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- Ghana has over 17 oil and gasoline tasks which might be within the pipeline for investments within the subsequent three years.
- A few of the major tasks are the Jubilee South East Mission, which is underneath improvement by British oil and gasoline explorer Tullow Oil.
- The nation is spearheading plans to draw new investments for renewable vitality tasks because it steps up the share of renewables to 10% by 2030.
Ghana’s oil and gasoline sector boasts of over 600 million barrels of confirmed reserves, and is quick positioning itself as a magnet for overseas traders searching for to faucet into its vitality business.
The nation’s vitality wealth, which additionally contains 0.8 trillion cubic toes of gasoline, is equally unveiling a myriad of profitable funding alternatives in renewable vitality that overseas traders can faucet into as nicely.
Proceeds from these investments would play a vital position in propelling the nation to realize its aim of common entry to electrical energy by 2030 whereas on the similar time powering its industrialization efforts.
Throughout the upcoming African Power Week (AEW): Put money into African Power 2024 convention, Matthew Opoku Prempeh, Ghana’s Minister of Power, is anticipated to delve deep into demonstrating the nation’s funding avenues whereas wooing overseas traders into the nation’s oil and gasoline sector.
Set for 4-8 November this 12 months, the AEW convention in South Africa will see Ghana get in contact with overseas traders eager on rising tasks throughout Africa.
Yearly, the AEW provides a chance for financiers, authorities officers from throughout Africa, and undertaking leaders to discover and strike agreements that assist take ahead improvement within the continent’s vitality business.
Ghana’s Oil and gasoline sector potential – an summary
Whereas Ghana began extraction of its oil in 2010 following the invention of oil in industrial volumes within the Jubilee Subject in 2007, continued exploration exhibits that the nation has over 17 oil and gasoline tasks which might be within the pipeline for investments within the subsequent three years.
The invention of oil ushered in a brand new period of progress, attracting worldwide oil majors together with Italian Big Eni, British multinational Tullow Oil, and US-based Kosmos Power.
The nation of 34.6 million folks additionally harnesses its oil wealth by the Ghana Nationwide Petroleum Company, Anadarko Petroleum Company, Occidental Petroleum in addition to Springfield Group, which is a coalition of worldwide gamers.
Ghana’s 17 oil and gasoline tasks present traders with the provision of large-scale oil and gasoline tasks that might begin incomes worth in a few years.
A few of the major tasks are the Jubilee South East Mission, which is underneath improvement by British oil and gasoline explorer Tullow Oil. This undertaking is designed to increase the Jubilee Subject undertaking and lengthen its operational life by amongst others: drilling extra wells, putting in new manufacturing infrastructure, and integrating trendy applied sciences within the business to advance its restoration charges.
Additionally within the pipeline for additional investments is the Pecan Typical Oilfield developed by international vitality agency Aker Power, the Ghana Nationwide Petroleum Firm (GNPC), Russian multinational oil and gasoline firm Lukoil and maritime engineering and vitality firm Bulk Ship & Commerce, and the Ntomme Far West Growth.
On the downstream aspect, Ghana has a number of tasks underneath improvement at the moment. As an example, the GNPC is spearheading a $700 million gasoline processing plant at Atuabo to facilitate the transportation of over 150 million cubic toes of gasoline per day.
Formally often called the Atuabo Fuel Processing plant, this funding is designed to course of pure gasoline into cleaner fuels for energy technology and bigger industrial use. Specifically, it seeks to course of methane, butane, ethane, propane, and gasoline gasoline that are vital in reducing Ghana’s reliance on imported oil. This undertaking is anticipated to unlock profitable alternatives throughout the gasoline worth chain.
Further tasks embody the $380 million Tema V1 Oil Storage Facility, which is developed by Sentuo Oil Refinery Ltd; Helios Funding Companions’ $350 million Tema Floating LNG facility; and the Bulk Oil Storage and Transportation Firm’s $71 million Tema-Akosombo 11 Pipeline. All of those developments have the chance to contribute immensely to Ghana’s infrastructure enlargement.
Within the meantime, Ghana is actively working to reinforce its insurance policies to create a extra beneficial surroundings for overseas and personal sector involvement within the enterprise. As an example, final 12 months, the nation launched the Ghana Power Transition and Funding Plan. This can be a $350 billion initiative that seeks to realize carbon neutrality by 2060.
Ghana Power Transition and Funding Plan are modelled alongside plans to advertise low-carbon uptake, particularly inside the nation’s oil, gasoline, transport, and cooking gasoline industries. Additional, the scheme seeks to implement measures which might be set out within the Fuel Grasp Plan.
Ghana’s Fuel Grasp Plan is a roadmap that defines the expansion of the gasoline market, together with maximizing the usage of gasoline sources to step up grid safety whereas additionally rising the variety of customers accessing clear cooking choices.
“As regulatory reform makes the market more and more enticing, Ghana has emerged as one in all Africa’s most promising oil and gasoline performs. The nation’s dedication to growing its gasoline sources by the Fuel Grasp Plan additional underscores a dedication to an industrialized future,” states NJ Ayuk, the Government Chairman of the African Power Chamber.
Learn additionally: IMF: Ghana’s financial transformation journey from disaster to prosperity
Ghana rising use of renewables to 10% by 2030
On the similar time, Ghana is spearheading plans to draw new investments for renewable vitality tasks, searching for to boost the proportion share of renewables in her vitality combine to 10 per cent within the subsequent six years.
To date, among the milestones scored embody the ministry’s February nod to Ghan’s largest photo voltaic vitality plant – the 16MW Tema PV undertaking – that’s being undertaken by Sungrow and financed by the Worldwide Finance Company.
Moreover, in August 2022, Ghana commissioned a $480 million, 13KW photo voltaic facility in Kaleo. So as to add on, Ghana has set an bold aim of producing 30 per cent of its electrical energy vitality from nuclear sources by 2070, a plan that’s gaining curiosity from overseas traders.
To actualise the plan, Ghana goals to have an operational nuclear plan by 2030, and this comes after the nation launched the Ghana Nuclear Power Program in 2012. This can be a program that units out a three-phase framework to harness the nuclear vitality sector.
In the meanwhile, the West African nation is in search of a web site whereas on the similar time scouting for a vendor for its first nuclear plant set up.
With the above funding alternatives into consideration, Ghana is poised to be one of many magnets to overseas traders within the AEW, which is modelled underneath the theme “Power Development by an Enabling Surroundings”. This November convention seems set to unlock large funding alternatives within the vitality market throughout Ghana.
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