Vitol SA has been awarded the contract to be the exclusive marketer of Tullow Oil’s share of production from the Jubilee field, offshore Ghana. First Oil is expected on December 15th 2010.
Jubilee crude oil is a light, sweet crude oil that was discovered offshore Ghana in 2007. The field was named ‘Jubilee’ in celebration of Ghana’s 50th year of independence and is situated in the Deepwater Tano and West Cape Three Points licences some 60km offshore Ghana and 130km west southwest of the port city Takoradi. Total production is expected to be around 120,000 barrels per day.
Jubilee crude will be highly attractive to refiners around the world, including in North America, Far East and Europe. The Vitol Group, as one of the worlds largest energy traders, is well positioned to market Jubilee crude, with key trading offices in Singapore, Houston, Geneva and London, as well as representative offices in more than 25 key markets.
“First Oil from the Jubilee Field is an historic day for Ghana and for Tullow Oil “ said Ian Taylor, President and CEO of the Vitol Group, “We are very pleased to have been awarded this contract to market Tullow’s share. Our global network, knowledge of the West African crude oil market and close relationships with the refining sector gives us a strong base from which to market this crude and maximize its value”
The Vitol Group was founded in 1966 in Rotterdam, the Netherlands. Since then the company has grown significantly, to become a major participant in world energy markets and is now one of the world’s largest independent energy traders.
Its trading portfolio includes crude oil, oil products, LNG, natural gas, coal, power and carbon emissions. Vitol trades with all the major national oil companies, the integrated oil majors and the independent refiners and traders. Globally Vitol trades over 5.5 million barrels of crude oil and products per day.
In addition to its trading business, and its 50% share in the storage and terminals business, VTTI with 11 terminals on 5 continents, Vitol has an exploration and production business which includes interests in Ghana, Cameroon, Philippines, Kazakhstan, Russia and Azerbaijan. It also currently owns and operates over 100kbd in refining assets closely linked with its tankage facilities in Fujairah and Antwerp, in addition to term refining arrangements at multiple third party refineries worldwide.
Source: Vitol , December 8, 2010; Image: Tullow