Ghana Movie Channel - Ghana to Grow Economy from Oil Revenues
Ghana is to start commercial oil production next month, will use crude revenues to transform its economy, aiming to avoid the pitfalls of nations finding new resources, the finance minister said Thursday. Oil is expected to account for 6% of Ghana's domestic revenue in the 2011 fiscal year, Finance Minister Kwabena Duffuor said while presenting next year's budget to the parliament. Concerns about global oil demand on Wednesday trumped a U.S. Department of Energy report that stockpiles of oil and gasoline were down last week. Crude oil for December delivery fell $1.90 to settle at $80.44 Wednesday as traders anticipated China's pending actions to rein in inflation. The cause of a natural gas leak which occurred on the Alba Northern platform on Nov. 17 will be fully investigated, a Chevron spokesperson said today. The spokesperson said the leak was quickly brought under control and that all 135 personnel on board at the time have been accounted for with no injuries.