Ghana’s Oil Revenue Rises 29% in Nine Months on Jubilee Output

Oil revenues earned by Ghana, West Africa’s second-biggest economy, increased 29 percent as crude production at the offshore Jubilee field climbed to an average of 85,000 barrel a day.

Accrued income to the state in the year through September was $434 million from $338 million in the same period a year earlier, Linda Tamakloe, corporate affairs director of state oil company, Ghana National Petroleum Corp., also known as GNPC, said today in an e-mailed statement.

Total output was 18.6 million barrels, up from 17.6 million barrels last year. Ghana exported 3.94 million barrels in the first nine months compared with 2.98 million in the same period a year earlier, she said.

The start of the Jubilee oil field in December 2010 helped propel Ghana’s economic growth to 14.4 percent last year, the fastest pace in Africa. The economy may expand 9 percent this year on the increased oil output beating a provisional outlook of 7.1 percent from the government after production fell to 63,000 barrels a day in the first half of the year, Finance Minister Kwabena Duffuor said Oct. 12.

Production currently average 85,000 barrels a day and “we expect to maintain this volume till December, and this is projected to rise to about 90,000 barrels in the first quarter of 2013,” Tamakloe said.

Ghana is the world’s biggest producer of cocoa after Ivory Coast and trails South Africa as the continent’s top gold miner.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.

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