Home » Business » Ghana’s Jubilee partners ‘buy Modec FPSO

Ghana’s Jubilee partners ‘buy Modec FPSO

By Eoin O’Cinneide — Partners in a Tullow-operated oilfield off Ghana have bought a floating, production, storage & offloading (FPSO) vessel from Japan’s Modec, according to a report.

The consortium in the Jubilee field have already paid for the Kwame Nkrumah unit with the deal struck last month, Reuters reported, quoting an official in Ghana’s state oil company, GNPC.

“It was a collective decision that we should acquire it after successfully running it for one year – we have paid,” the news wire quoted GNPC production manager Thomas Manu as saying on Friday.

“The contribution to the purchase becomes part of our development cost,” he continued.

Upstream awaits a reply to questions put to Manu and from Tullow where nobody was immediately available for comment on Friday afternoon.

Tullow is the operator of the Jubilee field where it is partnered by US independent giant Anadarko Petroleum, GNPC, Kosmos and Sabre Oil & Gas.

The Jubilee field, which straddles the Deepwater Tano and West Cape Three Points licences, was discovered in 2007 via the Mahogany-1 and Hyedua-1 exploration wells. Recoverable reserves are estimated at 370 million barrels of oil with total reserves estimates under 2 billion barrels.

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