Ghana will double crude production by 2017 as offshore deposits being developed by Tullow Oil Plc and Eni SpA start producing oil, Minister of Energy Emmanuel Armah-Kofi Buah said.
Tullow’s TEN development will produce about 80,000 barrels a day by then, the minister said by phone today. Eni’s Sankofa Gye-Nyame deposit will pump 50,000 barrels, he said. Production at Ghana’s Jubilee field will rise to 120,000 barrels from 110,000 today.
Ghana and partners Tullow and Anadarko Petroleum Corp. plan to invest $20 billion in the next 10 years to develop offshore oil deposits. The world’s second-largest cocoa producer needs revenue to help narrow its budget deficit, which will probably exceed 10 percent of gross domestic product for a third year, according to Fitch Ratings and Moody’s Investors Service.
