IMANI cautions Jubilee partners over 20billion dollar investment
7/8/2012 3:03:51 PM -
Policy think tank Imani Ghana has advised the Jubilee partners to be cautious over a planned 20 billion dollar investment in the fields.
Ghana and its partners on the Jubilee oil fields, namely Tullow Oil and Anadarko Petroleum will invest the amount over the next 10 years. The investment will be aimed at developing new oil discoveries.
The new discoveries include Tweneboa and Enyenra in the Deep Water Tano Block as well as other clusters such as the Mahogany, Teak, Akasa and Banda.
But Imani Ghana has said this should be done cautiously considering that fact that current output from the field falls short of projected targets.
The Executive Director of IMANI Franklin Cudjoe explained to Joy News that 'the optimistic projection of hitting close 250,000 per day may not likely come off.'
According to him, 'giving exactly how the field entirely is behaving now, we have also noted that the finding cost which means that the amount of money that is being spent on the production of a barrel in the Jubilee filed is about five times what is being spent in other similar projects especially in the golf as well as the Alaskan coast.'
Franklin Cudjoe warned that 'the field may not be as competitive as we thought and may not necessarily be gathering the needed investments that are being touted right now.'