Saturday, May 22, 2010

Zim firms eye Ghana’s oil sector

Zim firms eye Ghana’s oil sector
by Business reporter
22/05/2010 00:00:00

ZIMBABWEAN companies are said to be keen to venture into Ghana to take advantage of investment opportunities in the West African country’s emerging oil and gas industry.

Zimbabwe’s Ambassador to Ghana Tendai Musaka told a meeting discussing the Ghana-Zimbabwe business summit set to be held in Accra at the end of May that companies were looking at downstream opportunities in the oil sector.

"The Zimbabwean private sector is particularly interested in the downstream activities of the emerging oil and gas sector in Ghana, and is prepared to invest in construction, housing, and other service industries associated with oil production in Ghana," she stated.

After years of casting envious looks at its oil-rich neighbours, Ghana recently announced significant offshore oil discoveries in a development expected to transform the country’s economy. Ambassador Musaka said Zimbabwe, which is emerging from years of economic decline, has the capacity of take advantage of opportunities arising from Ghana’s discovery.

"We have the capacity to pool resources to invest in Ghana's oil sector through joint ventures so that we can contribute to the development of Ghana's economy," she added.

Downstream opportunities in Ghana's fledgling oil and gas sector include the provision of accommodation, material and equipment supplies, transportation, storage and distribution, consultancy and other rig-related services.

The total value of these services is estimated at US$ 5 billion annually.
Masuka said Zimbabwe was also ready to form partnerships with Ghana's private sector to promote tourism services, transportation, banking and insurance in the areas of the oil find.

Ghana is expected to start pumping from its offshore wells this year with predictions that the country could eventually produce up to 10 billion barrels of oil. Additional reporting by JoyOnline.

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