Vitol SA has been awarded the contract to be the exclusive marketer of Tullow Oil’s share of production from the Jubilee field, offshore Ghana. First Oil is expected on December 15th 2010.
Jubilee crude oil is a light, sweet crude oil that was discovered offshore Ghana in 2007. The field was named ‘Jubilee’ in celebration of Ghana’s 50th year of independence and is situated in the Deepwater Tano and West Cape Three Points licences some 60km offshore Ghana and 130km west southwest of the port city Takoradi. Total production is expected to be around 120,000 barrels per day.
Jubilee crude will be highly attractive to refiners around the world, including in North America, Far East and Europe. The Vitol Group, as one of the worlds largest energy traders, is well positioned to market Jubilee crude, with key trading offices in Singapore, Houston, Geneva and London, as well as representative offices in more than 25 key markets.
“First Oil from the Jubilee Field is an historic day for Ghana and for Tullow Oil “ said Ian Taylor, President and CEO of the Vitol Group, “We are very pleased to have been awarded this contract to market Tullow’s share. Our global network, knowledge of the West African crude oil market and close relationships with the refining sector gives us a strong base from which to market this crude and maximize its value”