President John Dramani Mahama has announced a new oil and gas discovery in the Deepwater Cape Three Points block in the Tano Basin, following the drilling of the Nya Gyidie-1X exploration well.
The discovery, he said, was made by Planet One Oil and Gas Limited in partnership with the Ghana National Petroleum Corporation (GNPC).
It contains gas and condensate, although its estimated size has not yet been established.
“Nananom and distinguished guests, I am pleased to announce that Planet One Oil and Gas Limited, together with its partners, Goil Upstream Limited and the Ghana National Petroleum Corporation, has made a new offshore discovery.
He described the discovery as “an important milestone for Ghana”, saying the successful drilling had demonstrated renewed confidence in the country’s petroleum sector.
The Nya Gyidie-1X well was drilled in the Deepwater Cape Three Points contract area and tested the Cenomanian-Turonian play, with the well also targeting the Lower Albian as a secondary objective.
The President said the exploration activity fulfilled a commitment by the company and reflected growing investor confidence in Ghana’s upstream petroleum industry.
Mr Mahama said his government was working to restore investor confidence, resolve outstanding disputes with operators and attract fresh investment to reverse the decline in oil production.
He disclosed that crude oil production had increased to more than 120,000 barrels per day, while existing operators had committed substantial capital to new projects.
The Jubilee partners have committed $2 billion, while other investments, including those involving Tullow and its partners, are expected to support new exploration, infrastructure and production expansion.
The President said Ghana must continue attracting investment to replace the reserves being depleted through production, pointing to prospective areas in the ultra-deepwater Voltaian and other sedimentary basins.
He also announced that amendments to the Petroleum Exploration and Production Act had been submitted to Cabinet to provide improved incentives for investors.
Mr Mahama said the discovery and renewed investment must translate into jobs, local business opportunities and greater participation by Ghanaian companies in the petroleum industry.
“Our goal is to turn those resources into jobs and opportunities for millions, and to deliver a tangible improvement in the lives of our people,” he said.
