Prez, Akufo-Addo commissions first oil from Jubilee South East oil field project

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President Akufo-Addo highlighted that the success of the South East Project is in alignment with the broader Jubilee field plan, aimed at increasing oil production from the field's eastern side.

The project, which involved a collective investment of approximately US$1 billion, is part of Ghana's efforts to maintain production levels above 100,000 barrels of oil per day from the Jubilee field by the end of the year.

The Jubilee field is estimated to contain around 300 million barrels of oil, further bolstering confidence in potential prospects across the nation.

The President also emphasized the government's determination to attract more investments from partners in the TEN field project and also noted that the expansion of the TEN field, which includes significant gas reserves, is crucial for Ghana's natural gas production and the stability of the country's power sector in the coming years.

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Acknowledging discussions about the use of domestic natural gas to support the nation's power sector, President Akufo-Addo expressed the government's commitment to expedite discussions and reach mutually acceptable terms for a combined gas sales agreement between Tullow, its Joint Venture Partners, and the government.

Such an agreement would contribute to increased success and revenue generation in the sector, promote the utilization of natural gas for domestic purposes, and stimulate the growth of related industries.

This move is seen as vital in meeting approximately half of Ghana's power generation needs.