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Oil production to go up

By Kofi Ahovi
Ghana plans to increase its oil production to about 500,000 barrels per day within the next five years according to Deputy Minister of Finance and Economic Planning Fifi Kwetey.

The deputy minister, speaking at the first Euromoney conference in Accra last week, explains that based on more oil discoveries in the Jubilee Field by the Jubilee partners productions is likely to rise to half a million barrels a day.

Jubilee field pumped about 85,000 barrels a day at the end of last year, according to Tullow Oil Plc (TLW), the deposit’s developer.

Interestingly, Ghana missed its oil production targets last year after Tullow delayed the ramp-up of Jubilee to fix mechanical faults. The company began shipping oil from the field in December 2010 and plans to increase daily production to 120,000 barrels next year from an average 90,000 barrels in 2012.

The UK-based oil producer said Jubilee oil field where production actually fell from 80,000 bpd in September to 70,000 bpd, would produce on average between 70,000 and 90,000 barrels of oil this year.

It said this level of production would be reached following a number of remedial activities, explaining that "field production would ramp up in 2012 towards the field plateau rate of 120,000 bpd, as the Phase 1 remedial program began to take effect from January 2012 and the new Phase 1A wells were brought on stream from the second quarter".

Tullow this month awarded Technip SA of France 100 million euros ($132 million) of contracts to manage the next phase of the Jubilee field’s development. Phase 1A will cost about $1.1 billion, Tullow said in January.

Phases 1A and 1B, which together with Phase 1 will target 500 million to 700 million barrels in estimated oil reserves, will enable London-based Tullow and its partners to increase production to about 240,000 barrels of oil equivalent a day after 2014, according to 2010 estimates from Tullow and Ghana National Petroleum Corp.

The Jubilee partners also plan to invest at least US$4 billion to develop the Tweneboa-Enyenra-Ntomme oilfields, known as TEN, off Ghana’s Atlantic coast. They are appraising and designing the project for submission to the government in the third quarter.

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