FOURTH OIL FIELD EMERGING IN GHANA: MANY MORE TO EMERGE
The Chief Executive of the Petroleum Commission, Egbert Faibille, announced plans for the upstream petroleum sector to commence production at its fourth oil field, the Pecan Oil Field, with anticipated peak output of up to 80,000 barrels of oil per day. Tullow Ghana Jubilee Platform (Source: Modern Ghana) While Faibille did not specify a timeline, he indicated that appraisal activities are nearing completion, setting the stage for development and production. The addition of the Pecan field is seen as critical to offsetting the ongoing decline in crude oil production, which has persisted for the fourth consecutive year. According to the 2023 annual report by the Public Interest and Accountability Committee (PIAC), domestic crude oil production saw a significant decrease, falling to 48.25 million barrels in 2023 from a peak of 71.44 million barrels in 2019. This marks an average annual decline rate of 9.2 percent over the past four years, and a 7 percent drop from the 2022 figure of...