New oil field in Ghana adds 30,000 barrels of crude per day

Описание: Ghanaian President Nana Akufo-Addo turned on the valve of the offshore Jubilee Oil Field to symbolize the opening of the Jubilee South East (JSE) Oil Field Project on September 11, 2023. The JSE will add 30,000 barrels of oil per day to the current 106,000 barrels produced by Jubilee Field. Over the years, oil production at the Jubilee Field decreased from 120,000 barrels of oil per day in 2010, when the Jubilee Field commenced operations, to as low as 70,000 barrels per day. The operators of Jubilee Field, Tullow Ghana and its partners GNPC, Kosmos Energy, Petro SA, and Jubilee Oil Holdings, invested $1.5 billion of its $4 billion Value Maximization Plan to drill wells and install an underwater infrastructure to tap into undeveloped reserves. According to the Graphic, the managing director of Tullow Wissam al-Monthiry reflected, “From the mid-2000s to about 2016, it started to become clear to us that there was an opportunity to develop Jubilee further to the South-East area.” Al-Monthiry explained that after the project was approved in 2020, “it went through engineering, design, procurement, and fabrication of the different parts of equipment for the installation of the subsea infrastructure.” Al-Monthiry asserts that the JSE has world-class underwater equipment. As reported by the Graphic, the JSE project sourced most of its supplies for the project’s infrastructure locally while over 90% of its labor was Ghanaian. As per the Graphic, Jubilee Field has more than a billion barrels of recoverable oil and gas with a lifespan of more than a decade from now. According to the Business & Financial Times, once developed, the Jubilee North East has the potential to make Ghana one of West Africa’s largest oil and gas producers for years to come. Ghana has light sweet crude, which is in high demand internationally. As reported in the Business & Financial Times, the JSE is projected to provide $13 billion of revenue for the Ghanaian economy through taxes and royalties during the next decade.