EFFECTIVE MANAGEMENT OF THE IMERGING OIL AND GAS INDUSTRY IN GHANA(CAN Essay

EFFECTIVE MANAGEMENT OF THE IMERGING OIL AND GAS INDUSTRY IN GHANA(CAN GHANA AVOID A RESOURSE CURSE) - Essay ExampleWhether or not Ghanas ongoing institutional framework volition be cap qualified of meeting the challenges posed by oil exploitation, and result be able to use this opportunity to bring greater prosperity and stability to the country, is a tall(prenominal) question. In this paper, the reasons why other oil producers have failed to make a success of this industry will be examined. Having made this analysis, recommendations will be given for how Ghana can channel its b be-assed mineral wealth into strong economic growth and an improvement in living standards across the country. Contents 1. induction 1.1 wolfram African Oil Production 1.2 horse opera Interests 1.3 Advantages of West African Oil 1.4 The Resource damn 1.5 Ghana 1.6 Oil Exploitation in Ghana 1.7 Drilling Begins 1.8 Chinese Interest 2. Literature freshen 2.1 Ghanas Success 2.2 Kosmos-Exxon Mobil Contr act 2.3 Warnings of a Resource Curse 2.4 The Beginnings of Insurgency 2.5 Excessive borrowing 2.6 The Nigerian Experience 3. Methodology 3.1 Choice of Subject 3.2 Data Collection and Analysis 4. Recommendations 4.1 Democracy 4.2 transpargonncy and Accountability 4.3 Investor Confidence 4.4 Role of Foreign Oil Companies and Governments 4.5 Revenue Management 4.6 A Diverse parsimony 5. Conclusion Bibliography Figures Fig.1. Sources of U.S. Oil Imports, 2007 Fig.2. Ghanas offshore oil fields. Fig.3. ... line from landlocked Chad to coastal Cameroon, and new explorations for potential oil fields on the Atlantic coast were signs that the region was becoming one of the Wests major oil suppliers. There is a general consensus that the proven reserves of West Africa are greater than those of either North American or Eastern Europe and Russia, and current major suppliers are Nigeria, Angola, Congo (Brazzaville), Gabon and Cameroon. Indeed, Nigeria is the worlds sixth largest provider of oi l, and Angola will probably prove to have more than oil than Kuwait. In response to increased Western demand for oil, it is expected that Nigeria and Angola, the regions twain biggest producers, will double or even triple their output in the course of the next decade. 1.2 Western Interests During the Cold War, the United States in particularly was heavily engaged in Africa in a strategic and military capacity, as part of its fight a piddlest global communism. Its administrations were determined that the Soviet Union would be able to find extensive allies in the region. Economic assistance was offered through the World Bank and the internationalistic Monetary Fund (IMF), both of which are heavily influenced by the United States government. United States engagement in addition the form of military intervention, in regions where Communist insurgencies threatened capitalist governments, regardless of whether or not the latter(prenominal) were setting an example of good governance. I n Angola, for example, the United States launched covert and overt CIA and special forces operations, in connivance with several different groups, and was concerned above all that Communist forces in the country should not gain control over the oil reserves. This often involved supporting unrepresentative governments in Luanda or the