- President Mahama has revealed that Ghana would produce 500,000 barrels of oil by 2020
- The increase in barrels is expected to come from other discoveries of the nation's upstream sector
Ghana is expected to see the daily production of 500,000 barrels of oil by 2020, president Mahama has revealed.
During an interaction with a business forum in his official visit to Iran, President Mahama explained the possibility for an advanced production of oil would solely be based on the discoveries of upstream oil by multi-national companies like ENI and Tullow.
“We currently are producing 120,000 barrels of oil a day. That is from the Jubilee field. If you add all the additional discoveries that have been made that includes ENI, Greater Jubilee Ghana’s potential by 2020 will hit about half a million barrels of oil production a day,” president Mahama stated.
Meanwhile, Ghana’s oil revenue from the export of crude oil from the Jubilee Field has so far by 2015 gone down by about 56.2 per cent on year-on-year basis due mainly to the supply glut in the crude oil market.
Figures from the Finance Ministry, between January and September this year total petroleum receipts to government’s Treasury amounted to $341 million, which is down from the $780 million recorded for the same period in 2015.