Ghana have joined the global oil club, with first oil flowing to shore from the Jubilee field, following a ceremony hosted by Ghanas President John Atta Mills.
The field's operator UK-based Tullow Oil said it expected Jubilee would be capable of flowing up to 55,000 bpd immediately, rising to 120,000 bpd over the next six months as new wells are completed.
The first tanker of oil from Jubilee is expected to be exported in January 2011.
First oil events will take place both on the floating production, storage and offloading vessel Kwame Nkrumah and onshore in Takoradi, close to the Jubilee onshore support base.
Oil first flowed to the FPSO Kwame Nkrumah - named after Ghana's first post-independence president and the founder of the Organisation of African Unity - on 28 November. This oil has been used to commission the facilities, Tullow said.
"History will be made today and I am very proud to be part of it," Tullow boss Aidan Heavey said this morning.
"First Oil from the Jubilee field is a wonderful occasion for Ghana, its government and people, the Jubilee partners and Tullow.
"It is the culmination of a lot of dedication and hard work from a world-class team on a world-class field."
Accra has forecast that the oil will boost Ghana's economic growth rate from 5 per cent this year to as much as 12 per cent next year, with production from the field expected to eventually bring in one billion dollars annually.
However some analysts have raised concern over Ghana’s ability to successfully manage the new found wealth created by the oil discovery.
Earlier this month ruling party members amended a bill to allow the government to borrow against future oil revenue and are weighing plans to delay the creation of a sovereign wealth fund, Bloomberg reported.
Analysts warned that Ghana’s willingness to leverage its oil wealth could burden future generations with debt.
The Jubilee field is estimated to hold up to 1.8 bn barrels oil with an estimated lifespan of 20 years
Tullow Oil holds a 34.7 per cent stake in the Jubilee field along with partners Anadarko Petroleum (23.49 per cent), Kosmos Energy (23.49 per cent), Ghana National Petroleum Corporation (13.75 per cent), Sabre Oil & Gas (2.81 per cent) and EO Group (1.75 per cent).
