New oilfield to boost Ghana's economic transformation: think tank

Energy policy think tank, the Africa Center for Energy Policy (ACEP), has said the newly-commissioned oilfield in Ghana has the capacity to support its economic transformation.

In a statement signed by its Executive Director, Mohammed Amin Adam, over the weekend, the center said revenue emanating from the field would benefit Ghanaians if managed efficiently.

President John Dramani Mahama last week turned the valves on the Floating Production, Storage and Offloading (FPSO) vessel to kick-start oil production on Ghana's second major oil field -- Tweneboa-Enyenra-Ntomme (TEN).

"So far, the oil and gas sector has created in excess of 7,000 jobs, and offered local businesses approximately 1 billion dollars worth of projects," Mahama said during the inauguration.

Starting with 23,000 barrels of oil production daily, which is expected to peak at 80,000 barrels, TEN has the potential to double government petroleum revenue, contribute to economic growth and provide job opportunities, the think tank said.

It noted that the arrival of TEN oil was happening at a time the Ghanaian economy was facing difficulties.

"We must therefore ensure that the resources being extracted from the TEN fields and the revenues from the export of the oil are managed efficiently for the benefit of the people," the statement said.

Despite calling on Ghanaians to moderate their expectations about the promise of oil, ACEP believed that moderating expectations should not be an excuse for the poor management of the limited oil and gas resources.

"We encourage Ghanaians to translate their high expectations into perpetual vigilance on the authorities for the transparent and accountable management of the resources." Enditem