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Ghana is believed to have up to 5 billion barrels (790,000,000 m3) to 7 billion barrels (1.1×109 m3) of petroleum in reserves, which is the sixth largest in Africa and the 25th largest proven reserves in the world and it has up to 6 trillion cubic feet of natural gas in reserves.
Ghana’s experience with the oil and gas industry has been more complex than is often assumed.
Recent research shows that the challenges and prospects of the oil and gas industry go beyond the often discussed issues about macroeconomic stability to pressing current concerns about energy. This research shows the possibility that the rents from oil and gas can be used for social change in Ghana.
There is an immediate need for oil and gas service firms that are able to partner with indigenous Ghanaian companies to support the offshore activities of the international oil companies.
Domestic Ghanaian companies do not have the ability to provide a broad range of services despite local content requirements mandating a minimum level of local participation. Joint-venture firms with foreign partners contributing technology and know-how to a partnership with a reliable local company will be highly sought-after.
In addition to providing equipment and services directly to the exploration and production companies, training programs to increase the capacity of Ghanaian firms to provide these services are likely to be highly successful.
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