Home » President Akufo-Addo Kickstarts First Oil Extraction from JSE Field Project

President Akufo-Addo Kickstarts First Oil Extraction from JSE Field Project

by Oluwatosin Racheal Alabi

On Friday, September 8, 2023, President Nana Akufo-Addo launched the first-ever oil extraction operation at the Jubilee South East (JSE) Project.

This significant endeavor was led by a joint venture, primarily spearheaded by Tullow, and it entailed collaborations with key partners such as the Ghana National Petroleum Company, Kosmos Energy, Jubilee Oil Holdings Limited, and the Petroleum Oil and Gas Corporation of South Africa (PetroSA).

President Akufo-Addo highlighted that this project aligns with the broader Jubilee Field plan, aimed at increasing production from the eastern section of the field.

“With a combined investment of approximately US$1 billion, we are confident in achieving a production level exceeding 100,000 barrels per day by the end of the year. Given the substantial reserves of the Jubilee field, estimated at 300 million barrels, we are inspired to explore additional ventures across the country,” he conveyed.

A source from Myjoyonline reported that Akufo-Addo stressed that the success of the JSE project underscores his administration’s commitment to attracting more investments, particularly in the TEN field project, to solidify Ghana’s presence in the oil and gas industry.

Highlighting the abundant gas reserves in the TEN field, he remarked, “Its significance in our national natural gas production and the stability it brings to our power sector cannot be overstated.”

Addressing ongoing discussions about using domestically produced natural gas for the nation’s power needs, Akufo-Addo stated, “Industry stakeholders have consistently urged the government to expand the use of domestic natural gas to address sustainable electricity supply concerns for our citizens.”

Reiterating his position, Akufo-Addo declared, “Our objective is to expedite discussions aimed at a mutually beneficial gas sales agreement involving Tullow, its partner companies, and the government. This effort is crucial for boosting sectoral success, increasing domestic natural gas consumption, and fostering the growth of related industries. Such integration is vital to meeting nearly half of our power generation needs.”

Regarding local involvement in the oil industry, Akufo-Addo emphasized that the government’s regional content strategy goes beyond providing services; it aims for active resource ownership. He endorsed robust training initiatives like the Accelerated Oil and Gas Capacity Building Programme.

 “Our vision is to empower Ghanaians, enabling them to have a significant presence in the oil and gas sector. This is best achieved by promoting Ghanaian equity in the upstream trajectory of our oil and gas industry,” he emphasized.

Shifting focus to green energy, Akufo-Addo, a signatory of the Paris Agreement, emphasized Ghana’s commitment to reducing carbon emissions. He stressed the need to plan for a net-zero energy sector while ensuring that oil reserves contribute to economical progress rather than becoming liabilities.

Akufo-Addo promoted Ghana as an attractive investment destination, citing political stability, a sound legal framework, a skilled workforce, and a welcoming population. “To potential investors, our commitment is unwavering. We guarantee the legal and operational security of your investments, fostering an environment conducive to your business’s growth. Our welcoming shores remain open for ongoing discussions and collaboration,” he concluded.

Source Myjoyonline.com

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