Post #438

📺The Oil Apocalypse Is Postponed 📺 Ghana Hopes to Keep Its Oil Fields Viable Until 2040 🌐 Against the backdrop of a looming production crisis, Ghana is extending the licenses of its two operating oil projects — the Jubilee and TEN fields — by several years. At the same time, the state-owned GNPC is expected to receive an additional 10% stake in both assets. ❗️ The licenses for Jubilee and TEN were due to expire in 2034–2036, roughly the same time their oil is expected to be depleted. With no new discoveries so far, this would have meant a premature death of Ghana’s oil sector, which was born in 2010 with the launch of Jubilee. ⏩ Instead, the lifespan of both projects is now expected to be extended to 2040 through the drilling of new wells. In parallel, in 2036 GNPC will increase its stake in both projects by 10%, i.e. to 17%. ⏩ The government is actively trying to turn oil production from a temporary venture into a fully-fledged sector of the Ghanaian economy, pursuing onshore exploration while also courting foreign partners for further exploration efforts. ➡️ Follow to stay informed - @devilsbelow