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Ghana Oil and Gas Report Q1 2017

  • November 2016
  • -
  • Business Monitor International
  • -
  • 80 pages

Includes 3 FREE quarterly updates


BMI View:

Currently, Ghana is a small hydrocarbons producer, but new output from TEN and Sankofa fields, as well as increasing production from the country’s flagship Jubilee field, will nearly double Ghana’s oil and gas production by 2020. Further upside potential comes from Ghana’s active exploration scene offshore. We hold our relatively bearish outlook for the country’s downstream sector due to ageing infrastructure and limited production additions over the coming decade.

Latest Updates And Key Forecasts



- Ghana’s oil reserves are forecast to contract from 660,000mn bbl in 2015 to 596,000mn bbl in 2025. The country’s gas reserves will remain small, fluctuating between 20-30bcm across our forecast period to 2025.

- Supported by new production from Tweneboa-Enyenra-Ntomme (TEN) fields in Tano block, Ghana’s crude oil and liquids production will increase by 15% to 125,580b/d in 2016. We hold our view that the country’s oil output will peak at 215,170b/d in 2020, before declining marginally till the end of our forecast period in 2025.

- New gas production from TEN fields will also lift Ghana’s gas output to 1.9bcm by 2017. Additional volumes from Sankofa fields, expected to come online in 2018, will raise production to a peak of 3.8bcm in 2021, before gradually declining until 2025.

Table Of Contents

Ghana Oil and Gas Report Q1 2017
BMI Industry View 7
Table: Headline Forecasts (Ghana 2014-2020) 7
SWOT 9
Oil and Gas SWOT 9
Industry Forecast 10
Upstream Exploration 10
Latest Updates 10
Structural Trends 10
Table: Tano Basin Blocks Exploration, 2007-2013 12
Upstream Projects 15
Table: Ghana Upstream Projects 15
Upstream Production - Oil 18
Latest Updates 18
Structural Trends 18
Table: Oil Production (Ghana 2014-2019) 20
Table: Oil Production (Ghana 2020-2025) 20
Upstream Production - Gas 21
Latest Updates 21
Structural Trends 21
Table: Gas Production (Ghana 2014-2019) 23
Table: Gas Production (Ghana 2020-2025) 23
Refining 24
Structural Trends 24
Table: Refining Capacity And Refined Products Production (Ghana 2014-2019) 26
Table: Refining Capacity And Refined Products Production (Ghana 2020-2025) 27
Refined Fuels Consumption 28
Latest Updates 28
Structural Trends 28
Table: Refined Products Consumption (Ghana 2014-2019) 34
Table: Refined Products Consumption (Ghana 2020-2025) 34
Gas Consumption 35
Latest Updates 35
Structural Trends 35
Table: Gas Consumption (Ghana 2014-2019) 36
Table: Gas Consumption (Ghana 2020-2025) 36
Trade - Oil 37
Latest Updates 37
Crude Oil Trade Forecast 37
Structural Trends 37
Table: Crude Oil Net Exports (Ghana 2014-2020) 39
Table: Crude Oil Net Exports (Ghana 2020-2025) 39
Refined Fuels Trade Forecast 39
Structural Trends 39
Table: Refined Fuels Net Exports (Ghana 2014-2019) 41
Table: Refined Fuels Net Exports (Ghana 2020-2025) 41
Trade - Gas (Pipeline And LNG) 42
Latest Updates 42
Structural Trends 42
Table: Gas Net Exports (Ghana 2014-2019) 44
Table: Gas Net Exports (Ghana 2020-2025) 44
Industry Risk Reward Index 45
Africa - Oil and Gas Risk/Reward Index 45
Table: BMI Africa Oil and Gas Risk/Reward Index 45
Above-Ground Risks Dulling Below-Ground Potential 47
Table: BMI Africa Upstream Risk/Reward Index 47
Downstream Sector Holds Limited Opportunity 49
Table: BMI Africa Downstream Risk/Reward Index 49
Ghana - Risk/Reward Index 51
Upstream Index 51
Downstream Index 51
Market Overview 53
Ghana Energy Market Overview 53
Regulatory Overview 53
Licensing Regime 54
Table: Ghana Model Petroleum Agreement Main Licensing Terms 54
Fiscal Regime 54
Table: Ghana Model Petroleum Agreement Main Licensing Terms 54
Licensing Rounds 55
Oil and Gas Infrastructure 55
Oil Refineries 55
Table: Ghana Oil Refineries 55
Oil Storage Facilities 55
Table: Ghana Main Oil Storage Facilities 55
Oil Trade Facilities 56
Table: Ghana Main Oil Trade Facilities 56
LNG Terminals 56
Table: Ghana Main LNG Terminals 56
Competitive Landscape 57
Competitive Landscape Summary 57
Table: Key Players - Ghana Energy Sector 58
Table: Key Upstream Players 58
Table: Key Downstream Player 58
Company Profile 59
Tullow Oil 59
Table: Major Company Upstream Assets in Ghana 60
Table: Key Financial Data 60
GNPC 61
Table: GNPC Major Upstream Assets In Ghana 62
Table: Key Financial Data 62
Regional Overview 63
Africa - Bullish Gas, Bearish Oil 63
Table: Africa Oil and Gas Production, Consumption, Refining Capacity And Trade 72
Glossary 73
Table: Glossary Of Terms 73
Methodology 75
Industry Forecast Methodology 75
Source 77
Risk/Reward Index Methodology 77
Table: Bmi's Oil and Gas Upstream Risk/Reward Index 79
Table: Weighting 80

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