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Ghana Expects Steady Oil Output

Ghana Expects Steady Oil OutputGhana Expects Steady Oil Output

Ghana's oil output is expected to average 110,000 barrels per day in 2016, similar to last year, as output is ramped up at Tullow Oil's Jubilee Field, a senior government official said on Monday. "Production at Jubilee was interrupted earlier this year due to technical problems but output resumed last month," said Thomas Mba Akabzaa, chief director at the ministry of petroleum, Reuters reported. "The estimated average production for the year is 110,000 bpd for 2016," Akabzaa said on the sidelines of an oil and gas conference. He said first production at the new Tullow operated TEN offshore field was expected on 17 August and that four unnamed firms searching for oil in the Tano Basin had lost their exploration licenses after failing to meet the necessary requirements. "In Ghana, at the end of 2015, new petroleum agreements were signed. However, as I speak, about 80% are yet to meet 20% of their work program requirements for 2015 largely as a result of the difficulty in raising the required funding," he told delegates.

 

Financialtribune.com