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Ghana To Earn Largest Revenue From First Jubilee Lifting

Citi Business has learnt that Ghana will earn more money from the first oil it lifted from the jubilee oil field than expected. Ghana’s share in the oil comprises royalty payments and GNPC’s 13.75% holdings in the field.

The Ghana National Petroleum Corporation (GNPC) had anticipated that the cargo, which is being marketed by Vitol and Cirrus on behalf of GNPC, will fetch a price of about $110 per barrel if current crude oil price trends continue. However sources close to Citi Business say the cargo gained a little more premium and was sold above the projected $110 a barrel.

It still remains unclear how much the nation made, but the expected amount will be known on the 8th of April when proceeds from the cargo will be received in GNPC’s account with Ghana International Bank in London.

The latest report indicates that Ghana will accrue more than $110 million following its lifting of a total of 995,259 barrels of jubilee crude from the FPSO Kwame Nkrumah on the 9th of March this year. Reports indicate that among the jubilee partners Ghana gained the most in terms of pricing for the oil from the field while Kosmos is reported to have gained the least.

The Jubilee Field Operator, Tullow Oil, lifted the first cargo of crude oil from the field on January 4 this year. Tullow Oil, which holds 34.7046% stake in the Jubilee Field, lifted alongside the EO Group, which has a 1.75% stake.

Kosmos Energy, Technical Operator of the field, holding 23.4913% stake was the next in line, and lifted 989,360 barrels of oil, taking advantage of a provision that allowed for partners to lift at a five per cent plus-or-minus their quota, looking at prevailing world crude oil prices.

Anadarko West Cape Three Points (WCTP), which is an affiliate of U.S. oil giant Anadarko Petroleum Company, which also has 23.49% stake in the Jubilee Field, lifted the next parcel of 996,700 barrels, together with Sabre Oil and Gas Limited, which has 2.8127% stake.

The partners would be lifting in turns. However, since it makes better economic sense to supply crude oil in large parcels, it may be possible for a partner to lift a parcel of more quantities than its quota.

Ghana’s next lifting will be on the 19th and 20th of May.
http://business.peacefmonline.com/news/201103/146638.php

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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