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17 Dec 2010

Commercial oil production was set to begin next Wednesday in the Jubilee Oil Field off the southwest coast of Ghana, the Minister for Energy Joseph Obteng Adjei announced here on Sunday.

Ghanaian President John Evans Atta Mills would press the button, which would officially declare that Ghana was among the oil producing countries of the world, the minister told Xinhua on Sunday.

Adkeo described the start of oil production as a great occasion for Ghanaians, who, over the years had been dreaming to have commercial oil production so as to accelerate the economic development of the West African country.

On cooperation between Ghana and its oil partners, Adjei said that there had been a mutual respect and understanding between the stakeholders in the oil and gas sector especially with Ghana's partners in the jubilee field, including Tullow, Kosmos, Anadako, Sabar, EO group and Ghana national petroleum company (GNPC).

"We have always worked in the context of the law and the petroleum agreement," he said, but he quickly added "so far we've negotiated hard. I believe that as partners they want to make sure that they maximize the benefit of the oil discovery to their shareholders we as a government have the obligation to make sure that we also negotiate well to maximize the benefit to our people. "

"So in a contest we've managed to negotiate in the spirit of a win-win and that is why by Wednesday all of us, the partners, the people of Ghana and those of us in the government, will declare that day as the beginning of our formal commercial oil production, " he said.

The Jubilee Oil and Gas Field was found in 2007 by Kosmos Energy of the United States off the Ghana coast, boarding Cote d' Ivoire, with an estimated reserve between 650 million and 1.2 billion barrels.


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