In 2002 GNPC refocused its operations after completing the transition from the Old to the New GNPC. We then put in place institutional structures and policies, which would address the new challenges faced by the Corporation. Bearing in mind the gradual shift from continental shelf to deepwater exploration, we have intensified our efforts in the last three years to attracting investors to explore in our deep waters. We now count as key among companies working in Ghana, world-class quality majors and independents including Devon Energy, Amerada Hess Corporation, Anadarko, Tullow Oil, Vanco Energy and Kosmos Energy. These companies are currently actively engaged in data acquisition and drilling activity. In addition through a program of collaboration with Ghana’s Mining Sector, critical data acquisition and processing work has been conducted over the previously largely unexplored onshore Voltaian Basin to unearth its hydrocarbon potential.
In order to maintain the momentum of interest in Ghana’s basins we have been able to conclude all preparatory efforts towards achieving an attractive regulatory framework and the Ghana Government has confirmed its agreement to the broad intentions that we have proposed in our review. In 2007 the Ghana Parliament will enact these proposed changes into Law. Improved processing capability and the development of computing power worldwide has increased seismic data processing power and has helped to dramatically increase the quality of reprocessed seismic data within the corporation.
The virtual completion of the construction of the West Africa Gas pipeline has renewed investor confidence in the feasibility of major infrastructure projects in West Africa, especially Ghana, given Ghana’s role as the largest buyer. This confidence has been supportive of the interest in oil and gas exploration in Ghana through the signals that it provided for an emerging gas market where competing sources including indigenous gas can be developed and easily transported.
The increased activity in the sub-region due in part to the phenomenal increases in the price of oil has resulted in a high demand for equipment especially rigs for deepwater work. Since most of Ghana’s matured prospects exist in the deepwater, the acute shortage of deepwater rigs has affected the corporation’s ability to improve its drilling history.
Our emphasis in 2007 and beyond will be to work towards conducting appraisal well drilling programs to precede the development of the South, North and West Tano oil and gas fields to meet the objective of increased petroleum production as well as intensification of exploration well drilling to prove up more reserves. Any gas produced will take advantage of the wide demand gap for power generation.
Major activities in our vision 2007 and beyond for the Voltaian Basin includes reconnaissance exploration work covering aeromagnetic and gravity surveys and their interpretation, as well as satellite imagery interpretation. Joint Venture Study Agreements will be negotiated for additional work that will involve the Corporation in investments of its own resources in association with interested investors in data acquisition, engineering studies and exploratory drilling in the Voltaian Basin as a follow up to previous studies confirming significant potentials of hydrocarbon.
Having been thus positioned we have every reason to be optimistic that GNPC is firmly on its way to join the ranks of the fastest growing oil producing countries within the Gulf of Guinea, which is one of the richest hydrocarbon basins in the world.
