Stories and facts

The Saltpond Oil Field, located 65 miles west of Accra in Ghana’s Central Region and 13 km offshore in 24-meter-deep waters, was discovered in 1970 by the Signal-Amoco Consortium.

Currently managed by the Saltpond Offshore Producing Company (SOPCL), Ghana’s oldest crude oil producer, it operates under a joint ownership between the Ghana National Petroleum Corporation (GNPC, 45%) and Lushann-Eternit Energy Ltd. (55%).

Initial production began in 1978 under Agri-Petco after Amoco abandoned the field in 1976, citing non-commercial viability. Peak output reached 4,800 barrels per day before declining to 580 barrels by 1985, leading to GNPC’s takeover.

Revival efforts in 2000 by Lushann International through rig-less workovers briefly increased production to 700 barrels/day (2006), but financial disputes and technical challenges caused output to drop below 200 barrels/day by 2015.

Original reserves totaled 34.4 million barrels of oil and 56.2 billion cubic feet of gas, with post-1985 studies estimating 1.2 million barrels remained.

A 2003 incident saw the seizure of the MT Asterias vessel with 73,701 barrels of oil due to unpaid fees by Lushann.

GNPC initiated decommissioning in 2022, citing environmental risks from aging infrastructure, with cleanup costs projected at $200 million against lifetime revenues under $10 million.

Current production stands at approximately 550 barrels/day.

Explore below some companies fostering Ghana's oil sector.