The Market

The Market

There are currently over 400 list of registered service companies with permits in this sector. The services offered cover the broad range of oil field services and other general services such as accounting, auditing and legal. Details of the list could be accessed via Ghana Oil Watch


Petroleum Regulations In Ghana

The relevant laws governing oil and gas operations in Ghana are

  • Petroleum Commission (Fees and Charges) Regulations 2015
  • Constitution Of Ghana
  • Ghana Model Petroleum Agreement
  • Ghana National Petroleum Corporation Law 1983
  • National Energy Policy
  • Petroleum Commission Act 2011 [Act 821]
  • Petroleum Exploration and Production Law 1984 PNDC Law 84
  • Petroleum Income Tax PNDC 188
  • Petroleum Revenue Management Act 815 - 2011



Investing in Ghana's Petroleum Sector

Ghana is one of Africa’s new oil- and gas- producing nations. The country remains a small producer in the Gulf of Guinea with current output at 126 000 barrels of oil per day (bopd). There are four (4) major oil and gas fields in the country namely: the producing Jubilee field where FPSO Nkrumah (Floating Production, Storage and Offloading) is located, the sub-commercial producing Saltpond field, the Tweneboa-Enyenra-Ntomme (TEN) field and Sankofa-Gye-Nyame fields. The Twenneboa, Enyenra, and Ntomme (TEN) fields (with an estimated 240 MMbo and 396 Bcf of gas) started production in August 2016, and the Sankofa, Gye, and Nyame fields, hereafter Sankofa field (with an estimated 500 MMbo and 1.45 trillion cubic feet of gas) started production in May 2017. The contributions of the various fields to the current production levels of 126 000 bopd are:

  • Jubilee fields - 31 000 bopd
  • TEN fields 50 000 bopd
  • Sankofa field 45 000 bopd

The discovery of the offshore Jubilee field in 2007, with an estimated 700 million barrels of oil (MMbo) and 800 billion cubic feet (Bcf) of gas put Ghana on the map as a commercial oil and gas producer. Additionally, twenty-three (23) post Jubilee discoveries (between 2007 and 2018) have been made offshore Ghana on six different blocks in the Tano/Cape three points basin which have resulted in over 80% exploration success rate. 

The upstream sector is made up of a mix of Majors (ENI), Independents (Hess, Anadarko, Tullow, Kosmos, etc), National Oil Companies (NoCs) (PetroSA) and Local Ghanaian companies: E&P and Service providers. The downstream sector is regarded as a low risk onshore operation that revolves around refining, distribution, and marketing of petroleum products. The upstream sector is regulated by the Ghana National Petroleum Corporation and the Petroleum Commission. 

The downstream industry has had a handful of participants which was as a result of the government deregulation reforms, which made it easier for private companies to participate in the import, distribution, and marketing of petroleum products. Ghana’s downstream industry transformed in the span of a decade to include a plethora of private companies. There are over 150 oil-marketing companies and 40 importing companies.

OPPORTUNITIES IN THE SECTOR

Upstream : Areas of Cooperation and Investment - Exploration & Production

  • Geophysical (Site surveys, seismic data acquisition, processing and interpretation)
  • Basin modeling
  • Geological Studies
  • Sedimentology
  • Geochemistry
  • Geochemical Studies
  • Geographical Studies
  • Equipment supply and/ or leasing (boats, barges, aircrafts, etc)
  • Supply of casings for boreholes
  • Drilling Products and Services
  • Production Support Services
  • Reservoir Engineering 

Downstream : Opportunities within the sector are related to the refining, storage, marketing, distribution and transport of petroleum products.

  • Technical Partnership
  • Field Development Contractor Financing
  • Gas utilization
  • Refineries maintenance
  • Pipeline/ Depots construction and maintenance
  • Petroleum Products haulage
  • Petroleum products marketing
  • Petrochemicals
  • Gas Development/conversion
  • Butanisation project
  • Fertilizer plants
  • Vehicular fuels
  • Methanol / MTBE plants

 Gas Sector: Opportunities available in this sector include:

  • Production, transmission, distribution of Natural Gas –independent ownership
  • Natural Gas Liquids (NGLs) – liquid fuel or fractionated into their components, LPG, Natural Gasoline etc.
  • Natural Gas-Fired Equipment
  • Independent Power Plant (IPP)
  • Industrial market, commercial market and residential market
  • Domestic natural gas sales and distribution
  • Compressed natural gas as automotive fuel, Gas to Liquid Conversion (GTL), Methanol etc.