Co-Chair of the Ghana Extractive Industry Transparency Initiative, Dr. Stephen Manteaw, says production in Ghana’s upstream Petroleum industry may cease in a few years if successive governments fail to attract more investors.
Dr. Manteaw worries about the country’s inability to bring new projects on stream, resulting in a consistent decline in all production in the last four years.
Speaking after the launch of the GEITI 2021/2022 report, he said if additional reserves are not added in the next 15 or 20 years, the country’s oil production will end.
He noted that the life space of the Jubilee Oilfields is supposed to be 25 to 30 years, and the country has been lifting oil out of the Jubilee field for the past 14 years, so the county has a few years ahead to exhaust the reserve.
Dr. Manteaw observed that the government has failed to implement policies that will attract investors into the Oil and Gas sector.
The report revealed that 2021 the Jubilee field produced 27 million barrels of crude oil compared to a 2020 output of 30 million barrels.
