The government of Ghana said in a statement late Friday that the confirmation of commerciality of a new oil discovery would boost the country’s crude oil production going forward.
The statement by the Ministry of Energy and Green Transition announced the significant milestone in Ghana’s upstream petroleum sector with the declaration of the commerciality of the Eban-Akoma discoveries within the Cape Three Points Block Four (CTP-B4) offshore the country’s western coast.
This declaration follows the successful completion of an appraisal program that confirmed the commercial viability of the Eban-1X oil discovery and the Akoma-1X gas and condensate find, according to the statement.
The statement said the joint venture partners of the CTP-B4 field would commence the preparation of a comprehensive plan of development to focus on optimal resource recovery, value maximization, and the promotion of local content participation.
“The declaration of commerciality of the Eban-Akoma discoveries is a major boost to our oil and gas sector,” Energy and Green Transition Minister John Abdulai Jinapor commented.
Jinapor added that the discovery highlights the immense potential of Ghana’s offshore resources to fuel economic transformation, enhance energy security, and drive Ghana’s industrialization agenda.
The joint venture partners in the CTP-B4 include ENI, Vitol, Woodfields, and the Exploration Company (EXPLOCO) of the Ghana National Petroleum Corporation.
Ghana first made commercial discoveries of petroleum in 2007 and commenced commercial production in Dec. 2010, with three main oil and gas fields under production.