Energy & Utilities
From The Report: Ghana 2022
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International oil and gas prices dropped dramatically in early 2020 when countries around the world, including Ghana, enacted measures to curb the spread of Covid-19. Rising oil prices continued into early 2022, engendered in part by geopolitical tensions involving some of the world’s largest producers. The turbulent context poses challenges for Ghana’s hydrocarbons sector, which is still in its infancy. But amid the uncertainty, Ghana looked set to embark on cautious progress. Indeed, prices rebounded in 2021 as economic activity gradually returned to normal. Moreover, the government has set out to transform the country into a regional refining centre, with feasibility studies on the Petroleum Centre Infrastructure Master Plan scheduled for 2022. Ghana is also gearing up to deliver more sustainable energy over the long term, in accordance with goals outlined at the 2021 UN Climate Change Conference.

This chapter contains an interview with Rahul Dhir, CEO, Tullow Oil.

Articles from this Chapter

Overview

In the works: Ghana makes progress towards becoming a regional energy centre with new liquefied natural gas and refining facilities
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International oil and gas prices dropped dramatically in early 2020 when countries around the world, including Ghana, enacted measures to curb the spread of Covid-19. While reduced activity saw demand for fuel drop, this was not the case for all industries. “Contrary to consumer patterns during the pandemic, essential industries such as agriculture did not see reduced fuel consumption,” Fareed Yakubu, CEO of Santol Energy, told OBG. In 2021 prices rebounded amid the gradual return of economic…

Analysis

Exploration expansion: A decade-long investment plan to drill oil additional wells is under way, focusing on underexplored and underdeveloped areas
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Oil and gas exploration in Ghana has come a long way since the West Africa Oil and Fuel Company dug the country’s first documented discovery well, WAOFCO-2, in the Takanita concession in 1896. Located onshore in the Tano River Basin in western Ghana, the well was approximately 35 metres deep and produced 5 barrels per day (bpd). By comparison, Jubilee Field, which lies 60 km out to sea from the mouth of the Tano River, produced 73,042 bpd, or 19.94m barrels, in January-September 2021. Since the…

Interview

Strong position: Rahul Dhir, CEO, Tullow Oil, on opportunities for investment and the shift towards sustainable energy sources
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Interview: Rahul Dhir Which factors contribute to Ghana’s attractiveness for investment in oil and gas, and how have global developments impacted this space? RAHUL DHIR: There are a number of factors that make Ghana attractive, including political stability, an educated pool of human resources, high-quality oil, and a location that is advantageous for exporting to Europe and the US. The general economic environment is good for business and the country has a lot of opportunities in the oil and…

Analysis

The right balance: Ghana seeks to address overcapacity issues while attracting more investment in the transmission and distribution segments
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With recent years seeing major expansion in both generation capacity and grid connectivity, Ghana is now close to achieving a UN Sustainable Development Goal: universal access to electricity. Additionally, it has good solar and wind resources, which can be harnessed to shift the energy mix towards more renewable energy. The country is also host to the largest hydropower project in West Africa. In 2020 Ghana ranked among the World Energy Council’s top-10 most improved for energy security, equity…