Written by CIARA O’BRIEN
Ghana joined the ranks of African oil exporters today as it celebrated first oil from Tullow Oil’s Jubilee field.
The site is located about 60km offshore Ghana and is expected to increase its production to 120,000 barrels of oil per day, making Ghana sub-Saharan Africa’s seventh largest producer, with new wells set to be completed over the next three to six months.
Tullow said the first tanker of oil from the field is expected to be exported in January.
The company and its partners, Anadarko Peroleum, Kosmos Energy, GNPC, Sabre Oil and Gas and EO Group, expect to double production within three years.
Tullow’s chief executive Aidan Heavey said history was being made. “First Oil from the Jubilee field is a wonderful occasion for Ghana, its government and people, the Jubilee partners and Tullow,” he said. “It is the culmination of a lot of dedication and hard work from a world-class team on a world-class field.”
At a televised ceremony today, Ghana’s president John Atta Mills opened the valves at the 330-metre-long floating platform.
The start of commercial production came just three years after discovery of oil at the field, named Jubilee to mark the timing of the find 50 years after independence in 1957.
“Oil will be a blessing and not curse,” Mr Mills said, echoing widespread hopes among the 23-million population that it can avoid the strife and corruption which nearby Nigeria’s oil has brought.
“I’d also wish to restate that revenue from the oil will be used for the benefit of all, and not the benefit of a few.”
Ghana is the world’s second largest cocoa producer after neighbouring Ivory Coast and Africa’s second largest gold exporter. It has a $750 million Eurobond currently yielding around 6.4 per cent.
Ghana expects Jubilee’s oil and gas to help double its growth rate to just over 12 per cent next year, funding projects to boost its infrastructure and laying the foundation for new industrial sectors.
Source: Irish Times
Additional reporting: Reuters
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