GNPC to drill first oil well in Voltaian basin by Q1 of 2024 – CEO announces

The Ghana National Petroleum Commission (GNPC) is hoping to crown its exploratory efforts in the Voltaian basin by drilling a well between fourth quarter of 2023 and first quarter of 2024.

According to the Chief Executive Officer, Opoku Ahweneeh Danquah, the GNPC is busily enaged in exploring the hydrocarbon prospectivity of Ghana’s onshore sedimentary basin, under a Reconnaissance
license through a mix of geophysical, geological and geochemical techniques.

Additionally, GNPC operates the shallow water GH-WB-01 block under Reconnaissance license. Over the next two years, GNPC will acquire, process and interpret 3D seismic over the block to evaluate hydrocarbon potential and drill one well.

Mr. O-A Danquah made the announcement in London, UK on Thursday, January 12, at the 2023 Ghana Oil and Gas Roadshow held at the Cavendish Conference Centre.

His presentation, which was the theme; ‘GNPC; A Strategic Partner for Delivery of Available E&P Projects’, also touched on the operatorship drive of the GNPC.

“GNPC is continuously evaluating opportunities to leverage our technical competence and financial strength in unlocking much needed hydrocarbon potential of our sedimentary basins,” he noted.

He further encouraged “…all to strongly consider the opportunities available at this Roadshow and assure you that in GNPC you have a dependable technical and commercial partner working together to execute work programs leading to much needed oil and gas discoveries.”

The Roadshow saw presentations on an overview of Ghana’s upstream industry as well as Ghana’s Fiscal and Regulatory Regime and Energy Transition Strategy. There were technical presentations on Farm-in operations, available blocks among Q&A sessions.

In attendance were the Energy Minister, Dr Matthew Opoku Prempeh; Ghana’s High Commissioner to the United Kingdom and the Republic of Ireland, Papa Owusu Ankomah as well as experts from the oil and gas industry.

The GNPC’s strategic objective within the energy transition climate Mr. Danquah notes, “is to accelerate responsible exploitation of Ghana’s oil and gas resources to meet growing energy demand as we continue to embrace and develop green energy projects.”

Increased participation in E&P licenses

The CEO revealed the growth strategy led to the establishment of GNPC Explorco, a registered subsidiary, with participating Interest in six Exploration and Appraisal licenses in offshore basins.

“Our strategic entry into these licenses is underpinned by our knowledge-based conviction of hydrocarbon prospectivity and commercial assessment of financial exposure and risk.

“As a paying partner, Explorco forms part of the Contractor party and contributes experience and lessons learnt from other exploratory licenses with the aim of enhancing exploration success and reducing project delivery timelines.

“In 2021, GNPC through our subsidiary acquired Commercial Interest in Jubilee and TEN fields to increase our participation and revenue from both fields,” he stated.

GNPC; 1985 – 2011

GNPC, Ghana’s National Oil Company (NOC), was established in 1983 by PNDC Law 64, to support the government’s objective of providing adequate and reliable supply of petroleum products and reducing the country’s dependence on crude oil imports, through the development of the country’s own petroleum resources.

In the early 2000’s, GNPC’s focus was amended to solely operate within the upstream energy sector, relinquishing previous downstream operations.

Prior to the establishment of Petroleum Commission Ghana in 2011, GNPC in addition to the core mandate played pseudo regulatory roles in assisting the Ministry of Energy in chartering the path to commercial discoveries in Ghana.

The New GNPC

Subsequently, GNPC has transformed into a fully commercial state-owned entity with strategic objective of leading the sustainable exploration, development, production and disposal of the petroleum resources of Ghana, by leveraging the right mix of domestic and foreign investments in partnership with the people of Ghana.

GNPC’s role is to ensure the efficient supply of natural gas from our oil and gas fields to Ghana National Gas Company to meet Ghana’s increasing energy needs by efficiently negotiating gas sales from our producing fields.

As a partner in all Petroleum licenses, GNPC has developed diverse competencies across the entire value chain to support partners in the execution of agreed Work Programs.

Having worked with different Operators over the years, GNPC has developed a highly skilled and adaptable workforce embracing new technology and operating strategies of prospective partners.

GNPC has over the years conducted regional studies on our own as well as commissioning third-party experts such as Robertson CGG and De-Goyler and Macnaughton to deepen our understanding of the Ghana sedimentary basins.

GNPC is seeking to utilise the wealth of knowledge and expertise of the Ghana sedimentary basins in collaboration with new partners in unlocking remaining hydrocarbon potential for mutual benefit.