Global Energy

It’s been 3 years since researchers first found oil in the African nation of Ghana, perhaps known best among Americans as the nation that eliminated the United States from 2010 World Cup Competition, however, Ghana could soon become a much more relevant name on the international radar, as December saw the first oil pumped from the nation’s depths. Tullow Oil, a United Kingdom based collective, targets producing 55,000 barrels of oil in its initial efforts, but plans on more than doubling that output within the next 6 months, aiming for a 120,000 per day rate.Forecasters are particularly optimistic about Ghana as an oil producing entity, considering the relative stability the country has enjoyed when compared to other African nations of similar size. Whether such calm can be maintained amid the large influx of cash remains to be seen. A challenge for still developing nations blessed with substantial natural resources can be navigating the treacherous waters of greed and corruption. In year 1, Ghana should see close to 400 million profit from its oiling efforts, a number expected to grow to 1 billion annually, money that can either line the pockets of individuals in power or fuel national prosperity and see Ghana ascend the global ranks in terms of influence and quality of life for citizens. (more…)

A massive oil spill certainly made headlines in the summer of 2010, though perhaps it diverted attention from another sad situation off the coast of Egypt in the Red Sea. While resources and global media attention flooded towards the well oiled banks of the Gulf Coast, the Red Sea oil spill has been widely underreported. Many environmentalist groups monitoring the area suspect that perhaps the severity of the Red Sea oil spill is the subject of a cover up, actually causing much more damage than controlling interests would lead on. Were word to get out, officials may be worried that it could negatively impact the tourism sector of Egypt’s economy, a major source of revenue for the country. The Egyptian government was notably quiet in the first few days following the oil spill, raising some eyebrows. When the country’s Environmental Crisis Department did finally comment on the issue, it claimed that impact on Egypt’s beaches was minimal, though acknowledged conditions were worse in the Red Sea’s northern islands.Individuals near the beach resort area of Hurghada would say this information is incorrect, and that’s putting it kindly. Not only do some reports claim that a 100 mile stretch of coastline is now polluted with oil, some locals claim that the leak stemming from an off-shore oil platform was yet to be fully contained at the time the government claimed the situation to be resolved. (more…)