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Mar 11, 2011

Ghana gets $110m from first oil

Nana Boakye Asafu-Adjaye, the Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC), says the sale of 995,259 barrels of crude oil lifted by GNPC, from the Jubilee Fields will yield at least $110 million.


According to him, the money will be paid through a letter of credit arrangement 30 days after sale of the crude oil and will reflect in the GNPC’s account with the Ghana International Bank in London.

 Mr. Asafu-Adjaye, made this known in Accra at a press briefing, pointing out that the cargo by the GNPC, which has a 13.75 percent interest in the Jubilee Field, was lifted from the FPSO Kwame Nkrumah to the MV Poetic, a Greek flagged vessel for the US to be delivered to Sun International, a subsidiary of Sunoco Inc, a US Atlantic Coast refiner.

 He noted that, this brings the total consignment of crude oil lifted from the Jubilee Field by the partners under a Crude Oil Lifting Agreement (COLA) to 3,630,391 barrels.

Mr. Asafu-Adjaye further pointed out that the production of the crude oil will also receive an Additional Oil Entitlements (AOEs), an instrument that ensures that field production becomes more profitable as a result of cumulative production or oil price increases, the government’s share of that production increase.

Source: ISD