Marketing Ghana's oil

Graphic Business (Energy page lead) September 23/2008

Artilce: Charles Benoni Okine

THE news about the oil find in Ghana by Kosmos Energy from Texas, United States of America (USA) and Tullow of Britain, has attracted international players in the industry. The find is being trumpeted by government officials everywhere because of its potential of helping to positively affect the economic fortunes of the country.
In spite of this, there is the talk about the ‘black gold’ being either a curse or a blessing depending on how the resource is managed in terms of the proceeds. It therefore, came as welcome news, when the government first organised the National Oil and Gas forum in February, where it assembled experts from many countries with the resource , to offer pieces of advice on how they have been able to manage the oil and how proceeds from the oil sales were being used to help the people.
But it is imperative to note that Ghana is not the only country in the world that has oil and gas. There are many others, even on the continent of Africa with billions of barrels of oil reserves and were producing the resource for the international market.
Nigeria has had some challenges with its resource as militants continue to fight the government for their share and in Angola, the present stability had made it a safe haven for many investors of the industry.
Marketing refers to the management process which identifies, anticipates and supplies customers’ requirements efficiently and profitably. Marketing has to be sustained if a brand or a product is to be ingrained in the minds of customers.
In the case of Ghana’s oil, it is important that even before the resource is produced, marketing is done in a way that investors’attention on Ghana will not wane.
At a recent forum at the British Council in Accra on Ghana’s oil, it was made clear that the marketing of the country’s oil find needed to be intensified and sustained to attract the cream of investors in the field.
The forum was attended by high profile British investors who agreed that marketing of Ghana’s oil was necessary and must be done now.
The call is not out of place because it is clear that many of the investors who used to pitch camp in Nigeria, are gradually moving to Angola not only because of the recent peace existing in that country but because of the marketing of the oil wealth of that country.
Ghana’s oil is also said to be in commercial quantities with some estimates putting it at about 3 billion barrels. But the oil will remain untapped if the right investments are not made to have it tapped.
Experts have said that Ghana’s oil is rich but its location in the most complicated of rocks therefore required tact and expertise or the whole of the gulf will be endangered with its spillage.
The cost of exploration per day has been estimated at about $700,000 and this is expected to rise when more wells are drilled.
Ghana has relative peace and has enjoyed a lot of stability over the last 25 years and more. The economy has gone through a lot of transformation and today it is able to withstand some of the shocks from the international market. The management of the economy is improving and gradually the sharing of the national cake is becoming proportional.
There are some agitations presently in the areas where the resource has been found but the government will come out with laws to ensure that there is transparency, equity and accountability when it comes to its sharing .
What else can a country market to attract investors if these factors are not enough to guarantee their investment.
There shouldnot be any time wasting; marketing needs to be done intensely and rightly to boost greater international confidence and Ghana will gain.