Monday, 3 August 2009

Ghana oil................. a reality check

Reading through the Wall Street journal I came upon a report about what Ghana's new oil discovery will mean to Ghana.
Tullow oil estimates that the recoverable resources are over 600 million barrels of oil and could potentially be as much as 1.8 billion barrels. To put that in perspective the US (No1 oil consumer) consumes 20 million barrels a day (2007 est) so theres at least 30 days oil consumption for the US .
Ghana (95th oil consumer) on the other hand consumes 49000 barrels a day (2006 est)

So what to do? sell it to the US for a very strong dollar (in comparison to the Cedi)? or refine it for its own use and provide Ghana with its oil needs for the forseeable future?

What would you do?