Comprehensive  Ghana Oil and Gas news, information, updates, analysis

News in Brief

As Jubilee Field Readies to Deliver First Oil…

  • SOURCE: | qwesa2big
    The Jubilee Field is the name given the oil field of Ghana, where first commercial oil is expected in the last quarter of this year. The Jubilee Field Unit is situated in Deepwater Tano (DT) and West Cape Three Points (WCTP) blocks, approximately 60km offshore Ghana and 130km west southwest of the port city of Takoradi.

    The field area, currently under development, straddles the two blocks – WCTP and DT – where successive commercial oil discoveries were made in Mahogany-1 and Hyedua-1 exploration wells during Ghana’s Golden Jubilee Anniversary year in 2007.

    After the oil discoveries, the two blocks, which were close to each other, were unitized or consolidated to ensure efficient and cost effective production of the oil from the two fields. Several other successful wells following the first two have increased the reserve estimate.

    Oil reserves in the Jubilee Field are estimated to be between 800 million and 1.5 billion barrels of crude oil of the highest grade. Initial production expected from the field under the first phase is 120,000 barrels a day.

    The interest holdings of the Jubilee Partners were consolidated, assuming 50% for Deepwater Tano block and 50% for the West Cape Three Points block.

    The Ghana National Petroleum Corporation (GNPC) exercised its option of taking additional paying interest of five percent (5%) in Deepwater Tano and two-and-a-half percent (2.5%) in the West Cape Three Points blocks.

    The unitized area, Jubilee Field, has Tullow Oil as Operator, with the highest stake of 34.7046%, whilst Kosmos Energy, the Technical Operator (to lead in exploration issues), just as Anadarko, each hold 23.4913%. GNPC holds 13.7500%, whilst Sabre Oil and Gas and the E.O. Group, hold 2.8127% and 1.7500% respectively.

    The interest holdings of the partners determine how much contribution they make in terms of meeting the current costs of development of the field before and during production.

    In the same manner, the stakes of the partners determine what profit they would eventually be reaping from the oil.

    Before the unitization, Tullow Oil operated the Deepwater Tano block, where it held 49.95% interest, with Kosmos and Anadarko holding 18% interest each. Sabre Oil & Gas held 4.05%, whilst GNPC had a 10% carried interest. However, GNPC exercised its option of taking up additional paying interest following a discovery, and increased its stake to 15%.

    On the other hand, Kosmos Energy was the Operator of the WCTP block, in which it held 30.875% interest, just like Anadarko Petroleum, while Tullow Oil held 22.896% interest. The other partners in that field were the EO Group, which held 3.5%, Sabre Oil & Gas, 1.854% and GNPC having a carried interest of 10%. Here again, GNPC took up additional interest of 2.5%, to increase its stake to 12.5%.

    Development of the Jubilee Field is on schedule and the floating, production, storage and offloading vessel, which would facilitate production, was commissioned on May Day this year, by Ghana’s First Lady Mrs. Ernestina Naadu Mills.

    FPSO Kwame Nkrumah has a production and processing capacity of 120,000 barrels of oil and 160 million cubic feet (mmcf) of gas per day, with storage capacity of 1.6 million barrels of oil.

    Leave a reply

    About Us
    Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes ( with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
    Twitter Activity Stream

    Partners We are proud to be associated with:

    Skip to toolbar