Tullow oil to invest $4 billion in Ghana’s oil sector over the next decade – MD says
Managing Director (MD) of Tullow Oil Ghana, Wissam Al-Monthiry, has said the company over the next decade will be investing some $4 billion in capital expenditure in the country’s oil and gas industry.
Making the disclosure at the ongoing 51st Offshore Technology Conference (OTC) 2021 taking place at the NRG Park, Houston–Texas, Mr Al-Monthiry stated that the $4 billion capital expenditure is in line with Tullow Ghana’s oil value maximization plans for the country.
Mr Al-Monthiry made the assertion while delivering remarks at the Official Ribbon Cutting Ceremony at the Ghana Pavilion and participate in the West Africa Oil & Gas Forum, as part of activities at the conference.
He among other things discussed topical industry issues including the future of the oil and gas industry in Africa as a catalyst for economic development, the impact of energy transition on developing economies, and opportunities for the development of Ghana’s oil and gas industry.
A six-member Tullow delegation led by Mr. Wissam Al-Monthiry, is part of the Ghana delegation attending the conference which is led by the Honourable Minister of Energy, Dr Matthew Opoku-Prempeh.
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Meanwhile, the Energy Minister, has made a call on investors to take advantage and invest in the vast opportunities available in Ghana’s upstream and downstream petroleum industry.
Speaking at the ribbon-cutting ceremony, Dr Prempeh said Ghana has investment opportunities in the petroleum industry.
He noted that in the upstream space, Ghana has a lot of untapped hydrocarbon resources, both offshore and onshore, which the country hopes to sustainably explore and exploit through partnerships with private companies.
Explaining how business is done in Ghana, Dr Prempeh told potential investors: “In Ghana, exploration and production (E&P) licences are awarded through open, transparent and competitive public tender processes”.
“However, E&P licences may be awarded through direct negotiations without public tender if direct negotiations represent the most efficient manner to achieve optimal exploration, development and production of petroleum resources in defined areas”, he said.
Dr Prempeh added: “Either way, prospective contractors must have the requisite technical and financial abilities to undertake petroleum activities.”
