Business News of 2013-12-10

Ghana to produce 550,000 barrels of oil by 2023 - GNPC

A senior official of the Ghana National Petroleum Corporation (GNPC) has projected that by the year 2023, Ghana will be producing five hundred thousand (500,000) barrels of oil from all its discovered oil reserves.
Kwame Ntow Amoah, who is the Head of Economics and Evaluation Unit of the GNPC based the projection on the ongoing level of work being done to attain this feat. He was speaking on Multi-TV’s Tarzan’s Take.
When the production of oil in commercial quantities started three years ago from the Jubilee field, it was projected that one hundred and twenty thousand barrels of oil will be lifted from the FPSO on a daily basis. However the current production levels according to Amoah is between 110 and 115 thousand barrels per day - about 5000 short of the expected projected mark.
Meanwhile, he explained that though it might appear the country is yet to hit 120,000 mark per day, “technically we are there’’ relative to the work being done alongside the production of gas.
He was optimistic that following the discoveries from the Tweneboah and Sankofa Gye Nyame fields, all things being equal in the next decade, Ghana will be producing 250, 000 barrels of oil per day.
The Twenebaoh reserve is expected to add 80,000 barrels by 2017 with Sankofa bringing on board an additional 4,000 barrels. Over the past three years, a total of five cargos of oil, amounting to $600,000,000 have been lifted from the Jubilee field since production began.
The Tweneboah oil field is the second reserve discovered at East of Jubilee Field also being managed by Tullow Oil while the Sankofa Gye Nyame reserve is being managed by the Italian national energy corporation E&T, the company that built the Tema Oil Refinery.