GHANA-AFRICA INVESTMENT-OIL OUTPUT Ghana oil output to hit up to 110,000 bpd in 2014 -National Petroleum.
Record ID:
344483
GHANA-AFRICA INVESTMENT-OIL OUTPUT Ghana oil output to hit up to 110,000 bpd in 2014 -National Petroleum.
- Title: GHANA-AFRICA INVESTMENT-OIL OUTPUT Ghana oil output to hit up to 110,000 bpd in 2014 -National Petroleum.
- Date: 10th April 2014
- Summary: ==PLEASE NOTE EDIT CONTAINS 4:3 MATERIAL== Ghana's offshore Jubilee in the country's west, where Tullow Oil has the largest stake and production is expected to hit 110,000 barrels per day (bpd) in 2014, according to the chief executive of Ghana National Petroleum Corporation. SHOWS: ACCRA, GHANA (APRIL 08, 2014) (REUTERS - ACCESS ALL) 1. VARIOUS OF PARTICIPANTS ENTERING AUDITORIUM FOR THE 2014 GHANA OIL AND GAS SUMMIT 2. VARIOUS OF SUMMIT IN SESSION 3. GHANA NATIONAL PETROLEUM CORPORATION [GNPC] CEO, ALEX MOULD GHANA NATIONAL PETROLEUM CORPORATION CEO, ALEX MOULD AND COLLEAGUE SEATED 4. (SOUNDBITE) (English) GHANA NATIONAL PETROLEUM CORPORATION [GNPC] CEO, ALEX MOULD SAYING: "It is expected that the field could produce an average of 100,000 barrels, which is budgeted for, but I am sure we will hit about 105,000 to 110,000 barrels in 2014," TEMA, GHANA (File) (ORIGINALLY 4:3) (REUTERS - ACCESS ALL) 5. VARIOUS OF OFFSHORE OIL EXPLORATION SITE GHANA'S FLAG ACCRA, GHANA (APRIL 08, 2014) (REUTERS - ACCESS ALL) 6. VARIOUS OF PARTICIPANTS LISTENING TO SPEAKERS AT SUMMIT 7. (SOUNDBITE) (English) GHANA NATIONAL PETROLEUM CORPORATION CEO, ALEX MOULD SAYING: "The average oil production as for the month of March as of 25th of March was about 104,000 barrels. We're currently at about 109,000 barrels." 8. VARIOUS OF CHART SHOWING OFFSHORE OPERATIONS 9. VISITORS LISTENING TO SPEAKER AT GHANA NATIONAL PETROLEUM CORPORATION 10. VARIOUS OF EXHIBITORS STANDS 11. VARIOUS OF GRAPHICS VIDEO ON OIL INSTALLATION
- Embargoed: 25th April 2014 13:00
- Keywords:
- Location: Ghana
- Country: Ghana
- Topics: General
- Reuters ID: LVADCC3A8Y2K68DTER4H5MTE52E6
- Story Text: Output from Ghana's offshore Jubilee oilfield will hit between 105,000 and 110,000 barrels per day (bpd) in 2014 versus a budgeted 110,000 bpd, the chief executive of Ghana National Petroleum Corporation, said on Tuesday (April 08).
Alex Mould was addressing participants at the 2014 Ghana Summit on oil and gas - an annual investment conference held in the capital, Accra that brings together international and regional experts for networking and debate.
The event also aims to help stakeholders explore new possibilities in the oil and gas industry.
"It is expected that the field could produce an average of 100,000 barrels, which is budgeted for, but I am sure we will hit about 105,000 to 110,000 barrels in 2014," said Mould.
Ghana discovered oil in 2007 and began producing in 2010, at its offshore Jubilee field, which lies southwest of the port city of Takoradi - close to the border with Ivory Coast.
The oil find has added confidence over the country's economy whose GDP growth rose to 11.8 percent the following year.
Ghana has lifted approximately 20 percent of the crude produced from the time Jubilee started in Dec 2010 to this March, according to the country's National Petroleum Corporation.
"The average oil production as for the month of March as of 25th of March was about 104,000 barrels. We're currently at about 109,000 barrels," said Mould.
Production has been hampered in recent months, in part because of delays in the construction of a pipeline to bring gas onshore, which has in turn raised the issue of whether the country should flare gas.
Visitors at this year's summit got a chance to learn how the sector works and were also briefed by exhibitors on progress made so far in the oil and gas sector.
Ghana National Petroleum Corporation (GNPC) is in talks with Royal Dutch Shell over an exploration and production deal in the offshore East Keta basin.
GNPC is also in talks with UB Petroleum, A-Z Petroleum and Heritage Oil over the award of licences on new oil blocks, Mould said, though he declined to give details of the block locations or the value of any deals.
Tullow, listed on the Ghana Stock Exchange, holds a 35.5 percent stake in Jubilee.
Other stakeholders are Ghana's state-run GNPC with 13.6 percent, investment group Kosmos Energy, Anadarko Petroleum Corp and Sabre/PetroSA.
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