Energy Expert Warns Ghana's Oil Production Could Cease By 2044
- The co-chair of the Ghana Extractive Industry Transparency Initiative (GHEITI) says Ghana's oil fields could run dry by 2044
- Dr Steve Manteaw said the country is already facing a decline in oil production, and this is affecting the sector's attractiveness to investors
- He also blamed successive governments' lack of action and investment in the sector for why investors are moving to neighbouring countries
Dr Steve Manteaw, the co-chair of the Ghana Extractive Industry Transparency Initiative (GHEITI), has raised concerns about the future of Ghana’s oil industry.
According to him, the dwindling number of investors in the sector could have devastating effects in the near future.
Source: Facebook
Speaking at the GHEITI 2021/2022 report launch in Accra on Friday, September 13, 2024, he said the country’s production could zero by 2044.
His projection was based on the estimated lifespan of the Jubilee Fields, which was set at 25 to 30 years.
PAY ATTENTION: All celebrity news in one place! Follow YEN's Facebook Broadcast channel and read on the go.
He explained that the recent decline in oil production has made it challenging to bring new projects on-stream, and if the country cannot add to its reserves, production will cease in 15 or 20 years.
He blamed the government for not designing policies that would attract investors into the oil and gas sector and failing to invest in the exploration of the commodity over the years.
Dr Manteaw said the Ghanaian government's lack of action has sent wrong signals to potential investors.
Akufo-Addo commissions Sentuo Oil Refinery
While warning bells ring about the country’s oil production, President Nana Akufo-Addo has commissioned a $2 billion oil refinery, Sentuo Oil Refinery Limited, at Tema.
The refinery is on 100 acres of land and falls under the One District, One Factory (1D1F) policy.
It has the backing of the Chinese government and was conceived from the Chinese government’s Belt and Road Development Strategy for the oil and gas industry in China and Africa.
The new refinery could refine five million barrels of oil annually.
It will produce petrol, aviation kerosene, diesel, asphalt and lubricating base oil. The project's first phase will pump out 40,000 barrels of refined products per day.
It is expected to ramp up to 100,000 barrels daily when the second phase is completed in 2025.
Presidential candidate promises to domesticate oil production
YEN.com.gh reported that the Alternative Force for Action (AFA), led by Independent presidential aspirant Dr Sam Ankrah, says it will domesticate oil production in the country as part of a comprehensive and radical strategy to revitalise the economy if he becomes president.
Dr Sam Ankrah stated that radical and transformative policies must be implemented immediately to holistically address the country's economic challenges and avert societal collapse.
The independent presidential aspirant believes that pushing for refining all the crude oil produced within the country would address many of the country's challenges, including Cedi’s rapid depreciation and high unemployment rates.
Proofread by Berlinda Entsie, journalist and copy editor at YEN.com.gh
New feature: Сheck out news that is picked for YOU ➡️ click on “Recommended for you” and enjoy!
Source: YEN.com.gh
