$875 million FPSO to be named after Ghana's founding President

The Floating, Storage, Processing and Offloading vessel or FPSO to be used in production of the country's crude oil in commercial quantities is to be named after Ghana's founding President Kwame Nkrumah.

An advert sponsored by Kosmos Energy, one of the partners in the Jubilee Fields in the newspapers names the vessel FPSO Kwame Nkrumah.

The FPSO is to be commissioned by First Lady Naadu Mills on Saturday in Singapore after which it will set sail for Ghana.

The FPSO is the main vessel or tanker to collect and process crude oil from the Jubilee field in the fourth quarter of this year.

Tullow Oil, operator of the Jubilee Field describes the project as one of the most fast-tracked and efficiently executed in the oil industry.

Construction began in 2008 and involved the conversion of an existing tanker by MODEC, a leading international company in the FPSO industry.

The vessel is estimated to cost $875 million. It can process 120,000 barrels of oil a day and has a storage capacity of 1.6 million barrels.