ACCRA, May 20 (Reuters) - A defective measuring instrument on Ghana's only offshore oil platform does not threaten the ability to track crude exports, the operators said, in a move to assuage fears that the country's oil revenues could be hit.
An ultrasonic meter that monitors oil export flows has not worked since before first oil in December last year. The failure has sparked concerns that Ghana could fail to capitalise fully on its crude production.
'(We) wish to assure the public that the measurement systems in place ... are accurate,' Ghana National Petroleum Corporation (GNPC) and UK-listed Tullow Oil, the Jubilee Field's operator, said in a joint statement.
'We wish to assure the public also that the replacement ultrasonic meter is due to be installed in July to further enhance the measurement system,' it added.
Oil is expected to help drive Ghana's economic growth into the double-digits this year, shoring up its transformation from an aid-reliant country to one on a par with mid-income nations like Egypt or Iran.
Ghana's 2011 budget said it would earn around $400 million from oil revenues this year, although that figure is likely to be higher if oil prices remain high.
Tullow said last week it was currently pumping over 70,000 barrels a day from the Jubilee field, with production due to hit 120,000 bpd by July.
The companies said oil stocks were being measured by highly accurate portable devices after being transferred to oil tankers, while meters on each production well and other parts of the production process also help in confirm volumes.
They said their procedures were industry standard.
'The reason we need the flow meters is to double-check the figures and also to enable the customs authority to assess and collect the taxes that are due the state,' said Mohammed Amin Adam of the Civil Society Platform for Oil and Gas.
'Nobody is accusing anybody of stealing oil or money, but it is a warning that we need to work on all these things to build the public confidence in all the processes involved in assessing and accounting for Ghana's oil and revenues.'
(Reporting by Hereward Holland; Editing by Mark John and Jane Baird) (For more Reuters Africa coverage and to have your say on the top issues, visit: http://af.reuters.com/) Keywords: GHANA OIL (mark.john@thomsonreuters.com; Dakar Newsroom +221 33 864 5076) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
An ultrasonic meter that monitors oil export flows has not worked since before first oil in December last year. The failure has sparked concerns that Ghana could fail to capitalise fully on its crude production.
'(We) wish to assure the public that the measurement systems in place ... are accurate,' Ghana National Petroleum Corporation (GNPC) and UK-listed Tullow Oil, the Jubilee Field's operator, said in a joint statement.
'We wish to assure the public also that the replacement ultrasonic meter is due to be installed in July to further enhance the measurement system,' it added.
Oil is expected to help drive Ghana's economic growth into the double-digits this year, shoring up its transformation from an aid-reliant country to one on a par with mid-income nations like Egypt or Iran.
Ghana's 2011 budget said it would earn around $400 million from oil revenues this year, although that figure is likely to be higher if oil prices remain high.
Tullow said last week it was currently pumping over 70,000 barrels a day from the Jubilee field, with production due to hit 120,000 bpd by July.
The companies said oil stocks were being measured by highly accurate portable devices after being transferred to oil tankers, while meters on each production well and other parts of the production process also help in confirm volumes.
They said their procedures were industry standard.
'The reason we need the flow meters is to double-check the figures and also to enable the customs authority to assess and collect the taxes that are due the state,' said Mohammed Amin Adam of the Civil Society Platform for Oil and Gas.
'Nobody is accusing anybody of stealing oil or money, but it is a warning that we need to work on all these things to build the public confidence in all the processes involved in assessing and accounting for Ghana's oil and revenues.'
(Reporting by Hereward Holland; Editing by Mark John and Jane Baird) (For more Reuters Africa coverage and to have your say on the top issues, visit: http://af.reuters.com/) Keywords: GHANA OIL (mark.john@thomsonreuters.com; Dakar Newsroom +221 33 864 5076) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2011 AFX News
