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.