Ghana’s prospects for continuous oil production into the future are very bright, a top executive in the oil industry asserted here on Tuesday.

Kweku Awotwi, General Manager for Tullow Ghana told Xinhua at the Ghana Stock Exchange (GSE) that with the country’s upstream industry now de-risked, there were huge prospects for more exploration and discovery.

There have been fears about Ghana reaching peak production within 30 years and then cease to be an oil producing country thereafter, but Awotwi who once managed state power utility company Volta River Authority said the fears were unfounded.

“Currently around the West Cape Three Point deep water Tano we see a number of blocks that are quite prospective,” he disclosed.

Awotwi argued: “And we have just started and see how many companies have come in. ENI, ExxonMobil and many others so there is a lot more potential activity that will come over the next few years/ and that is a clear expression of belief that there is more opportunity.”

On the prospects of the Jubilee field the General Manager said the partners were optimistic of reaching 180,000 barrels of oil per day (180,000 bopd) production by end of year from the current level of 170,000 bopd.

Three new wells had been drilled on the Jubilee field earlier this year which will bring the field’s production to 100,000 bopd while two new wells on the Tweneboa-Enyinra-Ntomme (TEN) field will also bring its production to about 80,000 bopd.

Besides the Jubilee and TEN fields being operated by Tullow, Ghana which opened its first open bidding round for oil blocks earlier this month also has the Sankofa field Offshore Cape Three Points (OCTP) with very large gas and some oil reserves being operated by Italian giants ENI.

“Beyond the significant reserves we are already producing, both fields have significant discovered resources to extend field life,” he added.

Some of these resources he said were in near-field around Jubilee and TEN (fields around the Jubilee and TEN fields with tiny pockets of oil trapped in reservoirs) which would help sustain peak production in the near future.

At the same time, Awotwi said there was also significant additional development opportunity within the existing acreage of the Jubilee partners that will play a key part in sustaining these fields for a long time.

Ghana which discovered the Jubilee field in 2007 and production started in December 2010 has gradually become a net oil exporter but fuel prices continue to rise at the pump with its attendant increase in transport fares. Fuel prices went up 2.75 percent n Monday.

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