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Woodfields Energy Resources and Vitol SA nominated to assist GNPC to Lift Ghana's Second Cargo of Jubilee Crude Oil
On 25th May, 2011, the Ghana National Petroleum Corporation (GNPC) on behalf of the Ghana Group comprising Government of Ghana (GoG) and GNPC successfully lifted a total of 994,691 barrels of Jubilee crude oil from the FPSO Kwame Nkrumah using a Belgian flagged vessel MT "FELICITY".

The cargo of 994,691 barrels lifted is made up of accumulated government royalty of 275,346 barrels and accumulated GNPC 13.75% participating interest entitlement of 719,345 barrels. The vessel has since set sail to deliver the cargo to a Total Refinery, in the port of Fos, France.

GNPC, with the assistance of Vitol and Woodfields Energy Resources (formerly Cirrus Energy Services) successfully marketed the cargo on the best available commercial terms. The premium achieved over Dated Brent obtained was an improvement over previous Jubilee crude oil liftings.

Based on current price trends Ghana expects to realize about $108 million from the sale of Ghana’s second lifting. The final value will be determined by 1st June, 2011 as the average of five consecutive days of Dated Brent prices published in Platt’s Crude Oil Market wire.

Vitol/Woodfields were selected to assist GNPC market and trade Ghana’s entitlements of Jubilee crude oil for 2011 and are discussing with GNPC the possibility of a longer term joint venture marketing relationship which would enable GNPC to further develop its petroleum marketing and trading capabilities.

About GNPC / Vitol SA and Woodfields Energy Resources
GNPC was established as a State-owned entity by PNDC Law 64 of 1983 ‘’to undertake the exploration, development, production and disposal of petroleum’’. GNPC was established to support the Government’s objective of providing adequate and reliable supply of petroleum products and reducing the country’s dependence on crude oil imports through the development of the country’s own petroleum resources.

Vitol SA is one of the world’s largest independent energy trading companies. It is a significant participant in global crude oil markets and crude oil is the largest part of Vitol’s total energy portfolio.

Woodfields Energy Resources is a leading Ghanaian trading and bulk petroleum products distributing company.

Platts is a leading global provider of energy and metals information and a foremost source of benchmark price assessments in the physical energy markets.

Participating interests of Jubilee Partners are: Ghana National Petroleum Corporation (GNPC)-13.75%; Tullow Ghana Limited-34.70%; Kosmos Energy Ghana HC-23.49%; Anadarko WCTP-23.49%, Sabre Oil and Gas Holdings Limited-2.812% and the EO Group-1.75%.
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