* Development spending will focus on three offshore fields
* TEN field to attract $1.4 bln in investment this year
* Oil industry spent at least $6 bln developing Jubilee
ACCRA, Jan 21 Ghana expects at least $20 billion
of investment in its booming oil industry over the next five
years, mainly from foreign companies, the head of the
state-owned Ghana National Petroleum Corporation (GNPC) said on
GNPC CEO Alex Mould said the money would mainly be spent on
developing three offshore blocks -- the Deepwater Tano/Cape
Three Points block, the Tweneboa/Enyera/Ntomme (TEN) block and
the Sankofa block.
The TEN field will see $1.4 billion in investment this year
alone, while 2014 spending plans for Sankofa and Deepwater
Tano/Cape Three Points are yet to be determined, he said.
"The only one that we are spending on this year is the TEN
project. However, there will be exploration work going on," he
told reporters on the sidelines of a conference.
"There will be appraisal work going on, so there will be
wells drilled and investment coming in," he said.
At least $6 billion was required over the past five years to
develop the Jubilee field, which currently pumps at the low end
of 100,000 to 110,000 barrels per day, he said.
British firm Tullow Oil holds a 35.5 percent stake
in Jubilee. Other partners include Ghana National Petroleum
Corporation, Sabre/PetroSA, Anadarko Petroleum Corp and
Ghana discovered oil in 2007 and began lifting at the end of
2010, an event that boosted gross domestic product growth in the
West African state to around 14 percent the following year and
raised hopes of a bonanza.
Oil is now the number two source of government revenue in
Ghana, a country that also produces gold and cocoa and is rated
by investors for its stable democracy and strong growth.