Ghana’s oil industry is set to receive a boost from the deployment of 3D seismic data by the country’s government.The Petroleum Commission of Ghana has recently acquired 3D seismic data sets from four different companies in a bid to boost local oil exploration and production.The data is expected to cover all of the country’s offshore basins, and will help to make informed decisions about where to drill and how to optimise production.
West Africa’s oil industry is a key component of the region’s bunker demand, with tankers visiting the region taking up a large proportion of local
bunker sales. Local supplier AI Energy has said it will work with its strategic partners to help the PCG’s plans to expand oil production.The data is expected to cover all of Ghana’s offshore basins, and will help to make informed decisions about where to drill and how to optimise production.
“Today, we confront a critical question: why has Ghana struggled to attract major projects in its oil and gas sector in recent years? This inquiry is not merely academic but speaks to the heart of Ghana’s potential and its journey toward energy security and economic prosperity,” said Ms Abledu who was a guest speaker at the Summit . Her presentation during the Summit highlighted a need for urgent reforms among others in the local oil and gas sector. She said, for instance, that as oil and gas projects become increasingly expensive, it’s a crucial the quality of data on designated blocks is high to get the buy-in of investors to sink in money.
“In the case of Ghana, as its basins are largely not de-risked, significant data gaps and low data quality exist. This has made its data unreliable and led to low investor confidence in its blocks. It was one of many reasons why a number of IOCs pulled out their bids in Ghana’s maiden bid and licencing round in 2018.” The 3rd Africa Energy Summit was organised by Offshore Africa Magazine on the theme ‘Africa and the New World Energy Order’. Chief Executive-Offshore Africa Magazine, Mr. Gilbert Da Costa, in his remarks at the event also said the forum provides a platform to examine trends in the upstream oil and gas sector and how to address the emerging challenges. “This is because this is one industry that can change the course of history in Africa. It provides a lot of resources,” he said.
Source:https://shipandbunker.com