Ghanaian government will make renewed oil and gas push

Subject

Ghana oil and gas update.

Significance

Ghana has started acquiring geological data ahead of an oil and gas licensing round planned for year-end. Authorities wish to make the licensing process and the overall industry more transparent, although the most promising acreage may already have been handed out. Industry interest has been boosted by the recent arrival of ExxonMobil and last year’s ruling on the maritime border with Ivory Coast, while gas is playing a growing role as the government assesses future domestic energy needs.

Impacts

• A licensing round will focus attention on Ghana’s deep-water exploration potential after recent successes offshore Senegal and Mauritania.
• Further exploration and development work on existing licensed acreage is also expected following the Ivory Coast border ruling.
• Harnessing domestic gas for the power sector will benefit the overall economy by making electricity supply cheaper and more reliable.