Ghana Targets Increased Revenue from Petroleum Sector in 2018

SEATTLE (Oil Monster): Ghana Minister of Finance announced that oil and gas sector will continue to remain as one of the major drivers of the country’s economy. While presenting the Budget for next year, Mr. Ken Ofori-Atta forecast revenue of $670 million from petroleum sector alone in 2018. He also forecast the benchmark revenue at around $336 million during the upcoming year.

According to the Minister, the country expects to export nearly 53.25 million barrels of petroleum resources. The production from all the three existing oil fields- Jubilee, Tweneboa Enyera and Ntomme (TEN) and Sankofa Gye Nyame (SGN) is expected to report significant jump in 2018. Incidentally, the revenue from oil production from Jubilee and TEN fields has recorded more than 50% jump during the first three quarters of 2017, in comparison with the corresponding period in 2016. The combined crude oil production by these two fields totaled 5.8 million barrels, out of which Jubilee accounted for 3.8 million barrels.

Reports indicate that repair works scheduled to take place in early 2018 will lift Jubilee’s production levels to 120,000 barrels per day. The implementation of the government-approved development plan at the field is expected to further lift the production to 150,000-160,000 barrels per day.

With the recent settlement of maritime border dispute with Cote d’Ivoire, the operator of TEN field has decided to go ahead with drilling of additional wells in the region. Consequently, the crude production by the country may climb progressively to record highs of nearly 250,000 barrels per day by end-2018.