Ghana's Petroleum Sector in 2024: A Year of Challenges, Gains, and Continuing Reform Efforts

The Ghanaian oil and gas sector continued its path of development in 2024, navigating a series of challenges, operational slowdowns, and significant revenue fluctuations. A report by the Public Interest Accountability Committee (PIAC) provides an in-depth look at key developments within the sector, offering insights into exploration activities, field operations, and the distribution of petroleum revenues.

- By Our Reporter

Field Operations: Mixed Activity

While the year 2024 saw limited drilling activity in some fields, notable progress occurred in others. The Cape Three Points Block 4, operated by Eni, saw the continuation of its drilling operations, particularly the Eban-2A well, which commenced in November 2024. This well is part of an ongoing effort to appraise the Eban and Akoma oil discoveries. The operation, using the Borr Natt Jack-up rig, was expected to continue into 2025, highlighting Ghana's commitment to enhancing its exploration capabilities.

On the other hand, the TEN and SGN fields reported no drilling or completion activities in 2024, reflecting the challenges of sustaining operations in mature fields. The Saltpond Field, which entered its decommissioning phase in the third quarter of 2022, had anticipated completion by late 2024. However, at the end of the year, the Ghana National Petroleum Corporation (GNPC) reported that procurement of a third-party auditor for cost and schedule verification was still ongoing, underlining the complexities of field decommissioning.

Exploration Activities: Opportunities and Delays