Ghana to make $7.5bn from oil & gas

Ghana is expected to rake in about 7.5 billion dollars from the oil and gas industry within the next two years.

That’s according to the Commercial Director of Kosmos Energy, Philip Liverpool.

This is about half of the country’s budget. The money will come in a form of taxes, royalties as well as being a partner of the Jubilee Oil Field.

Kosmos Energy says it will continue to maintain its 25 percent stake in the jubilee oil field. Vice President and Country Manager, Ken Keag told XYZ BUSINESS that his outfit will be a significant player in the oil and gas industry.

Mr. Keag explained that 10 fields are expected to start producing oil by 2016.

He explained, “The West Cape three points which lies west of the Jubilee field is managed by Kosmos and currently we are conducting appraisal activities into three fields that have been discovered in that area. We are certain that in about 18 months we will be able to tell the commerciality of these fields”.

Presently Ghana is exporting more than 110,000 barrels of oil per day.