President John Dramani Mahama says Ghana has signed major upstream investment agreements expected to reverse declining crude oil production and strengthen domestic gas supply.
In his address to Parliament, the President confirmed that government had signed a Memorandum of Understanding with Jubilee and TEN partners committing US$2 billion to drill up to 20 additional wells in the Jubilee field.
A second Memorandum of Intent with the OCTP partners will provide US$1.5 billion for further development within the OCTP field and Cape Three Points Block 4.
“These agreements position Ghana to significantly expand petroleum output, support industrial growth, and ensure long-term energy security,” he said.
The President added that increased domestic gas will reduce the reliance on expensive liquid fuels for thermal generation.
Source: businesspostonline
