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Ghana's Jubilee Oilfield which contains up to 3 billion barrels (480,000,000 m 3) of sweet crude oil was discovered in 2007, among the many other oilfields in Ghana. [2] Oil and gas exploration in Ghana is ongoing, and the amount of both crude oil and natural gas continues to increase. [3]
The company began using the Direxion name in 2006. The use of the letter "X" in the new name was intended to draw attention to the leveraged index funds in the company's offerings. That year the company also opened an office in the Prudential Tower in Boston, Massachusetts. [3] Direxion launched its first leveraged ETFs in 2008. [4]
In 1974, the Government of Ghana acquired 100 percent shares and the name was changed from AGIP Ghana Company Limited to Ghana Oil Company Limited. [ 6 ] [ 3 ] Again, in 2019, the company changed its name to GOIL Company Limited and later to GOIL PLC, to represent its growth and expansion works in the petroleum sector and other industries.
The corporation has controlling stake in all the oil wells that produce crude oil. In April 2011, GNPC confirmed that it had an initial 10% interest in a new oil discovery at the Paradise prospect offshore Ghana. The discovery was announced in April 2011 by Hess Corporation, a New York based oil company. [9]
Oil was discovered in commercial quantities under the Presidency of John Kufuor. His successor, John Atta Mills initiated Ghana's first ever foray into oil production. [2] In 2010, the government rebased the economic statistics of the country resulting in an upward push of the GDP of Ghana by more than 60%. The base year for calculations was ...
Ghana, the world's second biggest cocoa producer, became an oil producer in 2010. Output is currently around 132,000 bpd of crude oil and about 325 million standard cubic feet per day of natural gas.
Ghana's increasing oil exports as a percentage of all exports. Ghana has 5 billion barrels (790 × 10 ^ 6 m 3) to 7 billion barrels (1.1 × 10 ^ 9 m 3) of petroleum in reserves. A large oilfield which contains up to 3 billion barrels (480 × 10 ^ 6 m 3) of sweet crude oil was discovered in 2007. [62]
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...