Ghana's Oil

a test to see if the resource curse can be avoided

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Jubilee oil field in brief

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Via Crossed Crocodiles, some good summary material on the Jubilee oil field off the Ghanaian coast:

The Jubilee field is one of West Africa’s biggest oil strikes in years, likely containing recoverable reserves of at least 1.2 billion barrels of oil equivalent, with first output scheduled for the second half of 2010.

“The International Monetary Fund predicts government revenues from oil and gas could reach a cumulative $20 billion between 2012 and 2030 in the Jubilee field alone,” a statement issued jointly by the Integrated Social Development Centre (ISODEC) and Oxfam America said.

The Jubilee field, named for the fact that it was discovered in the same year the country celebrated 50years of independence, may reach a production level of 120,000 barrel per day (bpd) by 2011. (Ghana’s current consumption of oil is 40,000 to 60,000 bpd, almost imported.

Depending on oil prices and future production levels, Ghana could soon see more than $1billion added to government revenues each year, according to conservative estimates by the German Technical Cooperation Organisation (GTZ). Even much lower estimates will easily eclipse current revenues from mining (largely gold) exports.

It is important to point out that, Ghana’s life as an oil producer may be relatively short-20-30 years-and the country must move rapidly to beef up its legal and administrative framework to meet the significant managerial, administrative, political, and financial challenges the oil rush presents.

Written by jasonized

3 December 2009 at 8:18 pm

Posted in Uncategorized

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