Ghana Oil & Gas Report

Providing expert analysis, independent forecasts and competitive intelligence on the oil and gas industry.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, BMI's Oil & Gas Risk Reward Index, Market Summary, Economic Forecasts, Company Profiles, Competitive Landscape and Global and Regional Overview.

Why you should buy this report

  • Benefit from the latest market opportunities
  • Understand the threats to your operations and investments and protect your company against future risks
  • Gain insight on emerging trends that could support, strengthen or disrupt your activities in the market
  • Get a full view of the competitive landscape to assess your market position
×

Sign up to download the Ghana Oil & Gas Report

By submitting this form you are acknowledging that you have read and understood our Privacy Policy.

Thank you for your interest

You will shortly receive your free executive summary by email.

Ghana Oil & Gas Report
Product Price
$1,295.00

BMI View: We maintain a positive outlook on Ghana's oil and gas production in the medium term, as the flagship Jubilee field ramps up output and TEN and Sankofa are brought on stream. However, the country's long-term prospects grow increasingly crowded due to the ongoing maritime boundary dispute with C o te d'Ivoire and continued fiscal and regulatory uncertainty. Exploration activity has been highly constrained, exacerbated by the sharp fall in global oil prices. The downstream sector will continue to perform poorly, due to ageing and inefficient infrastructure and a lack of investment in new capacity.

Headline Forecasts (Ghana 2014-2020)
2014 2015e 2016f 2017f 2018f 2019f 2020f
e/f = BMI estimate/forecast. Source: EIA, BMI
Crude, NGPL & other liquids prod, 000b/d 105.0 109.2 117.9 153.3 191.6 220.4 222.8
Dry natural gas production, bcm 0.5 1.2 1.5 1.5 1.4 1.8 2.6
Dry natural gas consumption, bcm 0.7 1.5 2.3 2.7 3.0 3.3 4.1
Refined products production, 000b/d 2.9 9.1 11.8 15.7 18.8 22.6 23.9
Refined products consumption & ethanol, 000b/d 75.8 78.1 81.0 84.4 88.2 92.2 96.6
Brent, USD/bbl 99.50 53.60 42.50 53.00 55.00 60.00 67.00

The main trends and developments in Ghana's oil and gas sector are:

  • Ghana boasts significant, underexplored acreage offshore. Although our reserves forecasts remain modest, we acknowledge strong upside risk from continued exploration.

  • Exploration may be constrained over the next three to four years, as a maritime boundary dispute with Cote d'Ivoire and delays passing the new petroleum law weigh on activity.

  • Due to the moratorium on gas flaring, associated gas production at Jubilee has acted as a major bottleneck on oil output. However, with Atuabo brought online in the fourth quarter of 2014, following strong oil and gas production growth from 2015, we forecast continued growth in 2016.

  • Rising demand in the domestic power sector will drive robust gas consumption growth - substantial LNG imports will be needed to meet this demand, given limited scope for pipeline import growth.

  • Fuels consumption growth will be more moderate, dragged down by domestic fuels price liberalisation, FX weakness and falling demand for oil-fired power generation.

  • The outlook on Ghana's downstream is bearish, due to poor operational efficiencies at the Tema Oil Refinery and the weak commercial viability of proposed upgrade and expansion projects.

BMI Industry View
7
Table: Headline Forecasts (Ghana 2014-2020)
7
SWOT
8
Oil & Gas SWOT
8
Industry Forecast
9
Upstream Exploration
9
Latest Updates
9
Structural Trends
9
Table: Tano Basin Blocks Exploration, 2007-2013
11
Upstream Projects
14
Table: Ghana Upstream Projects
14
Upstream Production - Oil
17
Latest Updates
17
Structural Trends
17
Table: Oil Production (Ghana 2014-2019)
19
Table: Oil Production (Ghana 2020-2025)
20
Upstream Production - Gas
21
Latest Updates
21
Structural Trends
21
Table: Gas Production (Ghana 2014-2019)
23
Table: Gas Production (Ghana 2020-2025)
23
Refining
24
Latest Updates
24
Structural Trends
24
Table: Refining Capacity and Refined Products Production (Ghana 2014-2019)
26
Table: Refining Capacity and Refined Products Production (Ghana 2020-2025)
26
Refined Fuels Consumption
27
Latest Updates
27
Structural Trends
27
Table: Refined Products Consumption (Ghana 2014-2019)
33
Table: Refined Products Consumption (Ghana 2020-2025)
33
Gas Consumption
34
Latest Updates
34
Structural Trends
34
Table: Gas Consumption (Ghana 2014-2019)
36
Table: Gas Consumption (Ghana 2020-2025)
36
Trade - Oil
37
Latest Updates
37
Structural Trends
37
Crude Oil
37
Table: Crude Oil Net Exports (Ghana 2014-2019)
39
Table: Crude Oil Net Exports (Ghana 2020-2025)
39
Refined Fuels
39
Table: Refined Fuels Net Exports (Ghana 2014-2019)
41
Table: Refined Fuels Net Exports (Ghana 2020-2025)
41
Trade - Gas (Pipeline And LNG)
42
Latest Updates
42
Structural Trends
42
Table: Gas Net Exports (Ghana 2014-2019)
45
Table: Gas Net Exports (Ghana 2020-2025)
45
Industry Risk Reward Index
46
Africa - Oil & Gas Risk/Reward Index
46
Table: BMI Africa Oil & Gas Risk/Reward Index
46
Above-Ground Risks Dulling Below-Ground Potential
49
Table: BMI Africa Upstream Risk/Reward Index
49
Downstream Sector Holds Limited Opportunity
52
Table: BMI Africa Downstream Risk/Reward Index
52
Ghana - Risk/Reward Index
54
Market Overview
55
Ghana Energy Market Overview
55
Regulatory Overview
55
Licensing Regime
56
Table: Ghana Model Petroleum Agreement Main Licensing Terms
56
Fiscal Regime
57
Table: Ghana Model Petroleum Agreement Main Licensing Terms
57
Licensing Rounds
57
Oil & Gas Infrastructure
58
Oil Refineries
58
Table: Ghana Oil Refineries
58
Oil Storage Facilities
58
Table: Ghana Main Oil Storage Facilities
58
Oil Trade Facilities
59
Table: Ghana Main Oil Trade Facilities
59
Competitive Landscape
60
Competitive Landscape Summary
60
Table: Key Players - Ghana Energy Sector
61
Table: Key Upstream Players
61
Table: Key Downstream Player
62
Company Profile
63
Kosmos Energy
63
Tullow Oil
67
Other Summaries
71
Regional Overview
76
Africa - Bullish Gas, Bearish Oil
76
Table: Africa Oil & Gas Production, Consumption, Refining Capacity And Trade
84
Glossary
85
Table: Glossary Of Terms
85
Methodology
87
Industry Forecast Methodology
87
Source
89
Risk/Reward Index Methodology
89
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
91
Table: Weighting
92

The Ghana Oil & Gas Report has been researched at source and features BMI Research's independent forecasts for Ghana including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.

BMI's Ghana Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Ghanaian oil and gas industry.

Key Benefits

  • Benchmark BMI's independent oil and gas industry forecasts for Ghana to test consensus views - a key input for successful budgeting and strategic business planning in the Ghanaian oil and gas market.
  • Target business opportunities and risks in the Ghanaian oil and gas sector through reviews of latest industry trends, regulatory changes and major deals, projects and investments in Ghana.
  • Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity) and Competitive Landscape Tables.

Coverage

BMI Industry View

Summary of BMI’s key forecasts and industry analysis, covering oil and gas reserves, supply, demand and refining, plus analysis of landmark company developments and key changes in the regulatory environment.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the upstream and downstream sectors and within the broader political, economic and business environment.

BMI Industry Forecasts

Historic data series and forecasts to end-2024 for all key industry indicators, supported by explicit assumptions, plus analysis of key downside risks to the main forecast:

  • Pricing: Oil price (USD/bbl, WTI, Brent, OPEC basket, Urals); oil products prices (unleaded gasoline, gasoil/diesel, jet/kerosene – USD/bbl) at global hubs.
  • Production, Consumption, Capacity & Reserves: Proven oil reserves (bn barrels), production, consumption, refinery capacity and throughputs (‘000b/d); proven gas reserves (tcm), production and consumption (bcm) and fuels trade.
  • Imports & Exports: Crude oil exports/imports (‘000s b/d) and value of crude oil trade in USD. Fuels exports/imports (‘000s b/d) and value of fuels trade in USD. Natural gas imports/exports (bcm), by pipeline and/or LNG, and value of natural gas trade.

BMI’s Oil & Gas Risk Reward Index

BMI’s Risk Reward Indices provide investors (independents, NOCs, IOCs, oil services companies) looking for opportunities in the region with a clear country-comparative assessment of the upstream and downstream market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide indices of highest to lowest appeal to investors, with each position explained.

Market Overview

A profile of the upstream and downstream sectors, including analysis of reserves, output, consumption and trade of energy products; overview of the industry landscape and key players; assessment of the business operating environment and the latest regulatory developments.

Competitive landscape

Comparative company analyses by USD sales, % share of total sales, number of employees, year established, ownership structure, oil production (‘000b/d), gas production (bcm), downstream capacity (‘000b/d) and % market share.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI’s industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape to generate Company SWOT analyses. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

Regional Overview

Regional perspective on size and value of the industry. Plus comparative rankings by production, refining, imports and exports of oil, gas and LNG.

Global Oil Market & Oil Products Outlook

Based on our country coverage of over 99% of global oil and gas production and consumption, BMI provides demand, supply and price forecasts to end-2024 for oil, gas and oil products.

Sources

The Oil & gas Reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.