Licensing Compliance in Ghana's Upstream Petroleum Sector.

Ghana has a long history of oil and gas exploration dating to pre-independent era but commercial production of oil only begun in 2007 with the massive jubilee field estimated to hold a recoverable reserve of 1.8 billion barrels of crude oil. A total of 86.929 million barrels of Jubilee crude oil was exported from the Jubilee Field by the end of 2013. The discovery in the Jubilee Fields and commencement of oil production opened a new chapter of accelerated exploration, which incentivized the signing of several new Petroleum Agreements. Between 2013 and 2014, 10 new Petroleum Agreements were signed between the Government of Ghana and oil companies (See Table 1).