Implication of Oil and Gas Investment in Ghana

15418 Words Dec 8th, 2011 62 Pages
1. O INTRODUCTION

The purpose of this chapter is to give an introduction to the motive for selecting the implications and importance of oil and gas investment as the main subject of this project work. The background and history of this project are followed by the subject, providing an introduction to the main theme of this work. The problems for discussion are further presented in order to illustrate the main problems of this study. This chapter was completed by illustrating the structure of this study by presenting a model giving the reader an introduction to the main stages of this project.

1.1 BACKGROUND OF THE STUDY

It is undeniable that oil, christened “black gold”, fuels the global economy. Oil converted into gas,
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Investments in technology and the possibility of failure and delay make technology an uncertain factor. 6. Oil price 7. Environmental and livelihood implications of oil and gas investment

The study seeks to find out how investors in oil and gas have been able to confront the above problems and also suggest possible recommendations.

1.3 RESEARCH OBJECTIVES

Broad Aim: The broad aim of the study is to: To assess the implications and importance of oil and gas investment in Ghana.

The specific objectives to be achieved are to:

• Undertake a comprehensive review and analysis of the oil and gas situation in Ghana. • Analyze Ghana’s most recent oil and gas performance and highlight the specific challenges and constraints. • To ensure transparency in oil and gas exploitation and resource wealth management in Ghana.

1.4 SIGNIFICANCE OF THE STUDY

Since independence it has been part of every government 's policy to explore Ghana 's hydrocarbon deposits. Historically, exploration for oil and gas reserves in Ghana had been very limited due to the high risk nature of its terrain and low oil price environment in 2004 when the Kosmos /E.O group made initial contact with GNPC. Between 1898 to the late nineties an estimated hundred exploration wells had been drilled in Ghana with no significant discovery except for the Saltpond oil find in 1970. Our expert opinion on the recent oil discovery in Ghana is that it should be seen as a

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