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

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.

13 January 2012 2:03 GMT Updated 13 January 2012 2:03 GMT

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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

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