June 18: Tullow, Anandarko and Kosmos announce that commercial quantities of off shore oil at Cape Three Points in the Western Region

 Jubilee Oil Field

Jubilee Oil Field

Three large multinational oil companies announced in 2007 that commercial quantities of oil had been discovered off the coast of Western Region at Jubilee Oil Field. At the time, these commercial discoveries were projected to create billions of dollars in economic growth in the region. To date, the initial projections have yet to be realized.

Ghana is believed to have up to 5-7 billion barrels of petroleum in reserve--the 6th most of any country in Africa and 25th in the world.