Energy

Since the discovery of offshore oil in 2007, Ghana has been adapting to the new reality of its hydrocarbons economy. In 2012 production at the Jubilee field increased 15% year-on-year to reach 27.4m barrels of crude oil, the entirety of which was exported for nearly $3bn. Oil production from the Jubilee field will likely plateau at around 140,000 bpd from 2013 to 2023. Gas production is also expected to peak at around 100m standard cu feet per day in 2015. The infrastructure needed to transport and process Jubilee’s gas resources is not expected to be complete until after 2013. As the gas processing plant nears completion in 2014, Ghana will be able to link its hydrocarbons output with its energy needs, bringing stability to the nation’s electricity sector. With GDP forecast to grow 8-9% in 2013, oil production and demand are both sure to continue rising. This chapter contains interviews with Kwesi Botchwey, Chairman, Ghana National Gas Company; and Aidan Heavey, CEO, Tullow Oil.