Will Ghana hit World Oil Map?

Ghana is expected to hit the world oil map by 2010 when it start drilling about 120 million barrels oil a day.
Komos Energy, a giant in the exploration of oil in Ghana, has disclosed that Ghana would hit the world oil map by 2010 when it starts drilling about 120 million barrels of oil a day.
It also disclosed that more reservoir under the Jubilee Field had been discovered which when drilled could give Ghana about 2.5 billion barrels a day.
A delegation from Kosmos Energy led by James Musslema, the Chief Executive Officer (CEO) yesterday called on President John Evans Atta Mills at the Castle in Accra to congratulate him for his election and also to give him up-to-date report on their exploration.
The CEO described President Mills triumph and the success of the elections as a testimony for growth in democracy on the African continent and the world at large.
Mr. Musslema informed President Mills of his intention of regularly visiting him to brief him of any development in the oil exploration industry.
For his part, Prof. Mills commended Kosmos Energy for their discovery and hard work.
He called for a well coordinated effort from the government and the oil company to ensure the full benefit of the oil.
President Mills reminded the oil exploration firm of the need to develop their areas of operations and providing jobs for the people in the area.
He also urged Kosmos Energy to work within the confines of the laws of the country, pledging his support to the company to ensure that they work to the benefit of Ghanaians.
The crude oil was discovered after years of exploration at the Cape Three Point area in the Western Region of Ghana.
Kosmos Energy, a UK oil and gas exploration company made the discovery in June 2007.
The company obtained an exploratory license in 2003 and has been conducting exploration works for some time now.
meanwhile Tullow Oil Plc.the second company after Kosmos to announce the discovery of oil in commercial quantities in Ghana last year has indicated it intends to raise about £400 million to strengthen its balance sheet and fast track the development of major oil finds in Ghana and Uganda.
Chief Executive Aidan Heavey, who disclosed this on Wednesday, said the oil exploration and production company will effect this through placing new stock shares equivalent to almost 10 percent of its existing capital.
According to him, Tullow is ready to refinance existing debt facilities and expand them further from $1.4 billion currently to around $2 billion by next month.
Mr Heavey added that the share placing is not a condition for the refinancing exercise to be embarked upon.
A trading statement of the company also revealed it had abandoned the planned $435million sale of its 11 percent stake in the M’Boundi field in the Republic of Congo to the Korea National Oil Company.
Also it noted it was writing off about £235million mostly for reductions in the value of assets in countries such as Mauritania and Tanzania.
The placing of 66.9 million shares was set at 600p a share and this has received wide support from Tullow’s shareholders.
Tullow’s largest investors include BlackRock, M&G, Legal & General, Standard Life and Threadneedle Asset Management. Its brokers are RBS and Merrill Lynch.
It would be recalled that a day after President John Evans Atta-Mills’ inauguration, Tullow Oil announced it has found more oil at its Mahogany-3 well under the Jubilee field.
It further indicated that the results had raised its expectations for the field, although it did not specify new reserves estimates.
At least one billion barrels of high grade oil are expected to be drilled from an offshore rig the company has contracted for a period of five years and by the latter part of next year, Tullow hopes to start producing oil.