April 17, 2024
Suit 25, Mangal Plaza, Nouakchott Street, Wuse Zone 1, Abuja- Nigeria.

AEW 2024: Ghana’s Oil and Gas Industry Offers Lucrative Opportunities for Foreign Companies

Ghana is committed to exploring its gas resources, through its gas master plan. The country is implementing a strategic agenda to rejuvenate its oil and gas sector, aiming to achieve universal access to electricity by 2030 while propelling industrialization.

Ghana presents significant investment opportunities for global investors, with a proven oil reserves of 600 million barrels, gas reserves of 0.8 trillion cubic feet and emerging opportunities in renewable energy.

Hon. Matthew Opoku Prempeh, Ghana’s Minister of Energy, will speak at the African Energy Week (AEW): Invest in African Energy 2024 conference – Africa’s premier event for the energy sector scheduled for 4–8 November in Cape Town. His presence at the conference will showcase Ghana’s energy prospects to investors. Owning more than 17 oil and gas projects scheduled for development by 2027, Ghana demonstrates the viability of large-scale project developments in the market.

Major projects include the Jubilee South East Project – developed by oil and gas company Tullow Oil -; the Pecan Conventional Oilfield – developed by global energy firm Aker Energy, the Ghana National Petroleum Company (GNPC), Russian multinational oil and gas company Lukoil and maritime engineering and energy company Bulk Ship & Trade -; and the Ntomme Far West Development.

On the downstream side, the country has various projects under development. The GNPC is spearheading a $700 million gas processing plant at Atuabo to facilitate the transportation of over 150 million cubic feet of gas per day.

Meanwhile, the country is making efforts to provide an enabling environment for private sector investment. With a focus on meeting the target set in its Gas Master Plan. The country unveiled the Ghana Energy Transition and Investment Plan in 2023 – a $550 billion investment plan for the energy transition. The plan aims to make Ghana carbon neutral by 2060.

“As regulatory reform makes the market increasingly attractive, Ghana has emerged as one of Africa’s most promising oil and gas plays. The country’s commitment to developing its gas resources through the Gas Master Plan further underscores a commitment to an industrialized future,” states NJ Ayuk, the Executive Chairman of the African Energy Chamber.

Also, Minister Prempeh is driving efforts to bring in new investments for project rollout as the country targets to increase the share of renewables in the energy mix to 10% by 2030.

At the AEW 2024, he will be provided a platform to discuss Ghana’s energy prospects and connect with global investors, to explore opportunities in the market.

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