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WORLD

Ghana celebrates as Jubilee flows

15.12.2010 [19:48]
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Baku, December 15 (AZERTAC). Ghana joined the global oil club, with first oil flowing to shore from the Jubilee field, following a ceremony hosted by Ghana`s President John Atta Mills.

The field`s operator UK-based Tullow Oil said it expected Jubilee would be capable of flowing up to 55,000 barrels of oil per day immediately, rising to 120,000 bpd over the next six months as new wells are completed.

The first tanker of oil from Jubilee is expected to be exported next month. First oil events will take place both on the floating production, storage and offloading vessel Kwame Nkrumah and onshore in Takoradi, close to the Jubilee onshore support base.

Accra has forecast that the oil will boost Ghana`s economic growth rate from 5% this year to as much as 12% next year, with production from the field expected to eventually bring in $1 billion annually.

However some analysts have raised concern over Ghana`s ability to successfully manage the new found wealth created by the oil discovery. The Jubilee field is estimated to hold up to 1.8 billion barrels oil with an estimated lifespan of 20 years.

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