Ghana has secured the 5th position in Africa for the highest demand for offshore oil rigs, surpassing Libya, which now ranks 8th on the continent, according to the 2024 State of African Energy by the African Energy Chamber.

The offshore rig demand is a measure of oil reserves, contingent resources, and exploration.

Ghana's increased demand signifies significant oil and natural gas reserves.

The report also identifies Ghana, Namibia, South Africa, Equatorial Guinea, and Mozambique as the top five countries with the highest percentage of contingent resources rig demand, indicating sensitivity to expected investment decisions.

“Most other producing countries show very little dependence on upcoming project sanctions to drive their rig demand”, the report said.

Ghana holds about 660 million barrels of proven oil reserves.

It produces about 177,000 barrels of oil per day.

“The breakdown of the top 20 countries by rig demand with associated split on what resource class is supporting the rig demand suggests majority of the rig demand is robust with only about 32% related to contingent resources and exploration”, the report said.

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