Ghana to invest $20bn in new oil discoveries

Abidjan – The Ghanaian government says it will
invest about 20 billion dollars to develop new
oil discoveries in the next five years.
Ghana’s online newspaper, the Daily Graphics,
quoted Emmanuel Kofi-Buah, the Energy
Minister, as saying while speaking at the
inauguration of a Ghanaian oil and gas
publication, `The Oil and Gas Year’.
Kofi-Buah said that the government’s intention
for such level of investment was to boost oil
and gas production as well as the economy.
He said that the construction of a gas
processing plant at Atuabo in the western
region had been scheduled to be completed in
2014.
“The completion of the plant is expected to
make enormous contribution to the country’s
energy capacity.
“Government expects Ghanaians to support the
efforts of government to put the economy on
a viable position in the interest of the
citizenry.’’
The minister said the John Mahama-led
government remained committed towards
developing the petroleum sector in order to
boost the financial fortunes of the country.
Ghana’s Jubilee Oilfield containing about three
billion barrels of sweet crude oil was
discovered in 2007, among many other
oilfields in the country’s southern region.
Tullow Oil Plc projection shows that Ghana
currently produces about 110,000 barrels of
oil daily.(NAN)