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Friday, March 11, 2011

Ghana to bag $110m from sale of first crude oil

Ghana to bag $110m from sale of first crude oil
Ghana to bag $110m from sale of first crude oil
Ghana is expected to earn approximately a hundred and ten million dollars from the sale of its first share of crude oil from the Jubilee Field.

The amount is revenue expected from the lifting of GNPC’s cargo on Wednesday.

The Ghana National Petroleum Corporation’s lifting comes after three previous consignments had been taken by Tullow Oil and the other partners in the venture.

The Chief Executive of the GNPC Nana Boakye Asafu-Adjaye this morning told journalists GNPC’s lifting brings to more than 3.6 million barrels, the amount of Jubilee crude sold so far since production began late November last year.

“GNPC on behalf of the government of Ghana and on its own behalf successfully lifted a total of 995,259 barrels of Jubilee Crude to the MV Poetic. Over the months to come as the daily oil production increases government of Ghana and GNPC can expect more frequent liftings from the Jubilee Field,” he said.

Vitol and Cirrus are responsible for the lifting and marketing of GNPC’s crude.

Nana Asafu-Adjaye explained the valuation of the crude consignments and discounted claims that the first crude oil ever lifted from the Jubilee was sold for around 60 dollars.

He said there is a pricing policy available insisting the current price at which the brent crude will be sold will fetch a price above a hundred and ten dollars per barell if current crude oil price continues.

The Greek flagged vessel, the MV Poetic has since set sail for the US. Proceeds from the sale are expected to hit GNPC’s accounts with the Ghana International Bank in London on the 8th of April after which government’s share will be transferred to the Bank of Ghana.

Meanwhile, the Head of Economic Evaluation at the Ghana National Petroleum Corporation, Kwame Ntow-Amoah has been explaining that the proceeds from the sale represents a fraction of the revenue due government from oil production.

Source: Joy Business/Myjoyonline.com/Ghana

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