Ghana’s Finance Minister, Ken Ofori-Atta said oil production will go up to 500k barrels per day by 2023

  • Ghana's Finance Minister has predicted that the country will produce up to 500k barrels per day by 2023.
  • Ken Ofori-Atta said Ghana as strategically positioned herself as a key destination for petro-chemical industry players.
  • Meanwhile, Deputy Minister of Energy, Mohammed Amin Adams, said Ghana’s production of crude oil is expected to reach half a million barrels by 2025.

Ghana’s Finance Minister Ken Ofori-Atta has said that the country’s overall crude oil production is expected to more than double over the next four years.

This follows the confirmation by Aker Energy ASA that there is a significant offshore resource base in Ghana with a declaration to scale up new development in the Deepwater Tano Cape three points block (DWT/CT).

In January 2019, Aker Energy ASA announced the biggest oil find in Africa, of 450-550 million barrels, with potential recoverable reserves of nearly one billion barrels.

Speaking to investors in Oslo Mr. Ofori-Atta said Ghana has strategically positioned herself as a key destination for petro-chemical industry players.

“Overall, crude oil production is expected to increase from 196,089 barrels per day in 2019 to 420,020 barrels per day in 2023,” said Ofori-Atta. First oil from the Aker fields is expected between the last quarter of 2020 and the first quarter of 2021.

“Going forward, the vision of government is to create an optimistic, self-confident and building a prosperous nation, through the creative exploitation of our human and natural resources, and operating within a democratic, open and fair society in which mutual trust and economic opportunities exist for all,” he added.

Deputy Minister of Energy, Mohammed Amin Adams, on his part also added that Ghana’s production of crude oil is expected to reach half a million barrels by 2025.

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