issues have meant output at the Jubilee and TEN fields is currently capped at 70% of maximum Floating, Production, Storage and Offload capacity.

    Nevertheless, Tullow Oil’s recent focus on improving water injection efficiency and optimizing wells is set to enhance the fields’ output over Fitch Solutions forecast period. This raises the prospect of increasing recoverable reserves at both the Jubilee and TEN fields.

    There are currently 49 injection and production wells at Jubilee and TEN fields planned between 2021 and 2030, with each production well projected to have an initial production rate of 10 to15,000 barrels per day.

    Despite the company’s ambitions, it is unlikely all wells will reach the desired initial production rate over the planned period given the decline rates at the field.

    “Consequently, each additional well drilled could have a diminishing initial output, with the expected drop in reservoir pressure without significant reservoir support from water injection. Although, well costs have fallen to near $60 million per well, according to Tullow, the increased number of wells and higher operating costs expected from an expanded injection programme may limit the scope of future investment if oil prices deteriorate from the current levels near US$50 per barrel.”

    Meanwhile, the nation is still awaiting a boost from the Pecan Field, which is expected to come on stream in 2025.
    Fitch Solutions says the anticipated development of the 110,000 barrels per day Pecan field holds the key to the country’s oil future.

    The field is an ultra-Deepwater play in the DWT/CTP block offshore Ghana and is estimated to contain about 334 million barrels of oil equivalents. Consequently, its successful development presents significant upside risk to Fitch Solutions longer-term outlook for Ghana’s crude oil production.

     

    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent

    Facebook: newafricabusinessnews.com

    Email: Info@newafricabusinessnews.com

    AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com

    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    $34.12 Million Scheme Doled out to Mambolo Chiefdom and Samu Chiedom in Kambia District of Sierra Leone and pari passu to Tomabum in Bonthe – Southern Sierra Leone, in a bid to Pioneer the Largest Scale Rice Planting Venture endeavored at ameliorating the Country’s dependency on the significance of the nation’s staple grub

    Next Story

    Multilateral Investment Guarantee Agency(MIGA) a retinue of the World Bank Group, prioritize the usage of Solar to Power Cell Towers in Liberia and Sierra Leone

    12 Comments

    1. Sean January 24, 2021 at 12:54 am Reply

      Great report. Right, even oil don’t last for ever. Harare Zimbabwe. Sean

      • New Africa Business News, Staff Correspondent January 24, 2021 at 12:55 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Palo January 24, 2021 at 1:02 am Reply

      I think, Ghana is making the best use of it’s God giving natural resources. Other Countries in our great Continent, should emulate, Ghana. Lusaka Ghana. Palo

      • New Africa Business News, Staff Correspondent January 24, 2021 at 1:03 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Kofi January 24, 2021 at 1:08 am Reply

      Thank you for the report. Our government in Ghana is aware of the depleting of our oil, and the government diversification plan is in action. Accra Ghana. Kofi

      • New Africa Business News, Staff Correspondent January 24, 2021 at 1:09 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Dofi January 24, 2021 at 1:12 am Reply

      Thank you, Richard for covering Ghana. Thank you for the report. Kumasi Ghana. Dofi

      • New Africa Business News, Staff Correspondent January 24, 2021 at 1:13 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Andy January 24, 2021 at 1:15 am Reply

      Like to thank you for the daily newsletters. Oxford, England. Andy

      • New Africa Business News, Staff Correspondent January 24, 2021 at 1:16 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    6. Seth January 24, 2021 at 1:22 am Reply

      Our governments, in Afrika, should always diversified our great economic. Thank you for reporting. Gaborone Botswana. Seth

      • New Africa Business News, Staff Correspondent January 24, 2021 at 1:23 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    Liberia's Metieh Glassco – the Director General of Liberia's Fisheries and Aquaculture Authority (NaFAA) to uphold the 2012 Cape Town consensus

    Posted On 27 Feb 2021

    MDXi Embraces Energy Efficiency and Environmental Sustainability

    Posted On 26 Feb 2021

    South Africa's Maite Nkoana-Mashabane yelled for Women's representatives in the enactment of the African Continental Free Trade Area (AfCFTA)

    Posted On 25 Feb 2021

    New Africa Business News, Person of the Year 2020-2021, Goes to Dr. Arikana Chihombori Quao

    Posted On 01 Jan 2021

    New Africa Business News, Africa President of the Year 2020-2021 Goes to Tanzania's John Pombe Joseph Magufuli

    Posted On 01 Jan 2021

    New Africa Business News, REPORTER of the Year 2020-2021, Goes to Richard Adorsu

    Posted On 08 Feb 2021

    MDXi is a great company on our...

    Posted On 26 Feb 2021

    Great initiative by MDXi. Great report....

    Posted On 26 Feb 2021

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2021

    Facebook

    Latest Posts

    Liberia's Metieh Glassco – the Director General of Liberia's Fisheries and Aquaculture Authority (NaFAA) to uphold the 2012 Cape Town consensus

    MDXi Embraces Energy Efficiency and Environmental Sustainability

    South Africa's Maite Nkoana-Mashabane yelled for Women's representatives in the enactment of the African Continental Free Trade Area (AfCFTA)

    Recent Posts

    • Liberia’s Metieh Glassco – the Director General of Liberia’s Fisheries and Aquaculture Authority (NaFAA) to uphold the 2012 Cape Town consensus
    • MDXi Embraces Energy Efficiency and Environmental Sustainability
    • South Africa’s Maite Nkoana-Mashabane yelled for Women’s representatives in the enactment of the African Continental Free Trade Area (AfCFTA)
    • West Africa Gold Production Expected to Increase by 2.7% in 2021 According to Report
    • Sierra Leone’s Ministry of Fisheries and Marine Resources upheld Friendship with Amsoft Technologies to enhance Canoe Registration Web Portal and Portative Application

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.