Government has declared its intention to go into partnership with the TEN Field partners for natural gas production to augment Ghana’s power sector needs.
This was disclosed by President Addo Dankwa Akufo-Addo in Takoradi at the commissioning of the first oil from the Jubilee South-East.
He has also called for equity for Ghanaians in the oil and gas sector.
The Jubilee South East area is the latest addition to the Jubilee Fields. Ensuring a production capacity of 30 thousand barrels of oil by the close of the year, this will ensure a total oil production of over a 100 thousand barrels daily.
President Akufo-Addo on Friday morning, September 8, 2023, went to the FPSO Kwame Nkrumah at the Jubilee Fields for a tour before returning to Takoradi for an official commissioning of the first oil.
Delivering his address to a packed audience of the partners and other players in the oil and gas sector in Takoradi, President Akufo-Addo stated government’s intention to engage Tullow Oil and its partners in the TEN field for natural gas production to forster stability of Ghana’s power sector in the coming years.
“I am aware of commentary both in the media and other corridors about the viability of making use of natural gas produced domestically to support the needs of the county’s power sector.
“Players in the oil and gas sector have been advocating for commitment by government to consider deploying more natural gas produced domestically to solve the challenges in providing stable electricity for individuals, households and businesses.
“I want to re-emphasise our commitment to expedite discussions and agree on mutually acceptable terms on combined gas sales agreements between Tullow, the joint venture partners and government,” he disclosed.
He called for building the capacity of more Ghanaians to ensure equity in the oil and gas industry.
“The local content and Ghanaian participation law L.I. 2204 that was passed in 2013 has been amended to include Chanel partnership and strategic alliances in the upstream petroleum sector.”
“Our position on local content is not just about supplying auxiliary services in the sector, but also having a stake in the resources as well.
The President added that “we must collectively endeavour to train our people to get to the level where they have the capacity to be able to participate fully in the industry.
Meanwhile, Energy Minister, Dr. Matthew Opoku Prempeh called for a relook at the regulatory aspects of Ghana’s oil and gas industry.
“Sustained discussions which started in 2017 between the Ministry of Energy, GNPC and the Jubilee partners eventually led to the approval of the greater Jubilee Field Development Partners.
“One thing was certain in all the engagement in that the Jubilee Field was going to be an investment that will surely lead to increased production in a matured field and could pave way for immense value and benefits for this country.
“The celebration today teaches us that we have to look at our whole regulatory aspects of our oil industry and to apply the necessary smart leadership to ensure that fields that are within the production area are developed for the benefit of Ghanaians and for that matter, the partners in the field.
The partners of the 1 billion dollar greater Jubilee field are Tullow Oil, Kosmos Energy, Kosmos Energy Ghana Investments, Ghana National Petroleum Corporation, Petro SA and Jubilee Oil Holdings.
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