Business News of 2014-01-22

Ghana to produce 500,000 barrels of oil by 2024

The Ghana National Petroleum Corporation has disclosed to Citi Business News that Ghana could hit a daily minimum oil production of five hundred thousand barrels per day in the next 10 years.

The Acting Chief Executive of the Ghana National Petroleum Corporation, Alex Mould, disclosed this to Citi Business News at the 18th Annual Conference of Offshore West Africa.

Ghana is currently producing oil of 100,000 barrels per day but says his outfit is currently focusing on investing in exploration to meet the target.

He explained that “with the exploration that is going on and the probabilities of us hitting, I think in the next 10 years we will be looking at something around 500,000 barrels minimum. So we have to continue to add reserves to what we have. Our reserves are about 1.3 billion barrels.”

Mr. Mould added that his outfit has to move “our gas reserves up and the only way we can do this is to explore and spend money on exploration. That is the focus now.”