The visit to the Ghana National Petroleum Corporation (GMPC) in Tema proved very revealling as to the extent of the reserves in the Western region. Our conclusion is that the recent discovery of 600 million barrels of light oil is just the tip of the iceberg. Market estimates suggest a likelihood for companies to drill between 100,000 and 250,000 barrels a day by the year 2011-2012. Obviously, it takes time to build infrastructure but medium term we calculate there could even be potential to drill 500,000 barrels of oil a day, assuming the current find is not a one off.
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