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The following article was published in our article directory on December 17, 2010.
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Ghana Into the Ranks of Oil-Producing Countries

Article Category: Business Management

Author Name: xia zihui

West African country of Ghana of an oil field started commercial production of 15 means that the ranks of Ghana into the oil-producing countries.

Analysts predicted that the United States and other big energy consumer, the importance of oil and gas producing Gulf of Guinea is increasing. 2015, U.S. oil imports may come from a quarter of the region.

Wen Si Ata Mills, President of Ghana Yue Hanai 15 commissioning ceremony at Jubilee field.

In about 60 kilometers from the coast offshore oil drilling platform, Mills wore a helmet, wearing blue overalls, open a valve, a symbol of oil in commercial production.

In 2007, explorers found oil and gas resources in this area, then into energy producers at home and abroad design and construction fields.

"After a long wait, the day finally arrived," Mills said.

Oil investors, including state-owned enterprises in Ghana, Ghana National Petroleum, Tullow Oil UK listed companies, the U.S. Anadarko Petroleum, the U.S. energy company Cosmos.

Is an important oil and gas producing Gulf of Guinea, Nigeria, Equatorial Guinea, Gabon and other countries export oil, Liberia, Sierra Leone, is expected to join the ranks of oil-producing countries. Some analysts predict that by 2015, a quarter of U.S. oil imports will come from this region.

As the world's second largest cocoa producer and second largest gold producer in Africa, Ghana suffered 90s of last century the international market, gold prices, cocoa prices and other external shocks, economic trouble, surge in the fiscal deficit, monetary plug to devaluation.

Ghana's Energy Minister Iraq by saying, to find and produce oil is the dream of generations of Ghana.

Jubilee oil field during the initial production is expected to produce 12 million barrels per day of crude oil, oil-producing countries in Africa, ranked seventh. 3 years later, this place is expected to double oil output.

Government officials hope that the Jubilee oil revenues to build infrastructure, build forms the basis for other industries. According to optimistic forecasts, Ghana next year's economic growth rate is expected to double to more than 12%. Statistics Department data released on the 15th, the inflation rate in Ghana from 10 months to 11 months 9.38% 9.08% to its lowest level in 18 years.

Some analysts believe that after the first few years of oil production will not be much impact on the economy, oil and gas revenues are expected next year, the proportion of GDP was 1.9%.

Analysts believe that, by poor infrastructure, oil production and refining technological backwardness, lack of legislation in the field of oil and other factors, the oil industry in Ghana will not achieve significant breakthroughs in the short term, "oil dollars" will not, as some people imagine rolling from.

Government of Ghana and other countries ask for advice to the Norwegian experience, learning how to run the oil industry, to prevent corruption, conflict.

Government of Ghana has drafted a motion of oil revenue management, has yet to be adopted by Parliament. Some question, this bill would allow for oil revenues to 70% of the loan collateral, may lead to excessive borrowing, resulting in recurrence of the debt crisis of the century.

Jubilee ceremony of the day oil production, President Mills told the public: "We are to assume a very serious responsibility. Especially for those who are in leadership positions, we must ensure that this becomes a curse rather than Fukuzawa."

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