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Adding approximately 40,000 barrels of oil per day (bopd) from the Greater Jubilee Field has significantly boosted the country’s oil production. This breakthrough by Tullow Oil Ghana and its partners has restored production from the Jubilee Field to over 100,000 bopd, surpassing the previous three-year production level of 85,000 bopd. The production vessel, FPSO Kwame Nkrumah, has a processing capacity of around 120,000 bopd. President Nana Addo Dankwa Akufo-Addo is scheduled to inaugurate additional oil production from the Jubilee South East (JSE) well next month.
This increase in production brings various benefits to the country, including enhanced revenue for the state, companies, and the value chain. It also contributes to skills transfer, job creation, and increased participation of indigenous companies through local content. This development marks the end of a 10% decline in the country’s oil production over the past three years.
The JSE wells, part of the Greater Jubilee Field in the Tano Basin, are being developed by Tullow Oil Ghana and its partners under the “Ghana Volume Maximisation Plan.” The successful realization of the JSE project signifies a significant achievement for the country’s oil industry and economic growth.
To ensure sustainability, Tullow’s strategy in Ghana focuses on maximizing the potential of the Jubilee and TEN fields. While exploring opportunities in other basins, they aim to prioritize the existing fields and invest in their further development. The company is also working with the government on a multi-year gas contract and revising the development plan for the TEN field to enable higher levels of oil and gas production.
The successful investment in the Jubilee Field represents a remarkable commitment from Tullow and its partners to the country’s petroleum sector. It is crucial for additional fields to come online to sustain and enhance the upstream petroleum industry, ensuring continued revenue generation for Ghana in the future.
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Source: Omanghana.com
