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Oil — 120,000 Barrels In A Day • Production Expected To Rise In 2012 |
| Commercial production of oil is scheduled to begin in the country in the first quarter of 2010 with an initial output of 120,000 barrels a day. |
The second phase of the oil production is expected to increase Ghana’s output to 250,000 barrels a day in 2012. Total investment required for the production is $5 billion.
A test run conducted by Kosmos Energy of the United States of America (USA) in the Jubilee Well in the Tano Basin yesterday flared 5,000 barrels of oil.
The successful test run yesterday cleared any doubts about abundant oil reserves in Ghana and it will pave the way for the commercial production of the black gold in the country.
Briefing President J.A. Kufuor at the Castle, Osu, yesterday on the results of the test run, Mr Jim Mosselman, the Chief Executive Officer of Kosmos, said, “Today is, indeed, a glorious day for Kosmos and Ghana.”
The significant oil find and the prospect of commercial exploitation of the product are occurring at the time of soaring oil and food prices on the world market, a situation which was causing a lot of ripples in the economies of developing countries such as Ghana.
Mr Mosselman said the prospects of Ghana’s oil industry were good but appealed to Ghanaians to exercise patience as it would take three to four years before they would begin to feel the full impact of the emerging oil industry.
He said the emerging oil industry had a lot of implications for the economy of the country and the lives of the people who lived in the Tano Basin.
In June 2007, Kosmos announced the discovery of oil in the Tano Basin. Kosmos and Tullow have so far drilled Hyedua, Mahogany I and II as well as the Jubilee Well.
In preparation for production to begin, Kosmos has begun issuing tenders for the acquisition of the necessary equipment and materials.
Responding, President Kufuor , who was apparently excited, said he was so far impressed with the transparency with which Kosmos was conducting its operations and also the relationship between the company and the Ghana National Petroleum Corporation. “It should be a win-win situation”, he said.
He said the government was working on the establishment of a regulatory authority to manage
Ghana’s share of revenue which would accrue to the country from the oil operations.
That, he said, was to prevent a situation where the oil could become a curse instead of a blessing.
The President asked Kosmos to be mindful of its social responsibility to the people by investing part of its revenue in the upliftment of the standards of the people in its operational areas. |
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