Ghana to spend $20 billion in offshore oil investments

Ghana to spend $20 billion in offshore oil investments Ghana National Petroleum Corporation (GNPC) said the country projects investments in its growing oil industry will reach at least $20 billion over the next five years, Reuters reported. Alex Mould, CEO of the state-owned GNPC, said the investment would primarily go to offshore development of three blocks, including the Tweneboa/Enyera/Ntomme (TEN) block.

"The only one that we are spending on this year is the TEN project," Mould told reporters, according to Reuters. "However, there will be exploration work going on."

About $1.4 billion will go to developing the TEN field in 2014 and officials will determine the level of investment for the other two fields.

"There will be appraisal work going on, so there will be wells drilled and investment coming in," Mould said.

The Jubilee field located offshore needed at least $6 billion over the past five years to be developed, according to Mould. Kosmos Energy previously announced oil production from the Jubilee field, with Tullow Oil as the operator, would reach 100,000 barrels of oil per day for 2014.

"The revised forecast is unrelated to reservoir performance and well productivity, which remain strong," the Kosmos Energy release said.

More information on Tullow Oil and the Jubilee field can be found on PennEnergy's research area.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs