Ghana Could Face Oil Depletion in 15 Years if Production Decline Persists – Dr. Steve Manteaw

Ghana’s oil reserves are dwindling, and if current production declines persist, the country could face oil depletion within the next 15 years, according to Dr. Steve Manteaw, co-chair of the Ghana Extractive Industry Transparency Initiative.

Dr. Manteaw highlighted that Ghana has already extracted about half of the Jubilee Fields, one-third of the TEN fields, and approximately one-tenth of the Sankofa Gye Nyame fields.

Without significant additions to the country’s reserves, the oil industry could collapse within a decade and a half.

The warning follows a concerning trend outlined in a report by the Public Interest and Accountability Committee (PIAC), revealing a continuous decrease in Ghana’s crude oil production for the fourth consecutive year in 2023.

Dr. Manteaw emphasized the urgency for action, noting that despite efforts by the Ghana National Petroleum Corporation (GNPC) to attract investors, substantial results have not materialized. Challenges such as unattractive block pricing and insufficient high-quality data hinder investor interest.

Mark Agyemang, Technical Manager of PIAC, echoed concerns about declining production since 2018, attributing the drop to operational, regulatory, and governance issues. He emphasized the need for proactive measures, such as artificial extraction methods, to prolong the lifespan of existing oil fields.

While acknowledging operational challenges, particularly in the Tweneboa Enyenra Ntomme (TEN) Oil Field, Agyemang affirmed that management is actively addressing these issues to mitigate further production declines.

The situation underscores the imperative for Ghana to swiftly address operational challenges, enhance regulatory frameworks, and attract investment to sustain its oil industry and safeguard its economic future.