The Organisation of Petroleum Exporting Countries (OPEC), has stated that an increase in Africa’s crude oil supply by 90,000 b/d from the previous year to average 2.69 mb/d in 2011, would be largely driven by supplies from Ghana’s Jubilee Field.
The Jubilee Field, which started production on November 28, 2010, is currently producing at less than 50% of its expected peak of 120,000 b/d at the turn of the year. The continent’s average supply for February remained unchanged from the previous month.
The latest edition of OPEC’s ‘Monthly Oil Market Report, released last week Friday, looked at Oil Market Highlights, OPEC Crude Oil Production, and global trends in crude oil demand and supply, pricing, with a comprehensive analysis of economies, including that of non-OPEC members. Egypt oil supply is expected to remain flat in 2011 compared to the previous year as the expected supply growth in the Western Desert is foreseen to be offset by the decline at the mature producing area of Suez. On a quarterly basis, Africa’s supply is projected to be 2.64 mb/d, 2.68 mb/d, 2.70 mb/d and 2.75 mb/d respectively. The Jubilee Field, which started production in the last quarter of last year, has, as of last week Wednesday, supplied over 3.6 million barrels of the top grade Jubilee Oil to the international market.
The fourth cargo from the field was lifted by the Ghana National Petroleum Corporation (GNPC) on March 9, 2011.