I'll start this Thread, with some Pictures of the New Ghanaian Cedi
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.
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.Matthias Offodile; said:Is it true, Ghana has got oil? Never heard of that but hopefully it will be good for beautiful Ghana!
I'm happy for ghana,that would surely save and fetch billions.:banana: :banana: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!
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!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 am really happy for Ghana:banana: ´cos Ghana has strong institituions ....and hoepefully the oil will not impinge negatively on their democratic consolidation process!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.
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.
The list is not very accurate, where is Angola? its resserves are somewhere around 15 Bn barrels of oil (tendency upwards)Greatest Oil Reserves by Country, 2006
Rank Country Proved reserves
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
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.The list is not very accurate, where is Angola? its resserves are somewhere around 15 Bn barrels of oil (tendency upwards)