Output to Start at Ghana's Jubilee Field This Year, State Oil Company Says

The Jubilee oil field off Ghana will start production in the fourth quarter and reach targeted output levels, according to Ato Ahwoi, chairman of Ghana National Petroleum Corp.

“Certainly, and production will go to the levels that they should go up to,” Ato Ahwoi, the chairman of Ghana National Petroleum Corp, said today in an interview in Stavanger, Norway, when asked whether first oil from the field is achievable in the fourth quarter. Jubilee is expected to produce 120,000 barrels a day next year.

Kosmos Energy LLC, the U.S.-based oil explorer focusing on West Africa, ended its plans for a $4 billion sale of fields in Ghana to Exxon Mobil Corp. after government opposition to the deal. The company said Aug. 18 it will focus on further exploration of Ghana’s deposits. The field is operated by Tullow Oil Plc.

In October, Kosmos agreed to an exclusive sale of its 23 percent stake in Jubilee to Exxon, in a deal valued at $4 billion. The same month, Ghana National Petroleum Corp. said it would buy the stake from Kosmos after the government declined to approve the agreement. Ahwoi declined to comment further on details of the stake sale. Ahwoi was attending an oil and gas conference in Stavanger.

To contact the reporter on this story: Fred Pals at fpals@bloomberg.net

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