On Friday, 8th September 2023, the President of Ghana, Nana Akufo-Addo and industry players were on board the FPSO Kwame Nkrumah to turn on the valve to commemorate the pouring of the first oil from the Jubilee South-East project area.
The Jubilee South-East project which is a joint partnership between six companies—Tullow Oil (38.978%), Kosmos Energy (24.077%), Kosmos Energy Ghana Investments (14.534%), Ghana National Petroleum Corporation (13.641%), Petro SA: 2.725% and Jubilee Oil Holdings Limited (6.045%)—commenced oil drilling operations in July.
With an investment of about $1 billion, the Jubilee South-East project is expected to add 30,000 barrels of oil per day (bopd) to the Greater Jubilee Field resulting in a milestone production of over 100,000 bopd.
Speaking at the luncheon to commemorate this achievement, the President of Ghana commended Tullow Oil and its venture partners on the success of the Jubilee South-East project to boost the country’s oil and gas prospects, which is crucial to the growth of the energy sector and to secure the future energy needs of the country.
“As we commemorate the delivery of the Jubilee South-East project and the attainment of the first oil, I commend warmly the dedicated operator of the Jubilee Field, Tullow Ghana Limited. Tullow in collaboration with its partners, had shown exceptional commitment in making this achievement possible. It is truly a moment of joy for us all and a testimony of what collaboration and strategic partnership can do. The success of the South East project aligns with the broader Jubilee Field plan”, the President said.
The Minister of Energy Dr. Matthew Opoku-Prempeh also present at the event commended all partners for the success of the Jubilee South-East project, revealing that 90% of the workforce involved in the project are Ghanaians. He also hinted that there were ongoing discussions about a crucial gas sales agreement which would potentially elevate the country’s profits and also support electricity delivery through domestic natural gas.
“The project has been a huge success, delivered in a record time because of utmost cooperation between the operator, and the Ministry of Energy. In 2021, we started this project and now within two years, we are delivering 30,000 more barrels a day, and we have increased the capacity in two years…As a Ministry, we remain committed to supporting the negotiation of the gas sales agreement to give a further boost to the oil and gas sector, especially the aspect of tapping into domestic natural gas to, among other benefits, power electricity delivery in the country” he said.
Ghana’s crude oil production has been on a successive decline since the country recorded its highest oil production of 72.1 million barrels (bbls) in 2019. The Jubilee South-East project and other new developments are expected to boost the country’s production to return to pre-pandemic levels.