Ghana Is Set to Start Pumping Oil

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Ghana Is Set to Start Pumping Oil

Postby Richard Akindele » Tue Dec 14, 2010 8:12 pm

LAGOS, Nigeria—Ghana is set to become Africa's newest oil producer on Wednesday when one of the world's biggest recent oil-field discoveries comes online, capping three years of fierce competition for the region's energy resources.

The 1.5 billion-barrel Jubilee field has drawn interest from Western and Chinese oil multinational corporations as well as from American venture capitalists. At least $4 billion has been invested in the offshore field by various partners.

The field is operated by the U.K.'s Tullow Oil PLC, which has a 34.7% stake. Dallas-based Kosmos Energy LLC—which is backed by private-equity firms Blackstone Group LP and Warburg Pincus.
Richard Akindele
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Postby Richard Akindele » Tue Dec 14, 2010 8:20 pm

Well done Ghana.

I hope you don't squander your oil wealth the same way that Nigeria has done.

My advice to Ghana is this:

If you use the oil wealth to build your nation, you would quickly increase the standard of living of every Ghanian.

However, if you allow the money to be stolen by a few, most of the money would simply find its way back to developed nations where they came from.

Nigerian leaders have been a colossal failure. There is no rational way to explain why an oil-rich nation is incapable of keeping the lights on.

I wish Ghana all the best. Perhaps soon you can mentor Nigeria on what building a nation entails.
Richard Akindele
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