SOURCE: Ghana Web | Editor
CATEGORY:
Our near-term outlook for Ghana’s oil production is brightened, as targeted investment is set to rise by 50% in 2021 for the Jubilee and TEN fields.
Tullow Oil – operator of Ghana’s two largest fields, TEN and Jubilee – recently announced net capex spending on their Ghanaian assets will increase to US$180 million in 2021, from just US$120 million in 2020. This includes plans for a multi-well drilling campaign, expected to begin in Q221.
Since TEN and Jubilee are responsible for 80% of Ghana’s total oil production, this investment boost is significant for the country’s upstream sector. Given the planned spending, we have revised our previous forecast, which anticipated a stagnation in production until Aker Energy’s Pecan Field comes online.