Just a week before the start of commercial production of oil off its southwest coast, Ghana and its partners have named the long-expected oil as Jubilee, the name of the oil and gas field.
Public Affairs Director of the Ministry for Energy Edward Bawa confirmed to Xinhua that the name would be announced on Wednesday next week when the Jubilee Oil Field is scheduled to begin commercial production.
Ghana and its oil partners have been busy preparing the ground for the pumping of the first barrel of light-sweet crude from the Jubilee Oil Field, 60 nautical miles off-shore the West Cape-Three Points in Ghana.
The oil and gas field was found by the American Kosmos Energy in 2007 under the Gulf of Guinea, boarding Cote D’Ivoire.
The announcement of the oil name came at the time when the world crude oil prices went up to 90.54 U.S. dollars on Wednesday.
"In arriving at that name we took many things into consideration ranging from market ability, sentiments expressed by people and certain important events that took place in Ghana in recent times," Bawa said in an telephone interview with Xinhua.
There was consensus among all the Jubilee partners, including Tullow, Cosmos, Anadarko, Sabre and the E.O. Group, to have the oil christened "Jubilee" and so it was acceptable to all.
Industry sources here said the naming of the Ghanaian oil would make it easy for the marketing of the oil on the world market.
Communications Director for Tullow Ghana Gerhardt Edem Mensah confirmed to Xinhua on Wednesday that Vitol, one of the world’s top three crude oil traders along with Blencore and Trafigura, would market Tullow’s share of the Jubilee oil as soon as production started.
Vitol signed a contract on Monday with Tullow Oil, which has a 35 percent of stake in the Jubilee Oil Field, for the marketing of Ghanaian oil, the production of which was set at 120,000 barrels per day by April next year,
Jubilee will be the first oil for the West African country.