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Ghana National Petroleum Corporation (GNPC)  is currently exploring the hydrocarbon prospectivity of Ghana’s onshore sedimentary basin (Voltaian basin).

The prosectivity exploration is being conducted under a Reconnaissance license through a mix of geophysical, geological and geochemical techniques.

According to the CEO of GNPC Opoku Awheneeh Danquah, the Corporation is looking forward to “crown our efforts by drilling a well in Q4 2023”.

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Mr. Opoku Danquah made this known at the 2023 Ghana Oil and Gas Roadshow on the Thursday January 12, 2023 in London.

The Voltaian Basin is Ghana’s only inland basin and for several decades remained less explored compared to the offshore basins. It is large, occupying about 40% of the total landmass of Ghana, about 40,000 square miles (103,600 sq. km).

Below is the full statement.

GNPC; A Strategic Partner for Delivery of Available E&P Projects

Delivered by:

O-A. Danquah

Chief Executive

Ghana National Petroleum Corporation (GNPC)

2023 Ghana Oil and Gas Roadshow

January 12th, 2023 – Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT

  1. Opening Statement
    • Minister for Energy, High Commissioner to the United Kingdom and the Republic of Ireland, Colleagues from the Industry, Distinguished Invited Guests, Ladies and Gentlemen, it is a great honour to be here today and to be part of the 2023 Ghana Oil and Gas Roadshow.
    • The previous edition, held last year, was well attended and I am glad at this opportunity to showcase Ghana’s oil and gas potential to the investor community.
    • GNPC’s strategic objective, within the energy transition climate, is to accelerate responsible exploitation of Ghana’s oil and gas resources to meet growing energy demand as we continue to embrace and develop green energy projects.
  2. GNPC; 1985 – 2011
    • GNPC, Ghana’s National Oil Company (NOC), was established in 1983 by PNDC Law 64, to support the government’s objective of providing adequate and reliable supply of petroleum products and reducing the country’s dependence on crude oil imports, through the development of the country’s own petroleum resources.
    • In the early 2000’s, GNPC’s focus was amended to solely operate within the upstream energy sector, relinquishing previous downstream operations.
    • Prior to the establishment of Petroleum Commission Ghana in 2011, GNPC in addition to our core mandate played pseudo-regulatory roles in assisting the Ministry of Energy in chartering the path to commercial discoveries in Ghana.
  1. The New GNPC
    • Subsequently, GNPC has transformed into a fully commercial state-owned entity with strategic objective of leading the sustainable exploration, development, production and disposal of the petroleum resources of Ghana, by leveraging the right mix of domestic and foreign investments in partnership with the people of Ghana.
    • GNPC’s role is to ensure the efficient supply of natural gas from our oil and gas fields to Ghana National Gas Company to meet Ghana’s increasing energy needs by efficiently negotiating gas sales from our producing fields.
    • As a partner in all Petroleum licenses, GNPC has developed diverse competencies across the entire value chain to support partners in the execution of agreed Work Programs.
    • Having worked with different Operators over the years, GNPC has developed a highly skilled and adaptable workforce embracing new technology and operating strategies of prospective partners.
    • GNPC has over the years conducted regional studies on our own as well as commissioning third-party experts such as Robertson CGG and De-Goyler and Macnaughton to deepen our understanding of the Ghana sedimentary basins.
    • GNPC is seeking to utilize our wealth of knowledge and expertise of the Ghana sedimentary basins in collaboration with new partners in unlocking remaining hydrocarbon potential for our mutual benefit.
  2. GNPC’s Increased Participation In E&P licenses
    • Our growth strategy led to the establishment of GNPC Explorco, a registered subsidiary, with participating Interest in six (6) Exploration and Appraisal licenses in our offshore basins. Our strategic entry into these licenses is underpinned by our knowledge-based conviction of hydrocarbon prospectivity and commercial assessment of financial exposure and risk.
    • As a paying partner, Explorco forms part of the Contractor party and contributes experience and lessons learnt from other exploratory licenses with the aim of enhancing exploration success and reducing project delivery timelines.
    • In 2021, GNPC through our subsidiary acquired Commercial Interest in Jubilee and TEN fields to increase our participation and revenue from both fields.

 

  1. GNPC Operatorship Drive
    • In furtherance of our mandate of “leading sustainable exploration”, GNPC has obtained Reconnaissance licenses to explore our onshore and offshore basins.
    • GNPC is currently exploring the hydrocarbon prospectivity of Ghana’s onshore sedimentary basin (Voltaian basin) under a Reconnaissance license through a mix of geophysical, geological and geochemical techniques and is looking to crown our efforts by drilling a well in Q4 2023.
    • Additionally, GNPC operates the shallow water GH-WB-01 block under Reconnaissance license. Over the next two years, GNPC will acquire, process and interpret 3D seismic over the block to evaluate hydrocarbon potential and drill one (1) well.

GNPC is continuously evaluating opportunities to leverage our technical competence and financial strength in unlocking much needed hydrocarbon potential of our sedimentary basins. I encourage you all to strongly consider the opportunities available at this Roadshow and assure you that in GNPC you have a dependable technical and commercial partner working together to execute work programs leading to much needed oil and gas discoveries.

Thank you and enjoy the rest of the program.

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