<<Print>>

The Jubilee Oilfield is expected to end 2012 with a gross production rate in excess of 90,000 barrels as it ramps up to plateau production next year. The field is also expected to average between 70,000 and 80,000 barrels in 2012, owing to the recent successful acidisation programme. A Bank of Ghana half year report on the Petroleum Holding Fund & Ghana Petroleum Funds, which made this known, said oil production at the field dropped from 2.11 million barrels in January 2012 to 1.80 million barrels in April 2012 bringing the half year total to 1.77 million barrels. The drop in production was due to a temporary shut down of some wells for acid stimulation activity. It indicated that during the period under review, there were 12 liftings by the Jubilee Field partners producing a total of 11.75 million barrels. Tullow Ghana Limited received the highest of four liftings totaling 3.93 million barrels, followed by the Ghana Group with three liftings totaling 2.99 million barrels. Anadarko and Sabre Oil & Gas Limited also received three liftings totaling 2.9 million barrels while Kosmos received two liftings totaling 1.92 million barrels. New discoveries made during the period included the Tweneboa, Enyenr and Ntomme (TEN) in the Deepwater Tano block, as well as other clusters such as Mahogany, Teak, Akasa and Banda (MTAB). �Development works on the TEN fields which include the FPSO design competition, sub-sea feed and associated tendering remains on track for the plan of development. The Ntomme 2A appraisal well was successfully completed with flow tests in both upper and lower reservoirs registering a combined rate of approximately 20,000 barrels of oil per day. Commerciality declaration and development will be confirmed in the third quarter of 2012.� During the period under review, Ghana National Petroleum Corporation (GNPC) lifted three parcels on behalf of Government of Ghana � 5th, 6th, 7th liftings on January 4 2012, April 3 2012 and June 27, 2012 respectively, with total cargo value of US$326,620,009.43. In support of the 2012 budget, the Annual Budget Fund Amount (ABFA) received US$131,905,535.44, GNPC received US$104,850,636.58 for equity finance and its 40 per cent share of the Carried and Participating Interest (CAPI). The proceeds of the seventh lifting were not allocated at the time this report was being prepared. �From inception to June 30, 2012, GNPC has lifted seven parcels of crude oil with a net cargo value of US$770,744,705.11. �US$98,835.50 went into the Stabilisation Fund while US$42,174.31accrued into the Ghana Heritage Fund.� The report however said crude oil prices dropped and lost gains made at the beginning of the half year. �The fall in prices was primarily due to weakening global growth and heightened uncertainty in the financial markets that saw major central banks cut key interest rates and the International Monetary Fund revising downwards the global economy growth estimates by 0.1 percentage points to 3.5 per cent. The Ghana Petroleum Funds did not lose capital. The value of the Ghana Stabilisation Fund increased by US$0.098 million to US$54.90 million and the Ghana Heritage Fund increased by US$ 0.042 million to US$14.44 million.