While the country continues to battle an impending energy crisis which among other reasons, is powered by a high cost of gas supply, a vast majority of Ghana’s oil & gas resources remain untapped.
This was revealed in a recent report of a study conducted by the Africa Centre for Energy Policy (ACEP).
The report indicated that although there are currently at least 14 active petroleum contracts for oil & gas exploration across Ghana, about 80% of the country’s hydrocarbon potential remains untapped.
Commenting on this alarming discovery - Executive Director of the ACEP, Benjamin Boakye, pointed out that: “the busy areas of the Western Basin constitute about 20% of the over 36,000km2 of offshore and 103,600km of onshore acreagesâ€.
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“This indicates that a vast amount of the country’s basins requires increased activity and promotions to attract investment,†he added.
The ACEP boss went on to recommend an adjustment in the regulatory and governance regime for Ghana’s oil & gas sector, in order to balance a general oil investment attraction in the country with much-needed ones in the upstream sub-sector.
Currently, Ghana has at least four major oil fields - including the Jubilee field where FPSO Nkrumah (Floating Production, Storage, and Offloading) is located as well as, several other exploration sites across the country.