Ghana expects at least $20 billion of investment in its booming oil industry over the next five years, mainly from foreign companies, Reuters quoted the head of the state-owned Ghana National Petroleum Corporation (GNPC) saying on Tuesday.

Ghana discovered oil in 2007 and began lifting at the end of 2010, an event that boosted gross domestic product growth in the West African state to around 14 percent the following year and raised hopes of a bonanza.

Oil is now the number two source of government revenue in Ghana, a country that also produces gold and cocoa and is rated by investors for its stable democracy and strong growth.

Alex Mould, the chief executive at GNPC, said the money would mainly be spent on developing three offshore blocks — the Deepwater Tano/Cape Three Points block, the Tweneboa/Enyera/Ntomme (TEN) block and the Sankofa block.

The TEN field will see $1.4 billion in investment this year alone, while 2014 spending plans for Sankofa and Deepwater Tano/Cape Three Points are yet to be determined, he said.

“The only one that we are spending on this year is the TEN project. However, there will be exploration work going on,” Reuters quoted Mould telling reporters on the sidelines of a conference. “There will be appraisal work going on, so there will be wells drilled and investment coming in,” he said.

At least $6 billion was required over the past five years to develop the Jubilee field, which currently pumps at the low end of 100,000 to 110,000 barrels per day, he said. British firm Tullow Oil holds a 35.5 percent stake in Jubilee. Other partners include GNPC, Sabre/PetroSA, Anadarko Petroleum Corp and Kosmos Energy.