Ghana Oil and Gas Exploration and Production Market Volumes and Forecast by Terrain, Assets and Major Companies, 2021-2025

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Ghana’s total gross crude oil and condensate production was valued at 183,152 barrels per day (bd) in 2020, is projected to decline at a CAGR of more than -1% by 2025. The marketed natural gas production of Ghana was valued at 242 million cubic feet per day (mmcfd) in 2020 and is expected to increase with a CAGR of less than 1% by 2025. Crude oil production in the country peaked in 2019 and is forecast to see a gentle decline throughout the forecast period as works are ongoing at Jubilee and TEN. Natural gas production is also forecast to increase and plateau throughout the period, the majority of which comes from the ENI-operated OCTP field as it reaches a plateau of 180 mmcfd to supply the domestic power market.

Crude oil makes up more than 60% of the country’s production in 2021, down from more than 80% in 2020 as the TEN fields continue to underperform. The country currently only has three producing areas: Offshore Cape Three Points (OCTP), Greater Jubilee, and Tweenboa, Enyenra, Ntomme (TEN). Ghana is relatively new to the oil and gas industry with the first production in the country coming in December 2010 with the Tullow-operated Jubilee field. The oil industry in Ghana has helped the country to grow over the last decade however is not as reliant on the industry for government revenue as some of its neighbors such as Nigeria and Angola.

Overview of Ghana crude oil and condensate production

Overview of Ghana crude oil and condensate production

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What are the market dynamics of Ghana’s exploration & production sector?

GlobalData estimated that Ghana has approximately 900 million barrels of crude oil and condensate remaining reserves from the producing and announced fields, including expansions. The largest of these fields is the potential Pecan development which is yet to receive a final investment decision (FID) holds almost a third of these remaining crude oil reserves. It is also estimated that the country has 220 million boe of natural gas remaining, OCTP holding 75-80% of these reserves.

In 2021, total production in Ghana is forecast to decline by 10% as compared to 2020 production levels. 2021 is forecast to be the first year of decline since the country saw its first production in 2010 as the fields begin to mature. The near-term outlook for Ghana’s hydrocarbon production is due to plateau throughout the forecast period, however, should the Pecan field receive FID by the end of 2021 or 2022, the field will be able to bolster production levels and will be enough to bring the country back to its former peak.

Exploration activity in Ghana has been fairly sparse with only four discoveries made between 2017 and 2020 all coming in 2019. US supermajor ExxonMobil, early in 2021 decided to relinquish its stake in the deepwater Cape Three Points block after having held it for just two years. Ghana does not have an upcoming bid round for 2021 however the round conducted in 2019 saw little interest from oil and gas companies across the world. The Ghanaian ministry cited the reasons for the lack of interest as being down to the lack of comprehensive data, and the small size of the blocks on offer.

2021 is due to be an active year in Ghana for mergers and acquisitions as one large deal has already been completed with Occidental farming down from the Greater Jubilee and TEN fields. The deal included an 18% stake in Greater Jubilee and 11% in the TEN fields to Kosmos Energy for $550 million. GNPC also intends to acquire a 37% stake in the Deepwater Tano Cape Three Points block from Aker Energy in addition to a 70% stake in the South Deepwater Tano Cape Three Points block from AGM Petroleum. These deals could be worth up to an estimated $1.45 billion and maybe an effort by Ghana National Petroleum to push forward the Pecan development.

What are the key categories of Ghana’s crude oil and natural gas production?

Ghana’s crude oil and condensate and natural gas production is categorized by terrain into deepwater and ultra-deepwater. Ghana’s gross crude oil and condensate production is categorized by assets including Greater Jubilee, OCTP, TEN, and Pecan. Greater Jubilee is the leading asset followed by OCTP, TEN, and Pecan. Ghana’s marketed natural gas production is categorized by assets including OCTP, Greater Jubilee, and TEN.

Ghana exploration & production sector, by terrain

Ghana exploration & production sector, by terrain

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Which are the major companies in Ghana’s exploration & production sector?

The key companies of Ghana’s crude oil and condensate production include Tullow Oil Plc, Kosmos Energy Ltd, Ghana National Petroleum Corp, Eni SpA, Vitol Holding II SA, Occidental Petroleum Corp, and others. The key companies of Ghana’s natural gas production include Eni SpA, Vitol Holding II SA, Ghana National Petroleum Corp, Kosmos Energy Ltd., Tullow Oil Plc, Occidental Petroleum Corp, and CEF (SOC) Ltd.

Ghana exploration & production sector, by key players

Ghana exploration & production sector, by key players

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Market report scope

Market Production (Year – 2020) Crude oil and condensate production: 183,152 barrels per day (bd)

Natural gas production: 242 million cubic feet per day (mmcfd)

Growth Crude oil and condensate production: CAGR >-1% during 2021-2025

Natural gas production: CAGR <1% during 2021-2025

Base year for estimation 2020
Key categories Deepwater and Ultra-deepwater
Key Companies Tullow Oil Plc, Kosmos Energy Ltd, Ghana National Petroleum Corp, Eni SpA, Vitol Holding II SA, Occidental Petroleum Corp, CEF (SOC) Ltd., and Aker ASA

Scope

This report provides an overview of Ghana’s exploration & production sector. The report includes:

  • Ghana’s oil and gas production outlook by assets terrain, and major companies.
  • Key details of active and upcoming oil and gas assets in the country.
  • Recently licensed blocks details, licensed blocks count by company, and latest discoveries.
  • Latest mergers and acquisitions, and awarded contracts related to the E&P sector in the country.

Reasons to Buy

  • Gain a strong understanding of Ghana’s E&P sector.
  • Facilitate decision-making based on strong historical and outlook of oil and gas production data, licensed blocks details, and discoveries.
  • Assess your competitor’s production outlook and licensed blocks count in the country.
  • Analyze the latest M&A landscape and awarded contracts related to the country’s E&P sector.

Table of Contents

|Table of Contents 3

|List of Tables 4

|List of Figures 5

Ghana Exploration and Production Sector 8

Ghana Exploration and Production Sector, Oil and Gas Production Outlook 8

Ghana Exploration and Production Sector, Marketed Natural Gas Production by Terrain 9

Ghana Exploration and Production Sector, Gross Crude Oil and Condensate Production by Assets 10

Ghana Exploration and Production Sector, Marketed Natural Gas Production by Assets 11

Ghana Exploration and Production Sector, Net Entitlement Crude Oil and Condensate Production by Major Companies 12

Ghana Exploration and Production Sector, Net Entitlement Natural Gas Production by Major Companies 14

Ghana Exploration and Production Sector, Exploration 17

Ghana Exploration and Production Sector, Total Licensed Blocks 17

Ghana Exploration and Production Sector, Licensed Blocks by Company 17

Ghana Exploration and Production Sector, Exploration 18

Ghana Exploration and Production Sector, Exploration Details, Exploration 18

Ghana Exploration and Production Sector, Major Oil and Gas Discoveries 19

Ghana Exploration and Production Sector, Number of Oil and Gas Discoveries, 2016 – 2020 19

Ghana Exploration and Production Sector, Oil and Gas Discovery Details 20

Recent Contracts 21

Recent M&A Activity 22

Appendix 23

Methodology 23

Coverage 23

Secondary Research 23

|Contact Us 24

Table

Ghana, Total Gross Crude Oil and Condensate Production (bd) by Terrain, 2016-2025 8

Ghana, Marketed Natural Gas Production by Terrain (mmcfd), 2016-2025 9

Ghana, Gross Crude Oil and Condensate Production (bd), by Assets, 2016-2025 10

Ghana, Marketed Natural Gas Production (mmcfd), by Assets, 2016-2026 11

Ghana, Net Entitlement Crude Oil and Condensate Production (bd), by Major Companies, 2016 – 2025 12

Ghana, Net Entitlement Natural Gas Production (mmcfd), by Major Companies, 2016 – 2025 14

Ghana, Active and Upcoming Oil and Gas Field Assets Details 16

Ghana, Total Licensed Blocks, 2010-2020 17

Ghana, Licensed Blocks by Company, 2010-2020 17

Ghana, Recently Licensed Block Details 18

Ghana, Number of Oil and Gas Discoveries, 2016 – 2020 19

Ghana, Oil and Gas Discovery Details, 2016 – 2020 20

Recent Contracts 21

Recent M&A Activity 22

Figures

Ghana, Total Gross Crude Oil and Condensate Production (bd) by Terrain, 2016-2025 8

Ghana, Marketed Natural Gas Production by Terrain (mmcfd), 2016-2025 9

Top 10 Fields in Ghana by 2020 Crude Oil Production 10

Top 10 Fields in Ghana by 2020 Natural Gas Production 11

Top 10 Companies in Ghana by 2020 Crude Oil and Condensate Production 12

Top 10 Companies in Ghana by 2020 Natural Gas Production 14

Ghana, Active and Upcoming Oil and Gas Assets by Production Start Year 15

Ghana, Number of Oil and Gas Discoveries, 2016 – 2020 19

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