Oil Reserves in Ghana - 2010s

2010s

There is expected to be a tremendous inflow of capital into the economy beginning from the first quarter of 2011 when the country starts producing oil in commercial quantities. The oil is expected to account for 6% of the revenue for 2011.

According to the Ghanaian government, the country could expand its reserves up to 5 billion barrels (790,000,000 m3) of oil in reserves within a few years.

At the end of 2012, declining productivity at one of the country’s largest oil projects, the Jubilee oil field, led to a decline in revenues for the government, who had budgeted for oil revenue of more than $650 million. The corresponding shortfall was more than $410 million. The oil firm blamed the decline on “sand contamination of the flowlines that carry the oil from the underwater wells” into the storage facility on the surface.