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This
is expected to increase to US$3 billion by 2013 and then
decline thereafter in 2022.
Finance Ministry data available to B&FT showing the
country's economic position when the production of oil
starts indicate that, overall the country is anticipated to
receive about 40 per cent of the expected income from crude
oil exports and over 50 percent of potential net profits
from oil exploration.
"Annual revenue streams from crude oil exports are projected
to range from US$2 billion to US$3.2 billion between 2010
and 2030," it said.
However, finance officials have warned that the expected
windfall from crude oil will require prudent management to
minimize rent-seeking and ensure that it benefits the broad
majority of the more than 22 million populations.
"Thus, the utilisation of fiscal revenues from crude oil for
infrastructure and social development programmes constitutes
the main transmission channel for poverty reduction," they
explained.
When the production of oil starts, with the first oil is
expected to be drilled from the Cape Three Points in late
2009 with the latest date being 2010, Ghana will produce
60,000 barrels a day and gradually increase it to 200,000
barrels per day.
Currently, the country uses between 40,000 and 45,000
barrels of oil a day.
Fuel has been the one item on the country's consumption
list. The country's fuel bill has consistently risen from
$1.2 billion in 2006 to $1.6 billion in 2007 and is
estimated to be above $2 billion by the end of this year. It
is still not clear on how much Ghana has in oil reserves but
government has estimated the reserves at three billion
barrels.
In June last year, Ghana discovered its first oil in
commercial quantities at the Cape Three Points in the Tano
Basin in the Western Region by Kosmos Energy Incorporated of
Texas, which made the find on its Mahogany bloc.
Kosmos, which with its partners, Anandarko, Tullow and Sabre
have already invested $172 million as at September 2007, are
planning to spend up to $800 million gross, by 201 0 on its
activities.
News
Source: B&FT
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