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Oil and Gas find will benefit Ghanaians – Naadu Mills

  • SOURCE: | qwesa2big
  • The first lady, Mrs. Ernestina Naadu Mills, has reiterated government’s commitment to ensure that Ghanaians derive maximum benefits from the oil and gas production scheduled to commence in October.

    The first lady said this adding that government would avoid any acts that may frustrate the jubilee partners in their investments.

    Mrs. Naadu Mills made the comment over on Saturday May 1, when she led a government delegation and Chief Executives of the partners of Jubilee Field to name the Floating, Storage, Processing and Offloading (FPSO) Vessel for the country’s oil production at the dockside of Singapore’s Jurong Shipyard.

    According to her, “fresh legislation and policies have been developed to ensure transparency and accountability in the industry. The instructive industry transparency initiative is to be extended to the oil and gas industry.”

    She added that “public consultation has begun on two bills ahead of submission to parliament; one of the bills will amend the petroleum act while the other, the revenue management Bill will set up an independent body to direct effective administration of oil revenues…furthermore, a comprehensive draft oil and gas local content and participation policy framework has been developed and it’s been discussed by the stakeholders before it is submitted to parliament for enactment into law.”

    The FPSO named FPSO Kwame Nkrumah, after Ghana’s first President, will set sail for the Jubilee Field in two weeks time and expected to take at least month to arrive in Ghana by the latter parts of June.

    The Communications Manager of Tullow Oil Ghana, Gayheart Mensah explained to Citi FM the rational behind the naming of the facility after Dr. Kwame Nkrumah as well as the naming ceremony performed by the first lady.

    According to him, “traditionally or in the marine industry, the naming of vessels is done by ladies and so for the FPSO, the first lady of Ghana is behind the naming of the vessel.”

    “The vessel itself has been named for various reasons; Kwame Nkrumah’s interest in developing the energy resource potential of Ghana is not in question… Kwame Nkrumah the first president of Ghana led Ghana to independence, the Jubilee field was discovered in the year 2007 and that was the year when Ghana celebrated its 50th anniversary of independence and it was Kwame Nkrumah who led that independence and he also hails from the Western region.”

    The FPSO which was designed at a cost of almost 900 million dollars is to serve as the main oil reservoir and can process 120,000 barrels of oil in a day with a storage capacity of 1.6 million barrels.

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