Business News of Monday, 31 December 2012
Source: Joy Online
The Ghana National Petroleum Company (GNPC) has said it expects crude oil production level at the Jubilee Oil Field to reach the long-awaited 120,000 barrels a day level by close of this year and that poses a threat to the FPSO.
Production has shot up significantly over the past few weeks from around 90,000 barrels a day to around 110,000 barrels a day currently.
Director of Operations at GNPC, Thomas Manu explained to JOYBUSINESS that this would be the first time the FPSO would be tested to its full design capacity.
“Measures have been put in place to boost production to the optimum level and they have proven so efficient that the amount of crude oil being drilled may soon be too much for the FPSO to handle,” he said.
The 120,000 barrels of crude oil production a day have long eluded the operators of the Jubilee Field, but it seems the company has managed to overcome that challenge, and officials are now worried about the capacity of the FPSO to handle the expected boost.
Mr. Manu noted that there was need to be cautious about how the FPSO is pushed to its highest limits.
The Jubilee field has so far produced 50 million barrels of crude oil since it began production in December 2010.
The shortfall impacted on government’s revenue slightly over the years.