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Thursday, October 30, 2014
GNPC’s chief executive, Alex Mould, revealed that Ghana should hit the 190,000 bpd mark by the end of 2016. The additional production will come from an uptick in flows from the Jubilee field and the development of the TEN cluster, Mould told Reuters.
The focus for 2015 will be on oil production at the main Jubilee field and extracting gas from the field to reduce pressure on its reservoirs. Tullow, operator of the Jubilee field, plans to start pumping gas onshore which should enable oil production to move higher.
“By the end of 2016, we should be producing something close to 60,000 bpd from TEN, and we should be looking at 130,000 bpd from Jubilee,” Mould said at an investment day in London. “We won’t hit the 130,000 bpd early next year, most likely towards the end of the year.”
Mould is also looking to make GNPC a commercial entity and is looking to raise $1 billion to fund its goal of becoming an independent operator. The company has secured $700 million to date.
“We are waiting for TEN to come onstream, and most likely by the end of next year, early 2016, we should be able to raise another $500 million mostly from capital markets but also from banks,” he said. He also said that GNPC was hoping for an investment grade rating but the process for that had yet to be started.
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