Ghana's oil production poised for rebound in 2024 – Fitch Solutions predicts

Ghana's oil production is set to rebound in 2024, with an expected increase of 5.0% to 177,120 barrels per day (b/d), according to Fitch Solutions.

This resurgence is anticipated to be propelled by Tullow Oil's extensive drilling campaign at Jubilee and TEN fields.

However, Fitch Solutions predicts a temporary plateau in production until the commencement of Pecan's production, which

Read full articleis not expected until at least 2027.

The forecast hinges on Pecan reaching its Final Investment Decision (FID) this year. If confirmed by the end of 2024, Ghana's oil production could peak at 238,980 b/d by 2029, although this projection remains cautious due to historical delays in Pecan's FID over the past three years.

Fitch Solutions highlighted the challenges faced in the Jubilee and TEN fields in 2023, leading to significant declines in production, attributed to issues such as flow assurance problems, reduced water injection, and temporary halts in well operations.

Despite these setbacks, the issues have since been resolved, albeit resulting in estimated declines of 9.5% in crude and condensate production in 2023.