There are several African countries embracing new oil & gas discoveries which pose new opportunities that will assist the long-term improvement within the regions’ sector.
New Oil & Gas Discoveries | Ghana
Out of the countries mentioned above, Ghana and Uganda are attracting the most amount of foreign investment. Ghana’s offshore Jubilee field, positioned roughly 60 kilometers from the mainland is projected to contain oil reserves amounting to 1.8 bil- lion barrels as well as significant gas deposits. The Jubilee field, which began official commercial production in mid-December 2010, is in the begining days said to produce 55,000 barrels of oil per day with output set to rise to 120,000 barrels per day over the next six months.
New Oil & Gas Discoveries | Uganda
For Uganda, the amount of oil reserves underground located near the Albertine valley is estimated to amount to roughly 2 billion barrels, translating to 100,000 to 300,000 barrels of oil per day. Commercial oil production in the country is expected to commence in 2013. Admittedly, in the absence of new large finds, these new oil & gas discoveries come nowhere near the over 30 billion barrels of reserves in Nigeria or the 12 billion barrels in Angola. Yet, there are growing expectations among the citizens of these new oil & gas discoveries of countries of the immediate upswings in their livelihoods and improvements in quality of life. The new Oil & Gas discoveries are expected to be used to deliver substantial social, economic and infrastructure improvements in these African countries.