(Ecofin Agency) - Ghana’s oil output is to reach 190,000 barrels per day by the end of 2016, Ecobank Research has revealed.

According to the report, this output when achieved would make Ghana the 6th leading producer of oil in middle Africa.

It added that the success of the increased production will be subject to the replacement of the turret bearing on the FPSO Kwame Nkrumah which will return production volume to the average 110, 000 per day on the Jubilee field.

Also, a full production of 80,000 bpd at the TEN field can be realized if the border disagreement between Ghana and Ivory Coast regarding the TEN catchment area was set in favor of Ghana.

The combined production from both the Jubilee and TEN fields would result in the realization of the projected 190,000 barrels per day and will prompt a boost in revenue for the incoming administration.

The report also revealed that PetroGulf Ghana Limited has signed a share purchase and sale agreement to buy Eco Atlantic (Ghana) Limited, from Eco (Atlantic) Oil & Gas Limited for a purchase consideration of $0.58 million.

Eco Atlantic (Ghana) Limited owns 50.51 percent interest in Three Point West Deep Water Offshore block (Ghana block), and through the deal PetroGulf able to increase its interest in the Ghana block, Ghana web reports.

Anita Fatunji