Since the first oil production, more than 161 million barrels have been produced.
In 2010, the Jubilee oil field was said to be the largest oil field to be discovered in West Africa in 10 to 15 years and said to contain up to 1.5 billion barrels. The discovery of oil in commercial quantities was made in 2007.
Even though, the then Minister of Energy, Dr. Oteng Adjei said in January 2010 that the country would start gas production before oil is produced, it was until 2014 before the first gas was produced.
And since the first oil was drilled, the country has as at December 2015 produced a total of 161,929,171 barrels of oil.
The total volume of oil produced in the Jubilee field in 2015 was 37,411,661 barrels, compared to 37,201,691 barrels in 2014. That represents a marginal increase of 0.6 per cent, according to the annual reports of the Public Interest and Accountability Committee.
In 2015, on the average, 102,498 barrels of oil per day were produced compared to the average production of 101,976 barrels per day in 2014.
The daily average crude oil production from the Jubilee field in 2015 ranged between 69,712 barrels of oil per day and 110,572 barrels of oil per day. The highest and lowest average crude oil production was recoded in March and July 2015.
At the Saltpond field, a total of 41,113 barrels of crude oil was produced in 2015 as compared to 79,602 barrels of oil in 2014, representing a 48.4 per cent year-to-year decline in production.
By Emmanuel K. Dogbevi
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