Ghana to invest $20bn in new oil discoveries

The Ghanaian government says it will invest about 20 billion dollars to develop new oil discoveries in the next five years.

Ghana's online newspaper, the Daily Graphics, quoted Emmanuel Kofi-Buah, the Energy Minister, as saying while speaking at the inauguration of a Ghanaian oil and gas publication, `The Oil and Gas Year'.

Kofi-Buah said that the government's intention for such level of investment was to boost oil and gas production as well as the economy.

He said that the construction of a gas processing plant at Atuabo in the western region had been scheduled to be completed in 2014.

'The completion of the plant is expected to make enormous contribution to the country's energy capacity.

'Government expects Ghanaians to support the efforts of government to put the economy on a viable position in the interest of the citizenry.''

The minister said the John Mahama-led government remained committed towards developing the petroleum sector in order to boost the financial fortunes of the country.

Ghana's Jubilee Oilfield containing about three billion barrels of sweet crude oil was discovered in 2007, among many other oilfields in the country's southern region.

Tullow Oil Plc projection shows that Ghana currently produces about 110,000 barrels of oil daily.(NAN)