President Nana Akufo-Addo visited the FPSO Kwame Nkrumah on Friday, September 8, 2023, to activate the valve that will mark the official start of oil extraction from the Jubilee South Area.
The Jubilee South-East Area is expected to add 30,000 barrels of oil per day to the overall Jubilee Field. The ultimate goal of this effort is to increase daily oil production at the Jubilee Field to 100,000 barrels by the end of the year.
Nana Addo Akufo-Addo, stated that this achievement demonstrates the government’s dedication to expanding Ghana’s petroleum sector.
He said that the increased output from the eastern side of the Jubilee Field is a goal of the South East Project. “With a collective investment of some US$1 billion, our target of maintaining production above 100,000 barrels of oil per day from this field, by year-end, is well within reach. With some 300 million barrels of oil estimated within the Jubilee field, this triumph augments our confidence in other prospects across the nation,” the President said.
In his address, the President said that the success of the JSE Project only strengthens his administration’s resolve to encourage additional investments from partners in the TEN field project.
He went on to say that this development would cement the government’s accomplishments in the oil and gas sector and that “the TEN field, enriched with substantial gas reserves, is pivotal to our nation’s natural gas production and the stability of our power sector in the coming years.”
President Akufo-Addo informed those in attendance that he was aware of talk in the media and other quarters about the possibility of utilising large quantities of Ghana’s domestically produced natural gas to meet the demands of the country’s power sector.
“Players in the oil and gas sector have been advocating for a commitment by the government to consider deploying more natural gas produced domestically to solve the challenges in providing sustainable electricity for individuals, households, and businesses,” he said.
“I want to re-emphasise our commitment to expedite discussions and agree on mutually acceptable terms for a combined gas sales agreement between Tullow, its joint venture partners, and the government. This step will pave the way for heightened success and revenue generation in the sector, fostering the use of natural gas for domestic purposes and the creation of allied industries. Such utilisation is especially critical in meeting approximately half of our power generation requirements” he added.
