The Ghana National Petroleum Corporation (GNPC) has supplied approximately 950,000 barrels of Sankofa crude oil to the Tema Oil Refinery (TOR), strengthening the link between Ghana's upstream petroleum production and domestic refining.
According to a GNPC press statement, the crude, carried aboard the Sonangol Cazenga, was received at the refinery under a commercial arrangement between the two state institutions. The milestone was marked by an inspection of the vessel by a team jointly led by the Chief Executive of the corporation, Mr Kwame Ntow Amoah, and the Managing Director of the refinery, Mr Edmond Kombat.
For the corporation, the transaction presents an opportunity to create a dependable domestic market for Ghana's crude while supporting efforts to process more of the country's petroleum resources locally.
Speaking at the ceremony, Mr Amoah said the arrangement reflects the President's vision of strengthening linkages between Ghana's upstream and downstream petroleum sectors, supporting domestic refining and retaining more value from the country's petroleum resources within the local economy.
"The supply of Sankofa crude to TOR on commercial terms represents more than a transaction between two state institutions. It is an opportunity to take a Ghanaian resource, process more of it in Ghana, and create value across our own petroleum industry," he said.
Following the inspection, Mr Amoah said a dependable national refinery would give the corporation a ready domestic market for its crude oil while creating a basis for a sustainable commercial relationship between the two institutions.
"We don't have to look far afield for buyers. We know there is a dependable buyer for our oil in-country, and it is a commercial arrangement," he said.
He added that the corporation currently has approximately eight to ten similar crude cargoes available annually. While some volumes are committed under existing arrangements, increased production could create opportunities to supply additional cargoes to the refinery over time.
"We are seeing an uptick in production, and we are continuing with our aggressive exploration efforts, including our onshore pursuit of the Voltaian Basin exploratory programme, to increase production and sustain the supply of crude to the refinery," Mr Amoah said.
The Managing Director of the refinery, Mr Edmond Kombat, confirmed that the Sankofa cargo was fully paid for through a Letter of Credit accepted by the corporation, with no debt exposure arising from the transaction.
The Sankofa crude also provides suitable feedstock for the refinery as it rebuilds its operating capacity. Mr Kombat described the crude as light and sweet, with the potential to yield products including gasoline, gasoil, aviation fuel and liquefied petroleum gas.
Beyond crude supply, the corporation and the refinery are also exploring additional areas of collaboration. Mr Amoah said discussions are underway on supplying natural gas to support the refinery's operations.
For the corporation, the Sankofa crude arrangement demonstrates the value of commercially sustainable collaboration between national institutions while providing a platform that can expand alongside Ghana's growing upstream production.
"We believe the collaboration with TOR will continue to grow stronger," Mr Amoah said.