exploration well operating
off the coast of Ghana
“The country has new crude discoveries at different stages of appraisal and development,” Nana Boakye Asafu-Adjaye, CEO of state-owned Ghana National Petroleum Corporation (GNPC) said in an interview with Bloomberg News here. “At the Tullow Oil plc-operated Jubilee field, 60km off Ghana’s west coast, output has averaged 110,000 barrels a day over the last three months,” he added.
Oil displaced cocoa as Ghana’s second-most valuable export in 2012, with shipments worth $3 billion, according to the central bank. Photographer: Pius Utomi Ekpei/AFP/Getty Images
In the next “five to eight years we will be spending $20 billion” to develop Jubilee and other discoveries, Asafu-Adjaye said. Jubilee, which started output in December 2010, is Ghana’s lone crude-exporting oil field. Nigeria, Africa’s biggest oil producer, pumped 1.8 million barrels a day in March.
Oil displaced cocoa as Ghana’s second-most valuable export in 2012, with shipments worth US$3 billion, according to the central bank. Gold remains the country’s top foreign-currency earner.
Kosmos Energy Limited also has a stake in the Jubilee field, while Tullow, Kosmos and Anadarko Petroleum Corporation are developing the Tweneboa-Enyenra-Ntomme, or TEN, project.
“First oil from TEN could be in late 2016,” Asafu-Adjaye said. The site may have reserves of 245 million barrels and peak daily production is forecast at 76,000 barrels, he added.
Source: Bloomberg News. For more information, click here.