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General News of Thursday, 9 July 2009

Source: Daily Guide

Ghana to produce 250,000 barrels of oil

Ghana is expected to produce about 250,000 barrels of oil per day and 250 million cubic feet of Gas by 2015, according to Vice President, John Mahama.

He further reveled; the opportunities which the Oil and Gas production present will enable government to invest in other sectors of the economy, to ensure optimum development.

“Oil is a non-renewable resource, and is bound to deplete. We shall therefore continue to invest in other sectors of the economy; such as manufacturing, agriculture, research, and health among others.’’

Speaking on behalf of the Vice President, at the ongoing five day Oil and Shipping Africa conference in Accra, Emmanuel Kofi Buah, and Deputy Minister of Energy said opportunities in the Oil and Gas industry, include Exploration and associated services, Drilling services, Engineering support services, Vessel maintenance among others.

He noted that Government will continue to strengthen institutions such as the Ghana National Petroleum Corporation, the Ghana Investment Promotion Center (GIPC) and other related agencies to give the much needed support to local and foreign investors.

“Our visions and goals for the energy sector are based on policies we need to pursue as a government. These include enacting appropriate legislations in areas such as protection of the environment, resource and revenue management, technology transfer among others.”

Issues such as global overview of Bunker industry, Bunker operations on storage and handling, Oil and Shipping Industries, commercial overview, legal and environmental overview are slated to be discussed.

Participants are from the USA, the United Kingdom, South Africa, Nigeria and Denmark. Those from Ghana include, Yaw Agyemang-Duah, Managing Director of Ghana Oil (GOIL), Kofi Mbiah, Chief Executive Officer, Ghana Shippers Council, Divine K.D, Letsa, Bensti-Enchill, and Ankomah.

The conference is being organised by UK firm, Petrospot with support from (GOIL). Petrospot Limited is a dynamic and independent company involved in publishing, training and events organisation. It also deals in maritime, energy transportation.

Ghana discovered oil in commercial quantities in 2007 and since then, more discoveries have being made, which some experts say could run into several million of barrels.

Similarly, huge Gas deposits have also been found, the deposits were mostly found offshore.