jse markets

Ghana: Part 1 - Pending Oil Wealth

Tue, 25 Aug 2009 07:47

Suitors are queuing up to capitalize on Ghana’s oil resources. While this wealth is not near as much as Nigeria or Angola, the country’s Jubilee Field is one of biggest discoveries in West Africa in over a decade. Jubilee, so named because it was discovered the same year Ghana celebrated 50 years of independence is expected to produce around 120,000 barrels a day by 2010. The Field is controlled by Irish company Tullow Oil and America’s Kosmos Energy and is backed by two private equity companies and Ghana’s government. The IMF says along with natural gas, Jubilee alone could earn Ghana as much as 20 billion US dollars by 2030.