The Vice-President, Mr John Dramani Mahama, has assured Ghanaians that the development and production of oil at the Jubilee Field off Cape Three Points in the Western Region is on course.
He said everything was on target and that Ghana was ready to pump oil by the end of December 2010.
He said the government was also preparing the appropriate legislation which would regulate the emerging oil and gas industry.
The Vice-President gave the assurance when he briefed the press in Takoradi after visiting the oil rig at the Jubilee Field yesterday to acquaint himself with operations on the rig.
Tullow Ghana is the major operator in the Jubilee Field.
“What l saw is impressive in terms of the development of Ghana’s oil potential,” the Vice-President said.
Mr Mahama said the Petroleum Bill was being reviewed to improve on it and indicated that the Cabinet was yet to discuss the Oil and Gas Revenue Management Bill, which would give backing to the Oil Revenue Authority to regulate the oil revenue.
The Vice-President said the Cabinet had also received the Local Content Bill and had approved the Ghana Boundary Commission Bill, which would ensure the establishment of a permanent commission to manage issues concerning the country’s exclusive economic zones.
He said the Cabinet would send the bills to Parliament for approval to ensure the effective regulation of the oil engineering industry.
Vice-President Mahama emphasised that the oil revenue would be beneficial to all Ghanaians and advised the chiefs in the area to be careful in the way they released land to potential investors.
The President and General Manager of Tullow Ghana Limited, Mr Dai Jones, described the project as most exciting in the world because of the technology being used among other things.
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