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 Choke.
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 Kufuor.
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.