Ghana Rakes US$400million From Oil

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Created on Saturday, 03 November 2012 00:00

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Ghana Rakes US$400million From Oil

Ghana bagged more than US$400 million from its oil revenue this year with a target to increase production to 60,000 barrels a day in the next two years, the Vice President of Tullow Oil in charge of Africa Business, Mr Tim O’Hanlon, has stated.

He said with support from the jubilee partners such as the Ghana National Petroleum Corporation, Anadarko and KOSMOS Energy the country stood a good chance of recording an impressive revenue base emanating from the resource that would inure to the benefit of the people.

Sharing the success story of Tullow at the ongoing Africa Upstream conference in Cape Town Wednesday, Mr O’Hanlon called on the government of Ghana to continue supporting Tullow as it strived to realise its objective of being a catalyst for regional development.

Describing the discovery of oil in commercial quantities in Ghana as a dream come true he indicated that Tullow was focusing on a strong local work force in Ghana as well as in the other parts of the world wher it operated and that there was an immediate local involvement towards developing the industry in Africa.

About 1,500 delegates including government functionaries and exhibitors from across the world are attending the conference which has been described as Africa’s biggest oil and gas event.

The Chief Executive of Ghana’s Petroluem Commission, Dr Kwabena Donkor, the Executive Chairman of Tullow Ghana Limited, Mr Ike Duker and an official of Tullow plc are among the delegates from Ghana.

The event is organised by Global Pacific & Partners, a leading independent advisory group with unique business model in worldwide petroleum that has been active for more than 25 years in the world oil and gas business.

Mr O’Hanlon who also touched on Tullow’s exploits in Uganda said it was the commitment of the organisation to attract investment inflows into their countries of operation and that Tullow was in the process of creating more drills in Ethiopia and other places on the continent.

Already, he stated that the organisation had created a total of three exploration wells with two in Gabon and one in Cote d’ Ivoire.

As part of its corporate social responsibility, the Tullow Vice President said his outfit among other things, runs oil and gas training programmes for journalists and also for government officials to equip them with the requisite knowledge about the industry.

Source: Global Pacific & Partners, 02 November 2012