Ghana’s first oil development well is in place
Ghana’s oil industry has made a step toward development of the country’s first well to deliver the world’s first fully developed, carbon-neutral, clean-burning oil from the country.
The country’s oil minister has announced that Ghanaian oil production will peak at about 2.6 million barrels per day (bpd) in 2020, a milestone that would mark a substantial improvement from the current 2.2 million bpd.
Oil production from Ghana’s existing fields will begin declining by 2030, and will decline to about 2 million bdpd by 2040.
But this year’s milestone could have a greater impact on the country than previous years, as the country is already producing at an annual rate of about 4.5 million bdspd.
The government hopes to see a 30 percent reduction in the number of new wells in 2020 and a 30-40 percent reduction by 2030.
As of June 30, the country had about 2,800 wells that were not yet producing.
The oil minister’s announcement comes a week after the Ministry of Environment and Development announced that it had completed a feasibility study on how the country can boost oil production and increase its use of renewable energy.
The project has already been awarded the green light from Ghanaian regulators, and the government hopes it will be operational by the end of the year.
The plan is for Ghana’s new wells to be built on reclaimed land and the country has been trying to develop the area in a bid to reduce emissions and boost the countrys reliance on oil from abroad.