<<Print>>

Plans are underway for Ghana to acquire a new floating production, storage and offloading (FPSO) vessel in view of the high prospects of starting full production at new oil discovery sites. The initiative to acquire a second FPSO with an estimated capacity to process 100,000 barrels of oil per day is currently at the evaluation stage, after which a report will be presented to the government for approval. The FPSO Kwame Nkrumah, which is currently operational at the Jubilee Field, has a capacity to process 120,000 barrels of oil per day, and together with the new FPSO, processing capacity will be increased to 220,000 barrels of oil per day. The Founder and Chief Executive Officer (CEO) of Tullow Oil plc, Mr Aidan Heavey, who made this known in Accra Thursday, said detailed information on the new FPSO, such as where it would be assembled, the possibility of the involvement of Ghanaians in the assembling and the cost involved, would be known after the evaluation. The FPSO Kwame Nkrumah, which is 65 metres wide, 330 metres long and about the size of three standard football fields put together, is estimated at US$875 million. At the moment, the FPSO Kwame Nkrumah is producing below capacity at 70,000 barrels of oil per day but it is expected to hit the 90,000 barrels mark by the end of this year and full capacity in 2013. Mr Heavey was interacting with journalists after the first-ever investor forum organised by Tullow Ghana Limited (TGL) to appraise its shareholders on the company�s performance in 2011, one year after listing on the Ghana Stock Exchange (GSE). The investor forum comes ahead of the annual general meeting of Tullow Oil plc scheduled to take place in London on May 16, 2012.