The Jubilee oil field’s total reserve potential is estimated at 1.5 billion barrels of oil equivalent, enough to provide the country with revenue for years to come, and to finance the investments needed to help dramatically raise living standards for all Ghanaians.
The first shipment of crude oil from the field was made in January of this year, and it fetched more than US$90 per barrel according to Tullow Oil, which operates the field and owns a 34.7% stake in it, along with Ghana National Petroleum Corp., Anadarko Petroleum, Kosmos, and Sabre Oil & Gas.
The field started with an initial capacity of about 50,000 barrels of oil per day from four wells, and full production capacity of 120,000 barrels per day should be reached within about six months after five more wells are completed and brought on line.
The natural gas produced from the field won’t be flared, or burnt off as waste, and will instead be channeled into a gas pipeline network that will be built to distribute the fuel. Construction of an 8.7-mile undersea pipeline to bring gas from the field to a point onshore near the border has already begun.