Ghana to sell first crude oil exports in January

Ghana is expected to start producing around 120,000 barrels per day (bpd) of oil from Dec. 15

Ghana to sell first crude oil exports in January

Ghana's first crude oil exports will be offered for sale on the spot market from early January as the West African country makes final preparations to join the region's league of oil producers, trade sources said this week.

Oil trading companies Vitol and Trafigura [TRAFGF.UL] have offered two cargoes from Ghana's offshore Jubilee field for loading next month with dates between Jan. 1-7 and Jan. 8-18.

These will carry a total of 1.6 million barrels of crude.

Crude from Jubilee will be light and sweet and similar to the oil found in the North Sea, with a high yield of more expensive transport fuels like diesel.

Ghana is expected to start producing around 120,000 barrels per day (bpd) of oil from Dec. 15, according to Vitol which has signed a contract with UK-listed Tullow Oil Plc to market its share of production.

Trafigura will also be marketing a portion of the output, oil traders said.

The company did not respond to a request for confirmation.

The Jubilee field is estimated to hold up to 1.8 billion barrels with a lifespan of 20 years. Production is expected to rise to 250,000 bpd after three years -about an eighth of what nearby Nigeria produces- operators have said.

Reuters

Last Mod: 11 Aralık 2010, 12:21
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