ACCRA, Sept 21 Ghana could become the fourth
biggest oil producer in sub-Saharan Africa by 2020 once two new
offshore fields come on stream, to push total output above
240,000 barrels per day (bpd), pan-African bank Ecobank said on
The West African country produces around 103,000 bpd ranking
it ninth, far behind leaders Nigeria and Angola, which produce
an average of 1.867 million bpd and 1.754 million bpd
respectively, said the Ecobank research report.
Ghana's Tweneboa-Enyenra-Ntomme (TEN) field came on stream
in August and is expected to increase output to a peak of around
The Jubilee field, which started producing oil in 2010 and
is operated by British oil company Tullow, could bounce
back to production of around 115,000 bpd once it solves
technical problems with its production vessel.
At the same time, the Sankofa field operated by Italian
company ENI is due to open in August 2017 and should
produce around 30,000 bpd, while U.S. independent Kosmos Energy
plans to connect the Mahogany-Teak-Akasa (MTA) field to
the Jubilee oil production ship.
"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.
Production costs for Ghana's oil projects, which are all in
deep water, mean that the crude remains viable if global prices
fall to $40 per barrel, allowing it to remain attractive to
investors in the event of price fluctuations, it said.
Gas from TEN, Sankofa and MTA could eliminate the need for
Ghana to import gas from Nigeria through the West African Gas
Pipeline Company, it said.
(Writing by Matthew Mpoke Bigg; Editing by Toby Chopra)