Ghana will double crude production by 2017 as offshore deposits being developed by Tullow Oil Plc and Eni SpA start producing oil, Minister of Energy Emmanuel Armah-Kofi Buah said.
Tullow�s TEN development will produce about 80,000 barrels a day by then, the minister said by phone today. Eni�s Sankofa Gye-Nyame deposit will pump 50,000 barrels, he said.
Production at Ghana�s Jubilee field increased to 120,000 barrels from 110,000 Friday.
Ghana and partners Tullow and Anadarko Petroleum Corp. plan to invest $20 billion in the next 10 years to develop offshore oil deposits.
The world�s second-largest cocoa producer needs revenue to help narrow its budget deficit, which will probably exceed 10 percent of gross domestic product for a third year, according to Fitch Ratings and Moody�s Investors Service.
Source: Bloomberg
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