GNPC Sets 2025 for First Exploration Well in the Voltaian Basin
The Ghana National Petroleum Corporation (GNPC) has announced it will start its first exploration well in the Voltaian Basin in 2025. GNPC’s Manager for Exploration and Appraisal, Michael Aryeetey, announced this at the Local Content Conference and Exhibition 2024 (LCCE) in Takoradi.
Mr. Aryeetey emphasized that this vast onshore basin, covering over 100,000 square kilometers, could unlock significant oil and gas reserves for Ghana’s energy sector. Describing the basin as a potential “game changer,” Mr. Aryeetey highlighted that this frontier area holds immense geological promise, though it remains largely unexplored.
“For years, the focus has been on offshore exploration, particularly in areas like the Tano Basin, which has yielded significant discoveries. But now, we are shifting our gaze inland, to the Voltaian Basin, which could be Ghana's next big thing in oil and gas exploration,” Mr. Aryeetey remarked.
He pointed out that the size of the Voltaian Basin far surpasses that of offshore areas, presenting a unique opportunity for large-scale exploration and development. “Offshore blocks typically cover less than 70,000 square kilometers in total, but the Voltaian Basin alone spans over 100,000 square kilometers.”
Offering some historical context, he said the Basin has been overlooked for decades, with the first exploration efforts dating back to the 1960s when the government partnered with the former USSR to conduct preliminary geological surveys. However, it wasn’t until 2005, with the aid of the European Union and the Minerals Commission, that serious interest in the basin resurfaced. Since then, GNPC has invested over $160 million in seismic data acquisition, providing crucial insights into the basin’s geological structures.
“We now have data confirming that the basin has the essential elements of a working petroleum system, including organic-rich shales and significant sedimentary thickness,” Mr. Aryeetey noted. He also discussed GNPC’s strategic decision to take the lead in exploration, citing the need for thorough analysis before opening the area to international investors. “Our next steps involve securing relevant approvals, attracting joint venture partners, and drilling the first well by 2025.”
Michael Aryeetey stressed the potential economic benefits of a successful discovery in the basin, including job creation, increased government revenue through taxes and royalties, and enhanced energy security for Ghana. “A major onshore discovery would diversify our energy sources, reduce reliance on imports, and attract significant foreign direct investment, he noted. It could be transformative for the local economy and the country.”