Akufo Addo Commissions First Oil Jubilee South East Project.
On Friday, 8th September 2023, I joined the Chiefs and people of the Western Region to celebrate another remarkable development in our nascent, but promising petroleum industry the commissioning of First Oil of the Jubilee South East Project.
However, Akufo Addo said he commend the dedicated operator of the Jubilee field, Tullow Ghana Limited. Tullow, in collaboration with its partners, the Ghana National Petroleum Company (GNPC), Kosmos Energy, Jubilee Oil Holdings Limited, and Petro SA, has shown exceptional commitment in making this achievement possible. It is truly a moment of joy for us all, a testament to what collaboration and strategic partnerships can do.
Meanwhile, success of the South East Project aligns with the broader Jubilee field plan, aimed at bolstering gross production from the field's eastern side. With a collective investment of some one billion United States dollars (US$1 billion), our target of maintaining production above one hundred thousand (100,000) barrels of oil per day from this field, by year end, is well within reach. With some three hundred million (300 million) barrels of oil estimated within the Jubilee field, this triumph augments our confidence in other prospects across the nation.
According to him, government’s policy intention is that Ghana should not only be the recipient of direct revenues from upstream petroleum operations, but also create value through local participation. To this end, the Local Content and Ghanaian Participation law L.I 2204, that was passed in 2013, has been amended to include channel partnerships and strategic alliances in the upstream petroleum sector.
Our position of local content is not just about supplying ancillary services to the sector, but also having a stake in the resources as well. We must collectively endeavour to train our people to get to a level where they have the capacity to be able to participate fully in the industry, and our position is to strengthen all training vehicles in the various industries of the Energy sector, like the Accelerated Oil and Gas Capacity Building Programme, to ensure that Ghanaians have the relevant certification to become competitive, and play a fuller role in the industry. That fuller role will be most effectively anchored when we ensure Ghanaian equity participation in the upstream development of our oil and gas resources.
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