Ghana sells first oil to ExxonMobil

Milestone: Ghana has sold its first oil from the Jubilee field

AFP PHOTO / GABRIEL BOUYS

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By News Wires

 12 January 2011 15:55 GMT

Ghana, the latest entrant to the club of African oil producers, has sold its first oil exports to ExxonMobil.

The US oil company has bought cargoes of Jubilee crude loading on 1-7 January and 8-18 January from trading companies Vitol and Trafigura, Reuters reported citing unnamed trade sources said. The price of the trades was not available, it added.

Ghana's Jubilee field produced its first sustained flow of oil at the end of last year. Initial production of around 120,000 barrels per day will rank Ghana as sub-Saharan Africa's seventh largest producer.

Jubilee is estimated to hold up to 1.8 billion barrels and have a lifespan of 20 years.

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