In June and September 2007, a consortium of companies comprising Kosmos Energy Ghana (Kosmos), Tullow Ghana Limited (Tullow), Anardarko Petroleum Corporation, Sabre Oil and Gas Limited, E.O. Group in conjunction with the GNPC announced discoveries of significant quantities of oil and gas in the offshore deep water Tano / Cape Three Points basins located in the southernmost part of Ghana.
Under this circumstance, the Petroleum Law required that the discovered oil and gas resources in the two blocks be produced as on unit to reduce cost and optimize the recovery of oil and gas in the field. The two discovered fields were therefore unitized and designated as the Jubilee Field, in commemoration of Ghana’s Jubilee Year celebration.
Ghana’s Oil and Gas Industry is growing at a steady pace, with a total proven reserve base as at August 2014 of approximately 883.4 million barrels of oil and 2,312.4 billion cubic feet of gas.
There are four (4) major oil and gas fields in the country namely: the producing Jubilee Field, the sub-commercial producing Saltpond field, the Tweneboa-Enyenra-Ntomme (TEN) field and Sankofa-Gye Nyame fields, currently at the development phase. In addition to this, twenty-three post Jubilee discoveries have been made offshore Ghana on six different blocks in the Tano / Cape three points basin.
The Oil and Gas sector of Ghana is over seen by the Ministry of Energy and Petroleum whilst the Oil and Gas sector of the Association of Ghana Industries (AGI) is assigned the responsibility of ensuring those regulations and all other issues pertaining to the Oil and Gas sector creates an enabling environment for business to thrive.
