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President Launches First Oil From Jubilee South East Area

President Nana Addo Danquah Akufo-Addo has asserted that it is when the NPP government is in power that the country makes significant discoveries of oil.

“I think my fellow Ghanaians should note that that when the NPP government is in office we make significant discoveries of oil”, he stressed.

The President was speaking at the commemorative luncheon of the first oil from the Jubilee South East Area of the Western Region.

The Jubilee South-East Area, which is part of the Jubilee Field, is a joint venture that has received a $1 billion investment from its partners.

It is expected to add 30,000 barrels of oil per day to the Jubilee Field oil production by the end of this year.

The partners’ interests are as follows:
Tullow Oil: 38.978 per cent
Kosmos Energy: 24.077 per cent,
Kosmos Energy Ghana Investments: 14.534 per cent
Ghana National Petroleum Corporation: 13.641 per cent
Petro SA: 2.725 per cent and
Jubilee Oil Holdings Limited: 6.045 per cent.

Prior to addressing the luncheon
to commemorate the first flow of the oil , the president visited the FPSO Kwame Nkrumah to turn on the valve to signify the first oil from the Jubilee South East Area.

The President said “Today is another opportunity to celebrate the achievement and strides our nation has made since oil was discovered in commercial quantities under the first NPP government led by President John Agyekum Kufuor”.

He remarked, “today’s event is a testament of what strategic partnerships and collaborations can do and I am excited about this land mark event under the NPP government again after 15 years of TEN discovery”.

The President therefore commended the Jubilee Partners for another remarkable feat in the oil and gas sector.

He noted that the oil and gas sector was crucial to the growth of the energy sector and to secure the future energy needs of the country.

The President also recalled the energy’s sector contribution to country’s gross domestic product (GDP) and stressed the need for more synergies in a bid to move, sustain and prosper the country.

He said thr Government was determined to further invest in the energy sector to reshape the economy, create jobs and ensure community development.

He pointed out that the country’s natural gas would be strategically harnessed to ensure sustainable electricity for businesses, households and commercial purposes.

The President, was happy that the investor community was flourishing in relevant laws within the country’s oil and gas sector adding, “Our doors are opened for conversations for continual support, growth and shared prosperity”.

He reminded the partners about the amendment of the Local Content Law , LI 2204 which dictates channel participation and strategic alliance.

“We believe in equiping institutions of training to strategically transfer technology and knowledge to the locals to aid in full participation of Ghanaians in the upstream petroleum sector”,.

The President also referred to the Paris agreement on Energy Transition and how the country was preparing through plans and programmes bearing in mind climate change adaptability factors to transform the sector.

“We will protect investment in the the sector in view of the transition”, he indicated

From Emmanuel Opoku, Takoradi