Today marked an important day in the annals of Ghana as it pours its first barrels of oil from the Jubilee wells. Ghana is said to posses about 1.8 billion barrels of crude oil in the Jubilee fields alone making it the single biggest in Africa and second in the world. This would earn the country about 50% of its national revenue from the oil and gas in 20 years time.
Naturally, expectations of Ghanaians in the oil prospects have gone beyond imaginable limits considering landmarks investments African countries like Nigeria, Libya, Algeria, Egypt and Angola have made from their oil.
According to the BP Statistical Energy Survey, Africa had proven oil reserves of nearly 120,000 billion barrels as at the end of 2007 representing 9.49 % of the world’s reserves.