So, overnight, the world has another 29 billion barrels of oil after Iraq decided to upgrade its proven reserves from 114 billion to 143 billion barrels based on new evaluations of West Qurna and Zubair fields in the south. That’s pretty much an entire year of global demand right there. Although the details are a more »
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The debate on how Ghana should deploy it's oil wealth continues. Guardians of fiscal rectitude are concerned that the government budget has already leapt with joy to a deficit high point of over 10% of GDP before the first barrel's even been landed. That hasn't stopped the government getting locked into a huge argument over the sale of the Kosmos interest to ExxonMobil, with all the accompanying accusations of vested interests on all sides. An earlier promise to publish all the oil contracts has not materialised, though the Revenue Watch Institute are still working on it.