Ghana’s oil output is to reach 190,000b/d by the end of 2016, Ecobank Research has revealed, Ecofin Agency reported.
This is against the accumulated 110,000 barrels of oil currently being produced, with the Jubilee field producing 80,000b/d, and the Tweneboa, Enyenra and Ntomme (TEN) fields producing 30,000b/d. If achieved, this would make Ghana the sixth leading producer of oil in middle Africa, informed The Ghana Guardian.
The report also revealed that PetroGulf Ghana Limited has signed a share purchase and sale agreement to buy Eco Atlantic (Ghana) Limited, from Eco (Atlantic) Oil & Gas Limited for a purchase consideration of $0.58m. Eco Atlantic (Ghana) Limited owns 50.51% interest in Three Point West Deep Water Offshore block (Ghana block). The transaction is expected to enable PetroGulf to increase its interest in the Ghana block.
In related news, Tullow Oil and its partners in the TEN project offshore Ghana commenced oil production from the project in August 2016. The field became Ghana’s second large scale producing field after Jubilee field also operated by Tullow Oil.