President Nana Addo Dankwa Akufo-Addo mounted the FPSO Kwame Nkrumah on Friday, and turned on the valve to mark the official pouring of first oil from the Jubilee South East Area.
The area is expected to add 30,000 barrels of oil per day to the greater Jubilee Field, increasing total oil production at the Jubilee Field to 100,000 barrels per day, by the end of this year.
The Jubilee South-East Area is a joint venture that has received a $1 billion investment from its partners.
The partners’ interests are Tullow Oil, 38.978 per cent, Kosmos Energy, 24.077 per cent, Kosmos Energy Ghana Investments, 14.534 per cent,
Ghana National Petroleum Corporation, 13.641 per cent, Petro SA, 2.725 per cent and Jubilee Oil Holdings Limited, 6.045 per cent.
President Akufo-Addo in his remarks at a luncheon, said the event marked fulfillment of the government’s commitment to grow the Ghanaian petroleum industry.
He, therefore, congratulated the Jubilee Partners for another remarkable feat, resulting in the South-East area oil discovery.
President Akufo-Addo noted “This is a testament of what strategic partnerships and collaborations can do and I am excited about this landmark event under the NPP government again after years of TEN discovery”.
He recognised efforts of the partners to grow the energy sector and secure the future energy needs of the country.
He recalled the energy’s sector contribution to Ghana’s Gross Domestic Product (GDP) and stressed the need for more synergies to sustain and prosper the country.
The government, the President said, was determined to boost investment in the oil sector to reshape the economy, create jobs and advance community development.
On natural gas, President Akufo-Addo believed that the product would be strategically harnessed to ensure sustainable electricity for businesses, households, and commercial purposes.
“We are looking at a combined sale agreement between Tullow, its partners and the government,” he added.
The President reminded the Jubilee Partners about the amendment of the Local Content Law, LI 2204, which spelled out channels for partnership and strategic alliances.
The Minister of Energy, Dr Mathew Opoku-Prempeh, noted that the Jubilee South East project considered the local content environment.
He added “The project has been a huge success, delivered in a record time because of utmost cooperation between the operator, and the Ministry of Energy. In 2021, we started this project and now within two years, we are delivering 30,000 more barrels a day, and we have increased the capacity in two years.”
Tullow’s Chief Executive, Wissam Al-Monthiry, said the additional 30,000 barrels of oil per day, in addition to the greater Jubilee Field’s production, marks a major step forward in its production.
Chief Executive, Petroleum Commission, Egbert Faibille, also reported that the involvement of local companies like Orsam Oil and Gas in the fabrication of some subsea installations, such as suction piles and manifolds, demonstrated the commitment to local content.
FROM CLEMENT ADZEI BOYE, TAKORADI