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Essay On Ghana Oil Company

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In June and September 2007, a consortium of companies comprising Kosmos Energy, Tullow Ghana Limited, Anadarko Petroleum Corporation, Sabre Oil and Gas Ltd and the E.O. Group, in conjunction with the Ghana National Petroleum Corporation (GNPC) announced the discovery of significant quantities of oil and gas in offshore deep waters of the Tano and Cape Three Points Basins. The 2007 oil discovery dubbed the 'Jubilee Find' because it coincided with Ghana's 50th Independence celebration has been described by industry experts as “one of the largest recent finds in Africa” and “a world class sweet oil field”, with proven reserves estimated at between 600 million and 1.2 billion barrels of oil and 800 billion cubic feet of natural gas .
The Jubilee field straddles two oil blocks in the deep Atlantic waters (1,100-1,700m) offshore from Western Ghana, approximately 63 kilometres from the coastline and 132 kilometres southwest of Takoradi, in the Western Region of Ghana . This was the result of decades of prospecting and exploration with huge investments from Oil Marketing companies. To many Ghanaians and indeed the investors it was a dream come true. No one is under any illusion as to the great financial prospects …show more content…

A six member independent board of Trustees oversees the APFC. The Governor appoints all board members. The board releases regular public reports on the Fund’s investment, finances and earnings. A group of internal and external asset managers are responsible for day to day investing. The APFC has a second layer of investment advisers, the Investment Advisory Council made up of three private citizens with investment experience. It reviews reports and advises on the APFC’s investment decisions. The Corporation has an audit committee and the Governor or Legislature can order external

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