- Sources says deal valued at $750 million
- Jubilee looking to reach 120,000 bpd target early 2012
ACCRA Jan 6 (Reuters) - Partners in Ghana's Jubilee
offshore oilfield, operated by Tullow Oil, have bought a
Floating Production Storage and Offloading (FPSO) vessel from
Tokyo-listed Modec, Ghana's state oil company GNPC said
on Friday.
Sources close to the deal said it valued the "Kwame Nkrumah"
vessel, which was leased to the Jubilee partners for its first
year of operation, at $750 million.
The agreement covering the FPSO, which can process 120,000
barrels of oil per day and has storage capacity of 1.6 million
barrels, was concluded last month, Ghana National Petroleum
Corporation production manager Thomas Manu told Reuters.
"It was a collective decision that we should acquire it
after successfully running it for one year - we have paid," Manu
said, adding that Tullow executed the purchase agreement on
behalf of the partners.
UK energy company Tullow holds a 36.05 percent stake in the
field. Other stakeholders include GNPC with 13.75 percent,
private investment group Kosmos with 23.49 percent, Anadarko
Petroleum Corp with 23.49 percent, and Sabre Oil and Gas
with 2.81 percent.
The Jubilee field, with reserve estimates up to 2 billion
barrels, came on stream in mid-December 2010 and is currently
producing between 70,000 and 80,000 barrels per day.
Manu said each of the partners contributed proportionally to
the purchase.
"The contribution to the purchase becomes part of our
development cost," he said.
Sources close to Tullow confirmed the transaction, adding
that as with all other field-related infrastructure, the FPSO
would become the property of Ghana after the cost is recovered.
Jubilee started pumping in December 2010 but a target of
120,000 barrels per day has been delayed in 2011 by technical
problems. Tullow said last month it now hoped to reach that
level in early 2012.
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