FPSO Named Kwame Nkrumah

The first lady, Mrs Naadu Mills has reassured prospective investors that Ghana is and continues to be a safe place to invest their money, provided they comply with the investment laws of the country. She said government will not do anything to frustrate their investment in Ghana.

Mrs. Naadu Mills made this known at a special ceremony to name the Floating Production Storage Offloading (FPSO) vessel after Ghana’s first President Dr. Kwame Nkrumah in Jurong, Singapore. Performing the symbolic act of breaking the bottle of champagne to signify the naming of the vessel, Mrs. Mills commended the late Osagyefo Dr. Kwame Nkrumah, whose Presidency she said marked a period of great Strides in the area of infrastructure.

“Dr. Kwame Nkrumah was committed to the independence of Ghana with no limitation, economic and industrial advancement in Ghana, and the Continental Union of Africa,” she said.

Mrs. Naadu Mills further indicated that the discovery of oil and gas in large commercial quantities in Ghana has raised the hopes and expectations of Ghanaians alike for which reason she pledged government’s determination to use the oil and gas resources equitably to the benefit of all and sundry.

Consequently, the first Lady hinted that legislations and policies have been developed to ensure transparency and accountability in the sector. The Extractive Industries Transparency Initiative (EITI) is to be extended to the oil and gas industry.

Mrs. Naadu Mills added that Public consultations has begun on two bills ahead of submission to Parliament; one of the bills will Ghana’s Petroleum Act while the other, the Revenue Management Bill, will set up an independent body to direct effective administration of oil revenues.

Government she said is engaging stakeholders on a developed comprehensive draft Oil and Gas Local Content and Participation Framework before it is submitted to Parliament for enactment into law.

The naming ceremony signifies the readiness of the FPSO vessel to set sail for Ghana. It also means that the Jubilee Partners have reached an advanced phase of the efforts at producing oil from the Jubilee Field by the fourth quarter of this year.

The first Lady commended Jubilee partners towards the delivery of the project which has been designated as the most cost effective compared to other operators in West Africa.

The FPSO Kwame Nkrumah is expected to leave Singapore by mid-May for a six week journey to Ghana.