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.

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Ghana Oil & Gas Report
Product Price
$1,295.00

BMI View: We maintain our bullish view on Ghana's upstream sector, as a healthy pipeline of post-FID projects supports strong oil and gas production growth in the face of a sharp fall in global commodity prices. Longer-term prospects are substantial but uncertain, as question marks remain around the maritime boundary dispute with Cote d'Ivoire and passage of the country's Petroleum Bill. Prospects in the downstream sector remain poor and we see limited scope for refining capacity expansion within our 10-year forecast period.

Headline Forecasts (Ghana 2013-2019)
2013 2014 2015f 2016f 2017f 2018f 2019f
e/f = BMI estiate/forecast. Source: EIA, BMI
Crude, NGPL & other liquids prod, 000b/d 105.8 105.0 109.2 117.9 153.3 191.6 220.4
Dry natural gas production, bcm 0.0 0.5 1.2 1.5 1.5 1.4 1.8
Dry natural gas consumption, bcm 0.3 0.7 1.5 2.3 2.7 3.0 3.3
Refined products production, 000b/d 8.9 2.9 9.1 11.8 15.7 18.8 22.6
Refined products consumption & ethanol, 000b/d 68.9 75.8 78.1 81.0 84.4 88.2 92.2
Brent, USD/bbl 108.70 99.50 55.00 54.00 53.00 60.00 64.00

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, we forecast strong oil and gas production growth from 2015.

  • 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 2013-2019)
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 2013-2018)
19
Table: Oil Production (Ghana 2019-2024)
20
Upstream Production - Gas
20
Latest Updates
20
Structural Trends
20
Table: Gas Production (Ghana 2013-2018)
22
Table: Gas Production (Ghana 2019-2024)
22
Refining
23
Latest Updates
23
Structural Trends
23
Table: Refining Capacity and Refined Products Production (Ghana 2013-2018)
25
Table: Refining Capacity and Refined Products Production (Ghana 2019-2024)
25
Refined Fuels Consumption
26
Latest Updates
26
Structural Trends
26
Table: Refined Products Consumption* (Ghana 2013-2018)
33
Table: Refined Products Consumption* (Ghana 2019-2024)
33
Gas Consumption
33
Latest Updates
33
Structural Trends
33
Table: Gas Consumption (Ghana 2013-2018)
35
Table: Gas Consumption (Ghana 2019-2024)
35
Trade - Oil
36
Latest Updates
36
Structural Trends
36
Table: Crude Oil Net Exports (Ghana 2013-2019)
38
Table: Crude Oil Net Exports (Ghana 2019-2024)
38
Table: Refined Fuels Net Exports (Ghana 2013-2018)
40
Table: Refined Fuels Net Exports (Ghana 2019-2024)
40
Trade - Gas (Pipeline And LNG)
41
Latest Updates
41
Table: Gas Net Exports (Ghana 2013-2018)
43
Table: Gas Net Exports (Ghana 2019-2024)
43
Industry Risk Reward Ratings
44
Africa Oil & Gas Risk/Reward Index
44
Table: BMI's Africa Oil & Gas Risk/Reward Index
44
Above-Ground Risks Dulling Below-Ground Potential
47
Table: BMI's Africa Upstream Risk/Reward Index
47
Downstream Sector Holds Limited Opportunity
50
Table: BMI's Africa Downstream Risk/Reward Index
50
Ghana - Risk/Reward Index
52
Market Overview
53
Ghana Energy Market Overview
53
Regulatory Overview
53
Licensing Regime
54
Table: Ghana Model Petroleum Agreement Main Licensing Terms
54
Fiscal Regime
55
Table: Ghana Model Petroleum Agreement Main Licensing Terms
55
Licensing Rounds
55
Oil & Gas Infrastructure
56
Oil Refineries
56
Table: Ghana Oil Refineries
56
Oil Storage Facilities
56
Table: Ghana Main Oil Storage Facilities
56
Oil Trade Facilities
57
Table: Ghana Main Oil Trade Facilities
57
Competitive Landscape
58
Competitive Landscape Summary
58
Table: Key Players - Ghana Energy Sector
59
Table: Key Upstream Players
59
Table: Key Downstream Player
60
Company Profile
61
Tullow Oil
61
Kosmos Energy
66
Other Summaries
70
Regional Overview
75
Africa - Bullish Gas, Bearish Oil
75
Glossary
83
Table: Glossary Of Terms
83
Methodology
85
Industry Forecast Methodology
85
Source
87
Risk/Reward Index Methodology
87
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
89
Table: Weighting
90

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.