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Ghana to become 4th largest oil producer
In a report, the Pan African bank said with a potential oil output estimated at 240,000 bpd by 2019, the country could become the fourth largest producer of oil in Sub-Sahara Africa.
Ghana could become the fourth largest producer of crude oil in West Africa based on existing fields and other field development plans by 2020, Ecobank has said.
In a report, the Pan African bank said with a potential oil output estimated at 240,000 bpd by 2019, the country could become the fourth largest producer of oil in Sub-Saharan Africa.
Based on existing fields and field development plans Ghana crude oil output is estimated to be over 240,000 bpd by 2019. This could potentially make Ghana the fourth largest oil producer in Sub Saharan Africa by 2020,” the report said.
Ghana in August commenced the production of commercial oil from the Tweneboa, Enyenra and Ntomme (TEN) Oil field, the country's second offshore oil field.
TEN, the nation's second largest oil field, will produce 23, 000 barrels of oil daily till the end of the year. However, Production will gradually increase as more wells are brought on board in the coming weeks to 80,000 barrels per day.
The $4.8 billion project is expected to produce oil for at least 25 years, which will mean about 300 million barrels of oil is expected.