ANADARKO Petroleum has announced an oil discovery in the West Cape Three Points block offshore Ghana as it encountered crude in underground rock similar to that in the country's largest oil field. The Akasa-I well "encountered 108 at feet (33 meters) of primarily high quality, oil-bearing pay from four main Turonian-aged sand packages, similar o those found in the Jubilee and Mahogany East areas," Houston-based Anadarko said. Anadarko has a 30.875 percent working  interest in the West Cape Three Points lock with partners Kosmos Energy (30.875perr cent).

The Association of Ghana Industries (AGI) is to set up an oil and gas centre in Takoradi to assist in strengthening the capacity of small and medium-scale enterprises to take advantage of the new business opportunities. Mr Samuel Appenteng, Vice President of AGI, who announced this at a workshop on oil and gas value chain building in Ghana’s oil and gas industry on Tuesday, said the AGI was committed to ensuring that the benefits from the industry did not only accrue to large local service providers but also for small and medium-scale enterprises.

Newmont GhanaGold Limited- (NGGL) has stated that it currently generates nearly 10% of Ghana’s total export revenue. In addition, the company says it has provided 99 local companies with six million dollars worth of contracts. So far the company has pro­vided, employment to about, 48,000 people directly and indi­rectly in the country including more than 400 indirect mine em­ployment in 2010. These were contained in a research carried out on the socio-economic impact of the company's operations in the Ahafo area of the Brong Ahafo Region by the INSEAD Business School of France.

Newmont Golden Ridge 9Newmont Ghana b says it will continue to respect and work with traditional authorities to follow established cultural norms and practices for dealing with the issues of cemeteries located within Yayaaso community.  The company, which has come under attack recently for allegedly disrespecting the norms and values of the Birem traditional area said in a statement issued last week that it has not exhumed any human remains, relocated any mausoleum or culturally significant sites within its concession area, assuring its host communities that, it will continue to transparently and collaboratively engage with them with honesty, trust and respect.

Vice President John Dramani Mahama on Thursday commended Goldfields International for their capacity building programmes for all indigenous companies engaged in the gold industry. “We are also grateful for your immense contribution towards the success story of Ghana Black Stars in global football.”

Vice President Mahama gave this commendation when three Board members of Goldfield International called on him at the Castle, Osu.  The members, who are currently holding their international board meeting in Accra, took time to interact with government officials and to fine-tune some of their business engagements with Ghanaian companies.

The Ultrasonic Meter (flow meter) on the FPSO Kwame Nkrumah has been successfully installed by a team of engineers of the Ghana National Petroleum Corporation (GNPC) and Tullow Ghana, one of the operators of the Jubilee Field.

Ghana became an oil producing country seven months ago, and concerns have been raised as to how the production of the black gold would influence Ghana's foreign interest and its relations with its development partners. However, President John Evans Atta Mills has assured the world that, Ghana's status as an oil producing country would not lead to a shift in its foreign policy but would continue to be guided by the provisions of the 1992 Constitution.

Mineral exports have for many years played an important role in the economy of Ghana and the sector has over the last two decades been one of the key targets of policy reforms in the country. The policy reforms have been predicated on a growing contention about the contribution of the natural resource sector to national economic development. On the one hand, the natural resource sector has been hailed as the key pillar to Ghana's economic recovery and growth.

The Institute of Economic Affairs has called on the government to ensure transparency in the collection, disbursement and use of petroleum revenues. This, the Institute said could be achieved by making public all the documentation that form part of the oil bidding and licensing processes, as well as committing to an open and participatory planning and budgeting in advancing the country's development agenda.

For Ghana to derive the best from its mineral resources the Chief Executive of the Ghana Chamber of Mines, Dr. Joyce Aryee is advocating the creation of a national vision to guide the use of these resources. This vision, she said, would tie the country to a definite objective for which it wants to apply the proceeds from the natural resources.