The Ghanaian oil and gas company Springfield E&P has discovered 1.5 Gbl of oil and 0.7 Tcf (20 bcm) of gas off the coast of Ghana. The company estimates that the block could hold an undiscovered potential of more than 3 Gboe of oil and gas. The new discovery would ensure over 20 years of oil production at current production rates (around 200,000 bbl/d).
Ghana's crude oil production surged at the end of 2010 when the giant Jubilee field entered into production: crude oil output grew from around 1.4 mbl in 2010 to 25 mbl in 2011 and has been ramping up since then, reaching 62 mbl in 2018 (around 170,000 bbl/d).
In November 2019, the government announced that it would soon amend the licensing framework in a bid to boost production. The suggested modifications would authorize enterprises already operating a block to explore in the same area without applying for a new permit. Ghana would also enable companies to explore marginal fields after the expiration of their license. In addition, the government plan to cancel permits granted between 2011 and 2016 to four companies that have not developed their blocks.