Ghana, one of Africa’s fastest-growing hydrocarbon markets, is seeking to double its production by the end of 2023, African Energy Chamber said in a statement.

The statement, citing a keynote speech Egbert Faibille Jr., CEO of the Petroleum Commission of Ghana at the Chamber’s Dubai event on Thursday, said the country is seeking to double production from around 180,000 barrels per day (bpd) to 420,000 bpd, supported by commercial discoveries in the Tano Cape Three Points block.

“Ghana has positioned itself to attract investments in the energy sector. We present one of the best investment opportunities in the sub-region. Following the Jubilee discovery in 2007, 30 additional discoveries have been made and are pending appraisal and development. Ghana guarantees attractive fiscal terms. These terms have proven over the years to provide a favourable investment framework,” stated Faibille Jr.

Speaking during a panel discussion at the same event, he highlighted opportunities for upstream investors to enter Ghana.

“We have several blocks open for direct negotiation and three available for farm-in opportunities. We have some fields that are in pre-development, so if we are able to get contractors, we should see a surge in production by 2030.”

At least 26 drilling campaigns and rigs are expected in Africa in 2023, cementing the continent’s upstream revival, African Energy Chamber said in a related statement on the Dubai event.

“Two-thirds of oil resources are exported out of Africa. As governments, we need to be able to come together and ensure that our resources are being used for African development," said OA Danquah, CEO of Ghana National Petroleum Corporation.

"Our strategic advantage is that we have a lot of supply and potential demand, so our resources can never be locked," he added.

(Writing by P Deol; Editing by Anoop Menon)