The Jubilee Oil field is located 60 km off the coast of Ghana. The successful development of the Jubilee field is transformational to Ghana, as it is now helping Ghana to reduce the country’s fiscal deficits, address the import-export imbalance and generate sufficient government revenues for much needed investments in infrastructure and the delivery of basic human services that are critically needed to establish a sound base for economic growth. In addition, the development of the Jubilee field is expected to change Ghana’s net-oil-importer status and the eventual production and onshore distribution of associated gas will contribute to the diversification of the country’s energy mix.
IFC & Jubilee Oil Field
IFC provided a $100 million loan to Kosmos Energy and $165 million loan to Tullow Oil, two of the partners developing the Jubilee field. IFC works with the project sponsors to ensure that the project achieves compliance with IFC’s Environmental and Social Performance Standards.
Government Revenues to Ghana : estimated at around $1 billion annually during peak production
Foreign exchange generation
Local employment opportunities in a growing sector
Stimulated demand for local goods and services
Future gas from project will be an important domestic energy source for a country chronically short of power.