Ghana Limited Operations
The PetroSA Ghana Limited (“PGL”) is led by Mr Linda Nene, General Manager for the company. He is charged with strategic, financial, operational, governance and overall direction of the company and reports to the PGL Board of Directors. Linda is also a Director of the PGL. The company is managed in a cost effective, self-sustaining and funding with a significant contribution to PetroSA, the 100% shareholder.
COMPANY BACKGROUND
PetroSA Ghana Limited (“PGL”), is a wholly owned subsidiary of the Petroleum Oil and Gas Corporation of South Africa (SOC) Limited (“PetroSA”) and is a key commercial entity within the PetroSA Group in terms of its financial contribution and strategic relevance and trajectory to the Group. The initial investment was approximately USD 600 million in 2012.
PGL holds minority interests in the producing Greater Jubilee Unit Area (2.7254%) (unitised unit), the Deepwater Tano Block (3.8275%) (including the TEN Oil fields development) and the West Cape Three Points Block (1.803%) with further development, appraisal, and exploration (subject to Ministerial approval) upside within these blocks. PGL is part owner of the Jubilee FPSO Kwame Nkrumah (MV25) and calm buoy.
Other Joint Venture Partners in the Deepwater Tano and West Cape Three Points Blocks are Tullow (Operator) Kosmos, Jubilee Oil and GNPC. Production come from two Development and Producing Area Deepwater Tano TEN and the Unitised Unit Greater Jubilee.
PGL's current minority equity participation in the DWT and WCTP Blocks has contributed significant revenues to PetroSA Ghana, its shareholder dividend total of US$ 139 million in the last five years, depicted in the table below:
| 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|
| Revenue | $113,966,477 | $79,991,822 | $62,388,290 | $99,102,735 |
| Dividends Paid to PetroSA | $52,000,000 | $27,000,000 | $20,000,000 | $27,000,000 |
| Dividend % in relation to revenue | 46% | 34% | 32% | 27% |
OPERATIONS UPDATE
Activities in Greater Jubilee include execution of the approved Plan of Development which in the las phases focused increasing production by bringing in new wells from Jubilee South-East and Jubilee North-East ultimately maintain plateau or the next few years.
The Jubilee fields currently produces at an average of 96,000 barrels of oil per day (bopd) net (2,600 bopd) from 21 producing wells and the TEN fields produces an average rate of 20 000 bopd from 9 producing wells. Both fields are producing from a dedicated FPSO (Floating, Production, Storage and Offloading vessel) which processes, stores and offloads the crude to a tanker. The Jubilee production is supported up by the following activities:
- High uptime and high drilling efficiency,
- Additional wells from Jubilee South-East,
- Gas Commercialisation, currently exporting the sale gas under Interim Gas Sale Agreement at $2.90/MMBtu.
Other Joint Venture Partners in the Deepwater Tano and West Cape Three Points Blocks are Tullow (Operator) Kosmos, Jubilee Oil and GNPC. Production come from two Development and Producing Area Deepwater Tano TEN and the Unitised Unit Greater Jubilee.
