Ghana announces major new oil discoveries

Ghana’s oil industry is on course for a boom following more major oil discoveries in the country in recent months, the Minister of Finance and Economic Development, Mr. Ken Ofori-Atta has said.

The minister made the announcement during the presentation of the Mid-Year Budget Review at the Parliament.

He said the significant discoveries, as well as the robust growth in GDP under the current administration would put the country on the trajectory of prosperity and better living standard for the citizens.

One of the discoveries, located in the Deep Water Tano Cape Three Points Block C was reported to be the biggest find in Africa, he told the lawmakers.

“Three months, I came here, together with my colleague, John Peter Amewu, to ask for approval for the amended Petroleum Agreement for AGM Petroleum in the South Deepwater Tano Block. Since then, the Norwegian oil company has drilled two wells in the block-two more than the number of wells drilled under the previous administration.

“And, just two weeks ago, AGM announced that they had discovered oil in an area called Blessing. This comes barely six months after Aker announced that it had discovered oil after a mightily successful drilling exercise in the Deep Water Tano Cape Three Points C, which was reported as the biggest find in Africa,” he said.

Currently, the country produces about 200,000 bpd of crude, which is estimated to rise sharply from several ongoing exploration activities offshore in the West, as well as onshore Keita Basin in the East.