The SPE has split the former "Management & Information" technical discipline into two new technical discplines:
- Management
- Data Science & Engineering Analytics
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The SPE has split the former "Management & Information" technical discipline into two new technical discplines:
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Abstract This research was conducted to review the economic performance of Ghana's Jubilee Field after more than a decade after the first oil in November 2010. The research conducted financial and operational analysis on Ghana's first discovered field, the Jubilee Field for the last ten years. The analysis included performance appraisal and qualitative evaluation of the Jubilee Field. The research question calculated the take of the project partners and ascertained the remainder of the programs contained in the plan of development for the Greater Jubilee Full Field Development. The research shows that the Jubilee field project which was done in phases provided the contractor and partners opportunity to learn from each phase and improve upon subsequent phases. The economic performance of the field has been tremendous and provided a good return on investment for the partners. The payback period of the project was calculated based on the net cash flow to be barely five years after the first oil whilst government's total share was about 48% of the project rent. The take included royalties, taxes, additional oil entitlements and GNPC's equity share in the project while the contractor takes 52%. This was slightly different from what was calculated during the project economic analysis. The research concluded that the project has a good return on investment and the phased approach in the execution was good for lessons learned to guide future projects and avoid some past mistakes. It was recommended among other things that the reservoir surveillance and jubilee southeast expansion which is part of the Greater Jubilee should be followed and executed according to schedule to improve the cash inflow for the project partners and government of Ghana.
Abstract This study was to assess how the implementation of LI 2201 has impacted the development of local skills in the sector. The study focused on the two producing International Oil Companies (IOCs) and the Petroleum Commission (PC). Data gathered were gathered using the mixed approach and analysed using descriptive analysis. The study revealed that the IOCs have put several initiatives in place to recruit and develop Ghanaians for key positions in their organization. These initiatives have resulted in forty six percent (46%) of Management staff, seventy four percent (74%) of Core Technical staff and ninety four percent (94%) of Other Support staff in their organisations combined being Ghanaians. The PC has also initiated a number of initiatives which are building the needed vocational skills as well as practical experience of Ghanaians and have led to localization of some positions within the sector. Despite the successes achieve so far, there are challenges facing the PC and the IOCs which make it difficult for the sector to achieve the full intent of LI 2204. Key among the challenges are lack of required local skills, high skills development cost, lack of cooperation among key stakeholders and limited practical development opportunities which need to be addressed to be able to achieve the key intent of the Regulations. These challenges have been acknowledged by The PC and have set up an internal committee headed by the Director of Localisation to look into ways in which localization can be improved.
Abstract The study sought to assess Investment in Ghana Upstream Sector, looking at the risk involved in the loss of Investment and the returns from the investment. The specific objectives were: to establish the level of investment in the oil and gas projects that are producing in commercial volumes in the Upstream sector of Ghana, to assess the revenues realized by Ghana and the IOCs from the sale of oil and gas since the start of commercial production in the year 2010. The researchers noticed that investors in the upstream sector face risk such as: price volatility risk, political risk, investment risk, and many other risks that affect the upstream operations. For the purposes of this study, risk is limited to investment risk. Thus, the researchers are looking at the level of investment in the upstream sector and whether the investment has any relation with the returns or revenues. A purposeful sampling technique was used to select the three commercial producing fields in Ghana for the Study. These are the Jubilee field, the TEN field, and the SGN field. Secondary data including oil and gas production volumes was taken from the annual reports of PIAC. Other secondary data was taken from Petroleum Commission, and Ministry of Finance. The results of the study showed that a total of about 8.8 billion US dollars was invested in the Jubilee field. About 4.998 billion US dollars and 5.2 billion US dollars was invested in TEN and SGN fields respectively. This means a total of about 19 billion US dollars was invested in the exploration and development of the three producing fields in Ghana. The results also indicated that despite all the risk in the upstream sector, about 22.69 billion US dollars revenues has been realized by the IOCs from the sale of oil and gas since the commencement of production in the year 2010. The results also showed that Ghana group realized about 4.98 billion US dollars from the revenues of oil and gas over the same period.
Abstract This study aims to contribute to industry discussion on gas utilization opportunities available to Ghana. Specifically, it will analyze Ghana's existing natural gas plans. i.e., the Gas Master Plan analyze possible opportunities and associated challenges and finally propose sources of finance for gas sector projects. In order to discover opportunities of natural gas utilization as well as challenges that come in the course of implementation, data was sourced from secondary sources as well. Benchmarking was also done using the natural gas journeys of three (3) case study countries: Nigeria, China, and the United Kingdom and a comparative analysis compared their natural gas journeys in terms of policy direction, natural gas utilization, infrastructure development and challenges encountered vis a vis the natural gas journey of Ghana. The analysis showed that various opportunities existed for natural gas utilization in the areas of industrial power generation, LNG export, CNG, Fertilizer and bauxite production. Various challenges such as lack of human and technical capacity, sector debt, regulatory issues, pricing issues, security of supply and others plagued most natural gas economies. These findings suggest that an ‘armory’ of opportunities exist for natural gas utilization in Ghana. However, the implementation of these utilization options is contingent on the development of proper policy instruments and extensive investment in infrastructure. The country should also be conscious of bottlenecks that may hinder natural gas utilization efforts.
Africa was first called the "Dark Continent" in the 19th century. The term is originally credited to the famous explorer Henry Stanley from his 1878 book "Through the Dark Continent." Back then, Africa was a mysterious and dangerous place for European explorers. Today, when I conclude most of my presentations, I use the NASA satellite photograph of the world at night. In it, Africa is mostly dark, so from an energy standpoint, it's still a "dark continent."
Tullow Oil Chief Executive Officer Paul McDade and Exploration Director Angus McCoss have resigned their positions effective immediately in abrupt moves that come with the company's announcement that it will fall well short of its production targets for the near term. Dorothy Thompson has been temporarily appointed executive chair, and Mark MacFarlane, currently executive vice president for the firm's East African and nonoperated assets, has been named chief operating officer. Tullow's board has initiated a process of finding a new group chief executive. In the same news release reporting the moves, the company confirmed that it expects its full-year net oil production to average 87,000 B/D, down from the 93,000–101,000 it forecast entering the year. It produced 88,200 B/D last year.
Aker Energy is actively pursuing a development concept with partners Lukoil, Fueltrade, and GNPC to begin phase 1 of the Pecan field development offshore Ghana. Final investment decision (FID) on the project was placed on hold in March; no new date for FID has been set as the company works to establish feasibility of the project. "Although we have an altered timeline, we are on our way to finding a development concept with a breakeven price that is sustainable and resilient also in a low-oil price environment," Aker Chief Executive Officer Håvard Garseth said. Aker said a phased development of the Pecan field and the use of a redeployed floating production, storage, and offloading unit (FPSO) vessel will reduce capital expenditure and breakeven costs and increase its commercially feasibility, leading to the FID. FPSO candidates are being assessed for redeployment; final selection will be based on technical capabilities and cost.
Aker Energy submitted a $4.4-billion plan to Ghanaian authorities to develop the offshore Deepwater Tano/Cape Three Points (DWT/CTP) block. The plan calls for phased development and production of the resources in the DWT/CTP contract area. It will start with the development of the Pecan field, one of the largest discoveries in the area, as a firm Phase One. Pecan is located in ultradeep waters ranging from 7,874 ft to 8,858 ft approximately 7 1 miles offshore Ghana. It will be developed with a floating production, storage, and offloading (FPSO) vessel and a subsea production system, and will comprise up to 26 subsea wells.
Africa Finance Corp. (AFC) invested $100 million in Aker Energy this month, serving as another indicator that Aker Energy is moving toward its initial public offering (IPO). The company announced its intent in February and said the IPO was expected to take place after it submitted a plan for development and operations (PDO) for the deepwater Pecan field off Ghana. The bonds issued to AFC will be converted to equity in the event of an IPO. The company, a subsidiary of the Norwegian Aker Group, submitted the $4.4-billion PDO to Ghana authorities in March, followed by an updated PDO at the end of June, and is now waiting for its approval and is targeting a final investment decision in the second half of 2019. Founded in 2018, Aker Energy is positioning itself as an exploration and production company and the offshore oil and gas operator of choice in Ghana.
Africa Finance Corp. (AFC) invested $100 million in Aker Energy this month, serving as another indicator that Aker Energy is moving toward its initial public offering (IPO). The company announced its intent in February and said the IPO was expected to take place after it submitted a plan for development and operations (PDO) for the deepwater Pecan field off Ghana. The bonds issued to AFC will be converted to equity in the event of an IPO. The company, a subsidiary of the Norwegian Aker Group, submitted the $4.4-billion PDO to Ghana authorities in March, followed by an updated PDO at the end of June, and is now waiting for its approval and is targeting a final investment decision in the second half of 2019. Founded in 2018, Aker Energy is positioning itself as an exploration and production company and the offshore oil and gas operator of choice in Ghana.