The operator of the Jubilee field, Tullow Oil plc, has provided a revised production forecast of 100,000 barrels of oil per day for the entire year of 2014.

If a temporary shutdown (for regular maintenance up keeping) is needed at the Jubilee floating production, storage and offloading vessel (FPSO), this rate of oil production will cater for the maintenance shut-down period. Even though the following results are not associated with this forecast, reservoir performance and well productivity remain strong.  The Ghana National Gas Company’s Western Corridor Gas Infrastructure system is currently expected to be ready to receive gas from the Jubilee field in late 2014. According to the budget statement for 2014, in the first nine months of 2013, crude oil production from the Jubilee field averaged 102,503 barrels of oil daily, compared with a projected output of 83,341 bopd and 71,997 bopd in 2012.

South Ghana is believed to have up to 5 billion barrels to 7 billion barrels of petroleum in reserves, which is the sixth largest in Africa and the 25th largest proven reserves in the world and South Ghana has up to 6 trillion cubic feet of natural gas in reserves. The Government of Ghana has drawn plans to nationalize Ghana’s entire petroleum and natural gas reserves.