Under the leadership of Hon. Dr. Prempeh, Ghana has made significant headway in establishing a competitive natural gas sector. By focusing on key projects that aim to fully exploit the country’s resources, rapidly increase power generation, and decrease heavy fuel imports, Hon. Dr. Prempeh has revitalized Ghana’s promising natural gas industry.
Notable projects include the Tema LNG Terminal, a $350 million Liquified Natural Gas (LNG) import terminal project that has the capacity to receive, store, regasify and deliver approximately 3.4 million tons of LNG per day. The project comprises sub-Saharan Africa’s first LNG power generation facility, positioning the country as a regional power producer and key facilitator in Africa’s energy transition. Construction commenced two years ago, backed by Helios Investment Partners and Africa Infrastructure Investment Managers, with the facility receiving its first LNG cargo in May 2021. The Terminal allows Ghana to fully exploit its natural gas resources – estimated at 0.8 trillion cubic feet in 2020 -, enabling increased natural gas production whilst decreasing heavy fuel imports – already annual oil imports have dropped by 12 million barrels.
Meanwhile, the Sankofa Gas Project has also been instrumental in positioning Ghana as a natural gas leader. Approved in 2015, the 1,000MW gas-to-power project aims to increase the availability of gas for power generation by leveraging private capital investment. Under the auspices of Hon. Dr. Prempeh, the Sankofa project has achieved significant success, providing a reliable and consistent power supply to over 1.6 million households. Accordingly, the project has positioned Ghana in the lead towards 100% universal electricity access by 2030.
“Natural gas has a transformative role to play in increasing energy security, alleviating energy poverty, and facilitating a transition to cleaner fuel sources. Ghana has been a trend-setter in this field, demonstrating how, with the right policies and political will, a country can fully exploit its reserves and drive power generation to address energy poverty. Ghana’s natural gas journey is commendable, and African Energy Week 2021 will only further the road to success,” stated NJ Ayuk, Executive Chairman of the AEC.
In addition to remarkable natural gas developments, Ghana has a made significant progress in advancing oil exploration and production with the active presence of several oil majors active. Notable international players in Ghana include Italian multinational oil and gas company Eni, who have placed Ghana as one of their key countries in the company’s 2020-2023 strategy, and leading deepwater exploration and production company Kosmos Energy, who has been active in Ghana since 2007. What’s more, with world-class exploration and production companies of its own, Ghana has been proactive in driving local participation and success in its own industry. Such companies include Springfield E&P Ltd., who, in 2019, made a billion-dollar discovery alongside GNPC in the West Cape Three Points Block 2, offshore Ghana. Following successful offshore drilling campaigns, the discovery has positioned local Ghanaian companies at the forefront of its burgeoning industry, and has further established the country as an attractive upstream exploration and investment market for both regional and international players.
Additionally, Hon. Dr. Prempeh has reaffirmed a commitment to rapidly increasing domestic crude oil production, with the renovation of the Tema Oil Refinery a top priority. In 2017, an explosion at the 45,000 barrels per day refinery caused a halt in production, after which operators have been working hard to resume production. Hon. Dr. Prempeh has signaled his support for the refinery, attributing the value of its restoration to sustained job creation and increased domestic capacity. By ensuring the facility returns to pre-explosion capacity levels, Hon. Dr. Prempeh is committed to reducing oil imports.
Hon. Dr. Prempeh has been committed to ensuring increased private sector participation in Ghana’s oil and gas industry. The country boasts one of the most modern, transparent, and productive regulatory frameworks in Africa. With a strong local content component, Ghana’s legislature drives socioeconomic growth through increased inclusivity and private sector participation. Additionally, the framework is market-driven, and provides a critical outline for all upstream and downstream activities, accelerating exploration and production both onshore and offshore.
By focusing on an enabling environment for investors, and introducing independent power producers to increase thermal generation capacity using crude oil and natural gas, Hon. Dr. Prempeh recognizes the value of an inclusive and commercially focused sector. Accordingly, Ghana has created numerous investment opportunities through its regulatory restructuring and decentralization of the value chain. By speaking at AEW 2021, Hon. Dr. Prempeh will provide international stakeholders with valuable insight into the range of opportunities in Ghana.
With Africa’s gas miracle and continent-wide LNG projects remaining a key area of focus at AEW 2021, participation by one of the continent’s most promising gas giants will further the agenda of the role of natural gas in Africa’s energy future. Additionally, Ghana’s participation will enable the country to present key investment opportunities to both regional and international financiers. Despite making significant headway in terms of power generation, Ghana still lacks the required distribution and transmission infrastructure necessary for 100% access. Accordingly, the country possesses critical investment opportunities, which will be presented to international stakeholders at the AEW 2021 interactive conference and exhibition. Distributed by APO Group on behalf of African Energy Chamber.
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