Akufo-Addo optimistic of increased oil production

President Akufo-Addo

…as more major IOCs show interest in Ghana

President Akufo-Addo is optimistic the country could be producing 1million barrels of crude oil per day in the long term.

He said global oil exploration firms British Petroleum (BP) and Total have expressed interest in drilling oil in the country showing his government’s prudent management of the economy is attracting investors.

Ghana currently produces about 174,000 barrels of oil per day (bpd) from its three oil fields and has a medium-term target of 500,000 bpd with hopes of scaling up to 1,000,000 bpd in the long term.

Cross section of media practitioners

The president stated at his second and final ‘meet the press’ for the year on December 19 that the key themes of his government; effective revenue mobilisation, infrastructure drive, boosting entrepreneurship and agriculture modernisation have all stabilised the economy adding the fundamentals are solid depicted by the drop in inflation, growth in credit to private business, and the easing of interest rates as well as interbank trading rates.

Oil and gas exploration companies currently operating in the country include Tullow Oil Plc, ExxonMobil, Harlequin International (Ghana), Kosmos and Anadarko.

By Michael Eli Dokosi