· Production of oil and gas from the Jubilee field (Tullow Oil Plc) started by the end of 2010; projected daily oil output of c120,000 bpd and 120 million cubic feet of gas. Estimated oil production by 2014 c240,000 bpd. Not as large as Nigeria or Angola but a significant source of income to Ghana which can facilitate expansion of the country’s infrastructure.
· Ghana determined to regard oil/gas production as a ‘blessing’ rather than a ‘curse’ and intends not to neglect other industries, including agriculture where value-added production has been hampered by the lack of storage facilities.
· Investment opportunities are considerable and wide-ranging, especially with regard to infrastructural projects/transportation/telecommunication/banking and insurance services together with housing and industrial parks. The oil sector as already pushed up rents in the region. Gas is needed for energy and the government is prepared for partnership with the private sector. The training of skills relevant to the oil/gas sector is also required.
· The Social Responsibility activities of Tullow Oil are progressive in areas of science education, training, maternity clinics and especially in the provision of health checks for fishermen who are vulnerable to water-borne diseases. This engagement with fishermen, not all of whom are Ghanaian, is significant and counters criticism that oil/gas development has a negative impact on their livelihoods. The Jubilee field is also 63 km off the coast.
· The projected 90% participation rate of local communities was not a feasible figure, more likely to be c60%, as the oil/gas sector recruits globally.
· Potential border clashes between Ghana and Cote d’Ivoire were not expected to be an issue although the question of security and protection of the rigs was not raised.
· Oil Fund Management. The government is committed to transparency and the Ghana Reserve Authority will manage the Fund and the Public Accounts Committee will oversee it.
