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Apr 6, 2011

GNPC begins oil exploration in Volta Basin


Mr. Thomas Manu, the Director of Exploration and Production at the Ghana National Petroleum Corporation (GNPC) says the corporation will begin a major onshore oil production in the Volta Basin this year.

 

According to him, the offshore Jubilee Field in the Western Region has revealed oil reserves estimated at 800 million barrels, with 90 percent chance of recovery, whilst other discoveries at the Odum, Sankofa and Tweneboah fields are yet to be developed.

 Mr. Manu disclosed this Accra during a press briefing, saying that the 104,000-square kilometer Voltaian Basin, which covers about 40 percent of the country’s land mass has a huge oil potential.

 He added that the $40-million exploration, to be undertaken in three phases over a period of three years, will involve a recognizance survey and the acquisition of two dimensional (2D) seismic data to ascertain the oil potential of the basin to attract investors for exploitation.

Mr. Manu pointed out that there are strong signals of limestone deposits at Buipe which can also be tapped for the benefit of the nation, stressing that nation has a responsibility to make the production of oil sustainable for the benefit of present and future generations.

Source: ISD