Ghana receives US$110m for oil sale

TODAY from 995,259 barrels Jubilee Crude Sale

The Ghana National Petroleum Corporation (GNPC) lifted 995,259 barrels of crude oil on 9 March 2011 from the Jubilee Field FPSO onto the Greek flagged vessel MV Poetic for delivery to Sun International, a subsidiary of Sunoco Inc, a US Atlantic coast refinery. The consignment was traded by the world’s largest crude oil trader - Vitol, and local energy firm - Cirrus Energy under a 30 days letter of credit arrangement.

Payment for the consignment is expected to hit the GNPC account with the Ghana International Bank (GIB) in London today Friday April8 8, 2011. With dated brent crude oil price topping USD110 per barrel over the days leading to the lifting the of the 995,259 barrels Government of Ghana/GNPC consignment, Ghana is expected to receive about US$110 million from this transaction. GNPC will then transfer Government of Ghana’s portion to the GoG account with the Bank of Ghana the same day.

The price of Dated Brent Crude Oil Futures traded at US$123.81 per barrel today Friday April 8, 2011 at 3:00 am New York Time.