Ghana Sells First Crude Oil Export

Ghana has sold its first crude oil export.

Ghana, the latest entrant to the club of African oil producers, has sold its first crude oil exports to Exxon Mobil Corp., oil trading sources said on Wednesday.

The U.S. oil company has bought cargoes of Jubilee crude loading on Jan. 1-7 and Jan. 8-18 from trading firms Vitol and Trafigura, the sources said. The price of the trades was not available.

Ghana’s Jubilee field produced its first sustained flow of oil at the end of last year. Initial production of around 120,000 barrels per day (bpd) will rank Ghana as sub-Saharan Africa’s seventh largest producer.

Jubilee is estimated to hold up to 1.8 billion barrels and have a lifespan of 20 years.

This comes recently after Ghana started oil production from the Jubilee oil field.

Video report about Ghana’s new found wealth.

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