President Nana Akufo-Addo is set to visit the FPSO Kwame Nkrumah today to inaugurate the official first oil extraction from the Jubilee South-East Area.
The Jubilee South-East Area, which is part of the larger Jubilee Field, has attracted substantial investments totaling $1 billion from its partners. This collaborative effort is set to bolster Ghana’s oil production significantly, with an expected addition of 30,000 barrels of oil per day to the Jubilee Field’s output by the end of this year.
President Akufo-Addo will begin his visit with an engagement with selected staff on board the FPSO Kwame Nkrumah, gaining insights into the intricate operations that make this achievement possible. He is expected to conduct a thorough inspection of key sections of the vessel, underscoring the government’s commitment to ensuring the highest standards of safety and efficiency in Ghana’s oil production.
Following the inspection, President Akufo-Addo will subsequently proceed with a commemorative luncheon in Takoradi to celebrate this momentous occasion. The luncheon will provide the opportunity for stakeholders and partners to discuss the future of Ghana’s oil industry and the potential for further growth and collaboration.
The partnership in the Jubilee South-East Area comprises several key stakeholders, each contributing to the success of this venture. The breakdown of their interests is as follows:
- Tullow Oil: 38.978%
- Kosmos Energy: 24.077%
- Kosmos Energy Ghana Investments: 14.534%
- Ghana National Petroleum Corporation: 13.641%
- Petro SA: 2.725%
- Jubilee Oil Holdings Limited: 6.045%
