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First oil shipment lifted from Ghana’s offshore oil field

  • SOURCE: | qwesa2big
  • ACCRA, Jan. 5, 2011 (Xinhua News Agency) — The first shipment of 86,312 metric tons of oil has been lifted from the floating, processing, storage and offloading (FPSO) vessel docked at the Jubilee Oil Field off the Ghanaian coast.

    The lifting was done on Tuesday by an oil ship from Libya, the first vessel to market Ghana’s oil three weeks after the start of commercial oil production at the oil field.

    Media here reported on Wednesday that the Ghana Maritime Authority (GMA) cleared the vessel earlier in the week to ship oil from the FPSO vessel, named after Ghanaian first president Kwame Nkrumah.

    The Jubilee Oil and Gas Field was found in 2007 with an estimated reserve between 650 million to 1.2 billion barrels while commercial production was officially begun on December 15 last year.

    West oil companies including the Tullow oil, Anadarko Petroleum Corporation (NYSE:APC) and the Kosmos Energy take the controlling shares of the oil field while Ghana National Petroleum Corporation (GNPC) takes only 13.75 percent.

    Contrary to the high expectation of many Ghanaians, oil production started with only 5,000 and 8,000 barrels per day due to technical impediments and the lack of infrastructure but could gradually reach 120,000 barrels later.

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