Ghana is serious about the abundant oil deposits within the region. So much so that over the next 5 years Ghana’s government will invest roughly $20 billion in the development of new oil discoveries. This massive investment is expected to boost the production of oil and gas in Ghana and, consequently, the national economy in significant measure.
At the moment Ghana is producing 110,000 barrels of oil daily, and according to Tullow Oil’s projection, an additional 80,000 barrels per day is expected to be produced in the next five years. The construction of a gas processing plant at Atuabo in the Western Region is scheduled to be completed in 2014, barring any challenges and it is expected to make enormous contribution to the country’s energy capacity. Mr Buah pledged the government’s commitment to the development of the petroleum sector and solicited the support of all Ghanaians in that respect.
Underlining the government’s commitment to the development of the petroleum sector, since the discovery of oil, the government had put in place a number of measures to ensure that the resource benefits all Ghanaians.