Skyscraper City Forum banner
1 - 20 of 187 Posts

·
Expert
Joined
·
21,675 Posts
Discussion Starter · #1 ·
I'll start this Thread, with some Pictures of the New Ghanaian Cedi





















 

·
Expert
Joined
·
21,675 Posts
Discussion Starter · #2 · (Edited)
New oil and gas deposits in Ghana
Ghana is one of several African countries with new oil and gas potential. Some international oil companies late Wednesday showcased new hydrocarbon deposits in some African countries, describing them as "viable attractions".

The companies exhibited the deposits and made presentations at the 5th West and Central Africa Oil and Gas 2007 exhibition event.

Some of the countries with the new oil and gas potential are Mali, Guinea, Cote d'Ivoire, Ghana, Niger, Equatorial Guinea, Ethiopia, Congo, Uganda, Mozambique and Madagascar.

Senior Vice President in charge of Exploration and Business Development for the US-based Vanco Energy Company, Jeff Mitchell, who spoke at the forum, said: "We have acquired deepwater oil and gas acreage for exploration and exploitation in Cote d'Ivoire and Ghana".

He said most of the basins have been evaluated using the latest seismic and geo-chemical techniques, which have proven their potential reserves. Mitchell disclosed that exploration deals have so far been struck in the two countries, including Uganda and other countries.

He also said that the new deposits, which is mostly made up of gas are found both onshore and offshore.

An official of London-based Tullow Oil Plc., Tim O'Hanlon, said the company, which is one of the largest independent oil and gas exploration outfits in Europe, has invested in some African countries with new hydrocarbon deposits.

"Tullow has 120 licences in 22 countries, with operations in the UK Southern North Sea, Africa and South Asia," O'Hanlon, who is the company's Vice President in charge of African business told the participants.

He also revealed that in January 2007, Tullow completed the 595 million pounds acquisition of Hardman Resources Limited, which materially enhances the Group's operations in Mauritania and Uganda.

Meanwhile, Nigeria currently the highest crude oil producer in Africa had recently overtook Saudi Arabia as the US third leading supplier, according to data from the US Energy Information Administration (EIA).

The African producer leaped from fifth place in February to third in March, pushing the world's top exporter into fourth place, the data showed. Canada and Mexico held on to first and second places, with crude exports to the US of 1.776-million barrels per day (bpd), down 64,000 bpd from February and 1.621-million bpd, about 263,000 bpd up from February.
 

·
Expert
Joined
·
21,675 Posts
Discussion Starter · #3 ·
Here's another Picture of the New Cedi
 

·
Registered
Joined
·
2,567 Posts
lovely news for Ghana!!! :cheers:

Tullow, Anadarko make big Ghana oil find

http://africa.reuters.com/business/news/usnBAN.html

Mon 18 Jun 2007, 9:12 GMT
[-] Text [+]

By Tom Bergin

LONDON (Reuters) - London-based Tullow Oil Plc announced the discovery of up to 600 million barrels of high-quality oil at a block in Ghana owned with Anadarko Petroleum Corp., sending Tullow shares up over 10 percent.

Tullow also said in a statement on Monday the structure it successfully drilled in the West Cape Three Points Block extended into an adjacent exploration block, which Tullow also co-owns with Texas-based Anadarko, suggesting further potential upside for the partners.

Tullow's exploration boss, Angus McCoss, told a conference call the company had been targeting recoverable reserves of only 250 million barrels at the West Cape Three Points Block but now hoped for 600 million.

Industry sources said that, based on the drilling data, the block was likely to contain at least 300 million to 400 million barrels.

Tullow shares were up 9.9 percent at 449-1/2 pence at 0929 GMT, compared to a 0.04 percent dip in the DJ Stoxx European oil and gas sector index.

KBC Peel Hunt raised Tullow to "hold" from "reduce".

"The discovery of oil in the Mahogany well represents a major event for the Republic of Ghana and for Tullow," Chief Executive Aidan Heavey said in the statement.

Dallas-based Kosmos Energy, which is backed by private equity, operates the West Cape Three Points Block. Tullow has a 22.9 percent stake, while Anadarko owns 30.9 percent.

Tullow has a 49.95 percent stake in the adjacent Deepwater Tano Block, while Anadarko owns 18 percent.
 

·
boris89
Joined
·
128 Posts
Ghana welcomes new currency

Accra - The announcement that Ghanaians will see and start spending a new Cedi from July 1, 2007 was well received. The idea of a re-denominated Cedi which will allow for more convenience in transacting business appealed to many.
For a country in which long periods of inflation had resulted in many workers taking home millions of Cedis, yet remained poor, pruning prices and values of some zeros was necessary to align the economic situation with reality.

The central bank settled on crossing out four zeros on all prices and values so that ¢10,000 became one new Ghana Cedi. With the new currency, the average price of a newspaper, for example, that cost ¢5,000 will become 50 pesewas, a litre of petrol that cost ¢9,300 will become 93 pesewas.

Until the idea of a new currency was mooted, the pesewa, which was supposed to be the smallest value Ghanaian money can buy, had disappeared because of long periods of inflation.

Now, after six consecutive years of steady and accelerated economic expansion with gross domestic product growth reaching 6.2 percent in 2006, the central bank decided that the time was ripe to re-denominate the Cedi.

And the central bank did not have to say much to convince Ghanaians that the new currency will be in their best interest. There was enough evidence to suggest that the old cedi had out-lived its useful life. For example, the high transaction cost at the cashiers, the general inconvenience and high risks involved in carrying loads of currency for transaction purposes and there was increasing difficulties in maintaining book keeping and statistical records.

On the currency market, US$1 exchanged for ¢9,300, the one British pound sterling went for ¢18,000 and the Euro, for ¢12,000.

As the central bank governor, Dr. Paul Acquah, points it, “The re-denomination exercise seeks to remove the deadweight burden or cost on the economy and improve the role of the Cedi as a means of exchange in Ghana.”

Instructively, the re-denomination of the currency will not change the external value of the Cedi and domestic prices are expected to remain the same, except for the change in currency numeraire, that is, equating ¢10,000 to GH¢1, which will apply across board.

Already, the central bank has issued guidelines on the pricing of goods and services, exchange quotations, banking transactions and accounting system to facilitate the smooth roll-out of the re-denomination exercise.

According to the central bank, extensive work done has indicated that the scope for rounding up or down is very much reduced if any at all. A survey of commodities in the consumer basket indicated that all prices end with two zeros, that is, in multiples of ¢100. Also, no item in the basket was priced below a ¢100.

Effectively, this meant that prices were quoted in the equivalent of Ghana pesewas as 1Ghana Pesewa = ¢100.

To ensure that price equivalents are maintained and do not change, the central bank directed that dual pricing be introduced during the transition period of the re-denomination exercise. So, from May 2007, shops, fuel pump stations and all sales points and service centres across the country started quoting prices and values in both the old Cedi and the new Ghana Cedi. And from July 1, when the new Ghana Cedi starts circulating, the old Cedi will remain legal tender and can be used alongside the new notes and coins till December 31, when it will be phased out.

Public education has taken centre stage in the re-denomination exercise. The central bank has put in place a phased public education programme to ensure that the general public is adequately sensitized on the re-denomination exercise.

Messages designed to educate the public have been delivered through TV, radio, newspapers, magazines, posters, fliers and other media throughout the country.

Rural communities and the less literate have not been left out. The central bank has engaged the services of the National Commission on Civic Education and the Information Services Department to conduct direct community contact programmes.

Media campaign has caught on well on the streets, markets, schools, churches and all four corners of the country. Even mobile phone ring tones constantly remind Ghanaians of the currency re-denomination message, "The value is the same
 

·
boris89
Joined
·
128 Posts
Huge oilfield discovered in Ghana

UK firm Tullow Oil has announced the discovery of 600 million barrels of light oil offshore from Ghana.
Reserves in the Mahogany exploration well were far greater than the 250 million barrels than the firm had earlier forecast, it said.

Tullow - which saw its shares rise 10% on the news - jointly owns the West Cape block where the drilling took place with Anadarko Petroleum.

The firms share rights to the adjacent Tano basin, which could yield more oil.


With oil as a shot in the arm, we're going to fly
John Kufuor, President of Ghana

"Based on evidence to date, ultimate reserves are likely to be materially in excess of previous estimates, with some high potential zones still to be drilled," said Tullow's chief executive Aidan Heavey.
'Boost to economy'

Ghana's president, John Kufuor, told the BBC that the discovery would give a major boost to Ghana's economy.

"Oil is money, and we need money to do the schools, the roads, the hospitals. If you find oil, you manage it well, can you complain about that? Even without oil, we are doing so well, already. Now, with oil as a shot in the arm, we're going to fly," he said.

One oil analyst, who chose to remain anonymous, confirmed that the finding marks a significant discovery.

Tullow Oil holds a 22.9% stake in the West Cape Three Points licence and just under 50% in the Deepwater Tano licence.

The move comes as foreign firms are increasingly tapping into Africa for oil.

Tullow shares closed up more than 12% on the news in trading in London.
 

·
Fairplay
Joined
·
94 Posts
I am truly excited about the oil find in Ghana and the redenomination of the cedi. Ghana is reaching for greater heights. Sweeeet.
:cheers:
 

·
Registered
Joined
·
2,567 Posts
Matthias Offodile; said:
Is it true, Ghana has got oil? Never heard of that but hopefully it will be good for beautiful Ghana!
Yes, they made the discovery last friday but it only hit the news yesterday. It appears to be a significant discovery that may yield up to 600 million barrels. The most important thing about this discovery is that it will spur explorations across the other blocks and most likely result in more discoveries. So that's definately good news for Ghana. I spoke to a friend who is in Ghana by telephone and he confirmed that it was a major announcements which hit all the main news outlets.
 

·
Registered
Joined
·
279 Posts
Excellent!!

So the Stock of Oil in the West Africa region is rising:

nigeria : 35 billion barrels

Ghana : 600 million.

I would wager that Ghana's macro-economics will improve and they will definitely depend less on foreign aid. This good news couldn't have come at a better time.

I would like more explorations to occur all across West Africa. We might sitting on an oil rich region that stretches from Morocco all the way round to Nigeria. It will also improve the macro-economics of West Africa in general and help us take our spot in Africa and in the world!
 

·
Registered
Joined
·
1,766 Posts
I knew it!I had always believe that the whole coast of west africa is liable to have oil.I just hope they go for more search now and they could finally strike the big bucks.
Can somebody tell me what was it that is olding Nigeria back to search for more oil?
 

·
Registered
Joined
·
1,766 Posts
Excellent!!

So the Stock of Oil in the West Africa region is rising:

nigeria : 35 billion barrels

Ghana : 600 million.

I would wager that Ghana's macro-economics will improve and they will definitely depend less on foreign aid. This good news couldn't have come at a better time.

I would like more explorations to occur all across West Africa. We might sitting on an oil rich region that stretches from Morocco all the way round to Nigeria. It will also improve the macro-economics of West Africa in general and help us take our spot in Africa and in the world!
I'm happy for ghana,that would surely save and fetch billions.:banana: :banana:
 

·
Registered
Joined
·
40,884 Posts
I would like more explorations to occur all across West Africa. We might sitting on an oil rich region that stretches from Morocco all the way round to Nigeria. It will also improve the macro-economics of West Africa in general and help us take our spot in Africa and in the world!
The whole region is still highly underexplored, even early starters like Nigeria and Gabon are still largely underexplored! Mali seems to be soaked in oil (read it in the press), Mauritania has oil, so why not Senegal? Oil exploration in Angola is starting to look onshore and most of the offshore is still highly underexplored, Ivory Coast has oil, Sao Tome has oil, there is a heavy oil twist between Equatorial Guinea and Gabon about a couple of island that are literally oil-saoked, boundaries are still not carified, Nigeria could and must edge up its oil production to at least 4.5 million barrels a day, for that the Nigeria Delta crises needs to be settled durably!
 

·
Registered
Joined
·
40,884 Posts
Yes, they made the discovery last friday but it only hit the news yesterday. It appears to be a significant discovery that may yield up to 600 million barrels. The most important thing about this discovery is that it will spur explorations across the other blocks and most likely result in more discoveries. So that's definately good news for Ghana. I spoke to a friend who is in Ghana by telephone and he confirmed that it was a major announcements which hit all the main news outlets.
I am really happy for Ghana:banana: ´cos Ghana has strong institituions ....and hoepefully the oil will not impinge negatively on their democratic consolidation process!
 

·
Moderator
Joined
·
25,473 Posts
Greatest Oil Reserves by Country, 2006
Rank Country Proved reserves
(billion barrels)
1. Saudi Arabia 264.3
2. Canada 178.8
3. Iran 132.5
4. Iraq 115.0
5. Kuwait 101.5
6. United Arab Emirates 97.8
7. Venezuela 79.7
8. Russia 60.0
9. Libya 39.1
10. Nigeria 35.9
11. United States 21.4
12. China 18.3
13. Qatar 15.2
14. Mexico 12.9
15. Algeria 11.4
16. Brazil 11.2
17. Kazakhstan 9.0
18. Norway 7.7
19. Azerbaijan 7.0
20. India 5.8

Top 20 countries 90.2
Rest of world 68.1
World total 1,292.

Greatest Natural Gas Reserves by Country, 2006
Rank Country Proved reserves
(trillion cu ft)
1. Russia 1,680
2. Iran 971
3. Qatar 911
4. Saudi Arabia 241
5. United Arab Emirates 214
6. United States 193
7. Nigeria 185
8. Algeria 161
9. Venezuela 151
10. Iraq 112
11. Indonesia 98
12. Norway 84
13. Malaysia 75
14. Turkmenistan 71
15. Uzbekistan 66
16. Kazakhstan 65
17. Netherlands 62
18. Egypt 59
19. Canada 57
20. Kuwait 56

Top 20 countries 5,510
Rest of world 602
World total 6,112
 

·
Registered
Joined
·
40,884 Posts
Oil:Ghana could become 'an African tiger'

Written By:Muthoni Kariuki/bbc , Posted: Tue, Jun 19, 2007

Ghana's President John Kufuor says the discovery of the country's first major oil deposit could turn the West African country into an "African tiger".

"Even without oil, we are doing so well... With oil as a shot in the arm, we're going to fly," he told the BBC.

"My joy is that I'll go down in history as the president under whose watch oil was found to turn the economy of Ghana around for the better," he said.

The discovery of 600m barrels of light oil offshore was announced on Monday.

Reserves in the Mahogany exploration well were far greater than the 250m barrels that UK-based firm Tullow Oil had earlier forecast.

Tullow, which saw its shares rise more than 12% on the news, jointly owns the West Cape block where the drilling took place with Anadarko Petroleum.

Correspondents say champagne bottles were popping at Osu Castle, the seat of Ghana's government, after the announcement.

Mr Kufuor said the discovery would give a major boost to Ghana's economy.

"Oil is money, and we need money to do the schools, the roads, the hospitals. If you find oil, you manage it well, can you complain about that?" he told the BBC's Focus on Africa programme.

He dismissed suggestions that Ghana may follow in the footsteps of other countries that have mismanaged their oil wealth.

"Some are doing it well and I assure you if others failed, Ghana will succeed because this is our destiny to set the good pace for where we are. So we're going to use it well," he said.

"We're going to really zoom, accelerate, and if everything works, which I pray will happen positively, you come back in five years, and you'll see that Ghana truly is the African tiger, in economic terms for development."

His sentiments were echoed in many of Ghana's newspaper headlines on Tuesday.

The Statesman hailed the Gold Coast, Ghana's name under British rule, finding "black gold" and the Accra Daily Mail leads with the headline: "Thank God. Oil at last Thank God!"

The BBC's Will Ross in Ghana says the country is the midst of an energy crisis and every four days everybody has their electricity switched off for more 24 hours.

Ghana is described as somewhat of a success story in Africa but the country does suffer from widespread poverty and also has alarming levels of corruption, our correspondent says.

Tullow chief executive Aidan Heavey said the discovery was one of the biggest oil discoveries in Africa in recent times, but warned it could be up to seven years before the oil started to flow.

Tullow Oil holds a 22.9% stake in the West Cape Three Points licence and just under 50% in the Deepwater Tano licence.

The move comes as foreign firms are increasingly tapping into Africa for oil.
 

·
Registered
Joined
·
40,884 Posts
Greatest Oil Reserves by Country, 2006
Rank Country Proved reserves
(billion barrels)
1. Saudi Arabia 264.3
2. Canada 178.8
3. Iran 132.5
4. Iraq 115.0
5. Kuwait 101.5
6. United Arab Emirates 97.8
7. Venezuela 79.7
8. Russia 60.0
9. Libya 39.1
10. Nigeria 35.9
11. United States 21.4
12. China 18.3
13. Qatar 15.2
14. Mexico 12.9
15. Algeria 11.4
16. Brazil 11.2
17. Kazakhstan 9.0
18. Norway 7.7
19. Azerbaijan 7.0
20. India 5.8
The list is not very accurate, where is Angola? its resserves are somewhere around 15 Bn barrels of oil (tendency upwards)
 

·
Moderator
Joined
·
25,473 Posts
The list is not very accurate, where is Angola? its resserves are somewhere around 15 Bn barrels of oil (tendency upwards)
I THOUGHT THE SAME THING TOO. Venezuela should be number one now with the biggest discovery the World have ever known. EVEN NIGERIA'S GAS RESERVES should be 191 Trillion and not 185 Trillion. I guess they haven't updated their database to 2007 yet.
HERE IS THE LINK http://www.infoplease.com/ipa/A0872964.html
I'M happy for Ghana and i hope this will speed up its economic projects. I read somewhere last year that the West African region could have up to 350 billion barrels of undiscovered Off-Shore Oil Reserves in an American Energy journal. Even Nigeria could have up to 400 trillion of Gas reserves. it said.
 

·
Fairplay
Joined
·
94 Posts
Quote by popa1980

"Oh how I will weep when they find oil in Ghana!"

Popa, you are a man of your word (I hope), wherever you are I hope you are doing this..............:cry:


:angel:
 
1 - 20 of 187 Posts
Top