The Acting Chief Executive Officer of GNPC, Kwame Ntow Amoah, signing on behalf of GNPC, said, “The agreement marks a significant step forward in maximising the value of Ghana’s data assets while ensuring transparency and collaboration between the National Oil Company and the Regulator.”
Under the terms of the MoU, the partners have committed to drilling up to 20 additional wells in the Jubilee field, with investments totalling up to $2 billion over the life of the licences. The partners expect a material increase in gross 2P (proven and probable) reserves, while new measures will also aim to boost gas supply and reduce costs to consumers.
Ghana currently supplies about 425 million standard cubic feet of natural gas per day (MMscfd), sourced from the Jubilee and TEN fields, the Sankofa-Gye Nyame field, and imports from Nigeria. This gas supports nearly 70% of the country’s electricity generation.
According to the statement, the agreement brings together Tullow Oil plc, Kosmos Energy, PetroSA, the Ghana National Petroleum Corporation (GNPC), and Explorco, and will see the West Cape Three Points (WCTP) and Deep Water Tano (DWT) licences—home to the Jubilee and 10 fields—extended by 15 years.
Edward Bawa, in his first official statement since assuming office outlined a vision centered on fostering stronger collaborations with industry partners to attract increased investments and drive growth in the petroleum sector.
In a statement, GNPC expressed its confidence in Mr Bawa’s leadership, emphasising his extensive experience and strategic vision for the Corporation.
The 2024 semi-annual report of the Public Interests and Accountability Committee revealed the corporation had not set aside funds to support its operations after a 15-year timeline expiration.
Expected to launch 17 oil and gas projects during the period 2023-2027, Ghana is bolstering its oil and gas industry through new deepwater drilling campaigns and a $60-billion petroleum hub project. Recently-appointed Ghana National Petroleum Corporation (GNPC) CEO Joseph A. Dadzie will speak on the country’s efforts to drive production increases, grow domestic refining capacity and build a diversified national energy economy at African Energy Week: Invest in African Energy 2024 in Cape Town this November.
Expected to launch 17 oil and gas projects during the period 2023-2027, Ghana is bolstering its oil and gas industry through new deepwater drilling campaigns and a $60-billion petroleum hub project. Recently-appointed Ghana National Petroleum Corporation (GNPC) CEO Joseph A. Dadzie will speak on the country’s efforts to drive production increases, grow domestic refining capacity and build a diversified national energy economy at African Energy Week: Invest in African Energy 2024 in Cape Town this November.
Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC), Joseph Dadzie, is of the firm belief that establishing an operational presence in the Western Region would further strengthen GNPC’s position as Ghana’s foremost player in the oil and gas sector.