Overview
BASIC STATISTICS
RESERVES Crude oil: nil PRODUCTION Crude oil: nil CONSUMPTION All products: 950,000 tonnes REFINING No. refineries: 1 Total capacity: 1250 ktonnes per annum
Ghana has a modest upstream oil industry with one onshore and five offshore sedimentary basins. The main drive behind the oil and gas industry in Ghana is the need to reduce the country’s dependence and reliance on hydroelectricity.
Although as yet, its upstream oil industry has no crude oil production, Ghana is one of four West African countries with an oil refinery. The Tema refinery operated by the Tema Oil Refinery Corporation. (TOR) has an operating capacity of 45,000 barrels per day running on crude imported from Nigeria. The state oil company, Ghana National Petroleum Corporation (GNPC), is responsible for importing crude and refined petroleum products. An Energy Commission was established in 1998 to regulate and manage the utilisation of energy resources in the country.
The downstream oil industry is key to the economy. Oil-derived products supply 70% of Ghana’s commercial energy needs. Current consumption of petroleum products is in the region of 950,000 tons per annum. Increasing power demands by industry and domestic consumption and a need to reduce the reliance on hydroelectric power is not only fuelling the search for oil and gas but also has set in motion projects relating to the importation of gas via pipeline from Nigeria and Cote d’Ivoire.
Overall responsibility for control and direction of the oil industry rests with the Government though its Minister of Energy. The state oil company, Ghana National Petroleum Corporation (GNPC), is responsible for procurement, storage and bulk distribution of petroleum products to the oil marketing companies.
In late 1998, the Minstry established a seven-member Energy Commission, whose brief it is to regulate and manage the utilisation of energy resources in the country and coordinate policies. It also includes the granting of licenses for the transmission, supply and sale of natural gas.
Ministry of Mines and Energy, has control of the Ghanaian oil and gas industry.
Legislation
In Ghana petroleum operations are governed by the Petroleum Law of 1984 which empowers GNPC to operate in all open acreage of the country on its own or in association with foreign partners. The basic contract between the state, the GNPC and the private companies is the Production Sharing Agreement.
Smaller companies are finding it easier to explore in Ghana than in some of its neighbours in West Africa. This is due in part to advantageous terms of the contract which include the following elements: No front end payments such as signature or production bonuses; negotiable royalties and income tax (currently at 35%); no limit on cost recovery, low rental payments, no restrictions on the repatriation of funds and no import duties on exploration and production equimpment and materials.
Organisations (29)
Agapet Ltd., Engen Ghana, Merchant Oil (GH) Ltd, Merchant Resources (GH) Ltd, Parry & Company Ltd, Shell Ghana (Tgl) Ltd, Benso Oil Palm Plantation Limited, BP Ghana Ltd, Bulk Oil Storage and Transport Company, Elf Oil Ghana Ltd, ExxonMobil Ghana Ltd, Ghana National Petroleum Corporation, Ghana Oil Company Ltd, Ghanaian-Italian Petroleum Co, Ministry of Mines and Energy, Mobil Oil (Ghana) Ltd., Mobil Oil Ghana Ltd., Oando Ghana Limited, Seafield Resources, Tema Oil Refinery Ltd ::[ View All ]
Facilities (8)
Accra-Keta Block – Ghana, Cape Three Points East Block – Ghana, Cape Three Points South, Cape Three Points West Block – Ghana, North Tano Block – Ghana, Tano Field, Tema Refinery (TOR), West Tano Block – Ghana
