Eyes on Ghana’s Jubilee as Modec to sell Kwame Nkrumah FPSO

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 13 January 2012 02:03 GMT

JAPANESE contractor Modec is to sell its Kwame Nkrumah floating production, storage and offloading vessel, which takes oil from the deep-water Jubilee project — Ghana’s only producing field, writes Barry Morgan.

Jubilee operator Tullow Oil and partners Anadarko Petroleum, Kosmos Energy, Sabre Oil & Gas and Ghana National Petroleum Corporation had a purchase option for the vessel, which started work at the field in December 2010 and is currently producing about 80,000 barrels per day.

As early as last November, Modec had cancelled the $225 million political risk premium with the World Bank Group’s Multi­lateral Investment Guarantee Agency (MIGA) before the $750 million sale.

Jubilee straddles the Deepwater Tano and West Cape Three Points licences in which several satellite fields are under development with…

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