Ghana Expects Oil Production Growth

Ghana Expects Oil Production Growth

Oil production in the West African state of Ghana is expected to increase “substantially," following the discovery of large oil deposits, ” according to the country’s government.

The announcement, by Norwegian exploration firm Aker Energy, follows the successful drilling of the Pecan-4A appraisal well and is a welcome boost for breakbulk activity in the country.

“We are pleased to announce the well results, confirming our understanding of the area, as well as the resource base and upside potential in the DWT/CTP block,” said Hakon Hagetveit, head of communications at Aker Energy.


Up to 550 Million Barrels

Aker estimates gross contingent resources (2C) of 450 million to 550 million barrels of oil equivalent, based on seismic data and an analysis of the Pecan-4A well results.

Another two appraisal wells will be drilled, total volumes to be included in a plan of development that may see the potential recoverable resources increase to 1 billion barrels. The firm has also identified multiple well targets to be drilled as part of a wider area development.

The field was originally owned and explored by oil firm Hess in 2012, but following the firm’s failure to develop the site Aker announced its acquisition of Hess’s interest in the DWT/CT License In 2017.

“Aker and its partner working closely with the Petroleum Commission and GNPC immediately undertook preparations for an expansive drilling program, with Pecan 4A being the first of three planned wells,” Hagetveit said.


Pecan to Double Production by 2021

Ghana currently produces only 200,000 barrels of oil per day, and the new oilfield is expected to double daily output by 2021.

“Multiple government agencies including the Petroleum Commission, GNPC and the Ministries of Energy and Finance had worked closely with the DWT/CT partners to achieve this positive result. Ghana will continue to collaborate with and support Aker Energy and its partners as we jointly work to deliver first oil as quickly as possible and ensure significant value is retained in Ghana for the benefit of our people,” Minister of Energy John Peter Amewu said.

Founded in early 2018, Aker Energy is headquartered in Norway and operates offices in Oslo and Accra, the capital of Ghana.