Ghana to produce oil

After weeks of deliberations, Cabinet seem convinced that Ghana is capable of producing its own petroleum. Approval has therefore been given for a bill to be laid before parliament for approval, the conduct of developing offshore oil production in the South Tano Fields.

When approved and passed by parliament into a bill, the Ghana government, the Ghana National Petroleum Corporation (GTNPC) and Tano Energy (Ghana) Ltd. will be the second entity after AGRIPETCO to really develop and produce oil in the country.

The Bill was laid before parliament last Wednesday Industry insiders say this latest development is the result of the many years of research and exploration undertaken by the Ghana National Petroleum Corporation (GNPC) during the period of administration of the beleaguered former chief executive of the corporation Tsatsu Tsikata.

Mr. Tsikata had always maintained that Tano could give Ghana what Saltpond could not even though he was not too sure of the quantity. GNPC officials maintained to the Network Herald that they had fulfilled the direction and progress of the corporation by appraising all existing oil and gas discoveries as demanded by PNDC law 64 that established the corporation.

Many however equate the new development to the depth of knowledge of the oil industry by the Kufour administration and to the quest to ensure that Ghana obtains the greatest benefits from the development of its petroleum resources.

But they would also want to see how the administration would ensure that petroleum operations are conducted in such a way as to prevent adverse effects on the environment, resources and the people of Ghana when Parliament gives the nod. Oil traders have always wondered why Ghana lying in the rich oil producing belt of West Africa