• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Positive near-term outlook for Ghana’s oil production; investment in sector to rise by 50% in 2021 – Fitch Solutions

5 years ago
in Energy, highlights, Home, home-news, latest News
1 min read
0 0
0
Tullow Oil - norvanreports

Tullow Oil - norvanreports

72
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Fitch Solutions, research arm of rating agency, Fitch Ratings, says its near term-outlook for oil production in Ghana is positive as targeted investments in oil production in the country is set to rise by 50 per cent in 2021.

The positive outlook comes on the back of an announcement by Tullow Oil to increase its net capital expenditure (capex) on the Jubilee and TEN oil fields from $120 million in 2020 to $180 million in 2021.

Tullow Oil is the operator of Ghana’s two largest oil fields – TEN and Jubilee. The oil firm has plans to commence a multi-well drilling campaign in the second quarter of 2021.

According to Fitch Solutions, the $60 million more capex investment in Tullow Oil’s production will be significant for the country’s upstream sector since TEN and Jubilee are responsible for 80 per cent of Ghana’s total oil production.

Fitch Solutions in its report on Ghana’s oil and gas sector noted that given the planned investment by Tullow Oil, it had revised its previous forecast of stagnation in the country’s oil production and now expects an increase in production by 2 per cent from 2022 to 2024.

“Given the planned spending, we have revised our previous forecast, which anticipated a stagnation in production until Aker Energy’s Pecan Field comes online. We now expect an uptick in production to average 2.0% y-o-y between 2022 and 2024, as the planned drilling activity will help offset the declining output rates at Ghana’s fields. However, due to comparably weaker capex spending in 2020, we maintain our expectation that production will decline by 2.0 per cent in 2021,” Fitch Solutions said.

“The forecasted boost in Ghana’s oil output will be partly a result of improved gas offtake performance and higher water injection rates, which both help maintain higher production,” added Fitch Solutions.

RelatedPosts

Nestlé Ghana to Launch “No Refined Sugar” Variant of CERELAC®️

Cedi@60: Fiscal Discipline Key to Preserving Monetary Independence – BoG Governor

Cedi@60: Ghana Has Turned a Decisive Corner in Post-Crisis Recovery, Says Governor Asiama

In the second half of 2020, gas offtake nominations from the Ghana National Gas Corporation increased by 63 per cent at the Jubilee and TEN fields, to 106mmscf/d. Tullow Oil targets gas offtake to increase beyond 130mmscf/d in 2021.

Meanwhile, water injection rates at the Jubilee field are set to increase by 50 per cent in 2022, to average 270,000 b/d supporting higher oil production rates.

Source: norvanreports
Tags: Aker EnergyFitch Solutionspositive near-term outlookTullow Oil
No Result
View All Result

Highlights

Cedi@60: Ghana’s Foreign Reserves Hit $12bn Providing 6.5 Months of Import Cover – BoG Governor Discloses

CHAG Takes Full Leadership of its Safecare Journey After PharmAccess Handover

Cedi@60: Finance Minister Reiterates Call for Exclusive Use of Cedi in Domestic Transactions

Cedi@60: Vice President Calls for Sustained Fiscal Discipline, Commends BoG for Restoring Confidence in the Cedi

Cedi@60: BoG Governor Hails Currency’s Resilience, Pledges Stronger Policy Transparency and Digital Innovation

GAB CEO Urge Ghanaians to Prioritise Use of Cedi 

Trending

Features

Nestlé Ghana to Launch “No Refined Sugar” Variant of CERELAC®️

October 28, 2025

Nestlé Ghana to Launch “No Refined Sugar” Variant of CERELAC®️ Nestlé Ghana will soon launch a new...

Cedi@60: Fiscal Discipline Key to Preserving Monetary Independence – BoG Governor

October 28, 2025

Cedi@60: Ghana Has Turned a Decisive Corner in Post-Crisis Recovery, Says Governor Asiama

October 28, 2025

Cedi@60: Ghana’s Foreign Reserves Hit $12bn Providing 6.5 Months of Import Cover – BoG Governor Discloses

October 28, 2025

CHAG Takes Full Leadership of its Safecare Journey After PharmAccess Handover

October 28, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.