Ghana's Energy Sector, Oil and Gas News
Ghana will pursue investments in oil, gas - Buah
As part of the government’s effort to ensure that the oil and gas sector contributes towards the transformational agenda being pursued by President John Dramani Mahama, major oil and gas projects are still being pursued in Ghana, despite the downturn of crude oil prices worldwide.
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This was made known by the Petroleum Minister, Mr Emmanuel Armah-Kofi Buah, following the arrival of the FPSO Prof. John Evans Atta Mills (FPSO Atta Mills) on the shores of Ghana on March 2, 2016.
It will produce and store oil from Ghana’s Tweneboa-Enyenra-Ntomme (TEN) offshore oilfields being operated by Tullow Ghana Limited and its partners.
A statement signed by Mr Edward Abambire Bawa, the Head of Communications at the Ministry of Petroleum, and issued in Accra quoted Mr Buah as saying that “the arrival of the FPSO Atta Mills moves us to a sustained production of oil and gas”.
The minister also emphasised that the gas sector was the major game changer for Ghana’s economy and added that “the government is systematically developing additional gas fields and ramping up volumes in existing fields”.
He further stated that in the next decade, 80 per cent of Ghana’s source of power would come from thermal generation, with gas as the critical feed stock.
“The President’s vision of ensuring that by 2020 Ghana gets 3,000MW of power will be achieved because we estimate that with the various projects lined up, gas volumes from indigenous fields will be enough to generate over 3,000MW of power,” the statement quoted the minister as pointing out.
It said he noted that significant progress had been made in the implementation of the Local Content Regulation, L.I. 2204.
“Significant local content milestones have been achieved with the enhanced participation of Ghanaians in the procurement of TEN and ENI projects,” he added.
“Participation of indigenous Ghanaian businesses in major infrastructure projects within the oil and gas sector continues to grow.
“For instance, in the construction of the FPSO Atta Mills, Ghanaian companies contributed remarkably. The deck of the vessel, which is lined with hundreds of modules and pipe rack support tools, were fabricated by Ghanaian companies,” it added