Ghana pumps oil for 1st time

2010-12-15 17:41

kalahari.com

Takoradi - The impoverished West African nation of Ghana became the world's newest oil producer on Wednesday, pumping crude for the first time from an offshore field worth billions of dollars in the Gulf of Guinea.

President John Atta Mills turned the oil valves on Wednesday during an inaugural ceremony broadcast live from a storage vessel off Ghana's Atlantic Ocean coast.

British-based explorer Tullow Oil is leading a consortium that will start producing 55 000 barrels per day from the Jubilee Field, which was discovered three years ago and holds an estimated 1.8bn barrels of oil.

Daily output is expected to increase to around 120 000 barrels over the next six months.

"After a long wait, the day has finally come," Mills said. "This demands hard work for those of us in leadership positions to ensure that the oil becomes a blessing and not a curse."

Already rich in gold and cocoa, Ghana is one of the most stable countries in Africa, but many of its 23 million people struggle to survive.

Analysts and aid groups warn the country has yet to pass crucial legislation to safeguard the oil windfall and avoid what is known in Africa as the "resource curse."

In places like Congo and Nigeria, oil or mineral wealth has fuelled conflict instead of boosting desperately needed development.

Oil revenues are expected to bring in around a billion dollars annually for the next few years, and those figures are likely to rise. In September, Tullow confirmed the existence of a second large offshore oil field called Owo that holds as much as 550 million barrels under the waters of the Gulf of Guinea.


- AP
Read more on:    john atta mills  |  ghana  |  west africa
NEXT ON NEWS24X
SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
2 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/Dewani Trial
 

Red Bull Lionheart trail run - not for the fainthearted!

Entries are open, so what are you waiting for?

 
 

Where were you when you last felt alive?

Adventure holidays for your bucket list
Top 10 water sports to try before you die
6 impressive camping tips
LOL! The 8 stages of marathon running

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Save up to R1000 on Hisense smartphones!

View the large range of Hisense smartphones. Buy today and save up to R1000!

Deal of the week!

Save R1200 on the Samsung 48” smart full HD LED television now only R8799. Buy now!

Toys 4 for the price of 3

Buy 4 toys and get the cheapest FREE! Offer valid while stocks last. Shop now!

Mind blowing prices – As seen on TV

Get mind blowing prices on 1000’s of products! Shop now.

Save 20% on Nivea beauty products!

Buy any two Nivea beauty products and save 20%. Offer valid while stocks last. Shop now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

There is an easy social flow and the need to blend in, yet you may not feel entirely comfortable. Something beneath the surface...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.