Ghana’s Jubilee oil field production is expected to exceed 90,000 BPD by December this year, a senior official of the Ghana National Petroleum Corporation (GNPC) said Monday.

The GNPC Director of Operations, Thomas Manu, confirmed that production had increased from 63,000 to 86,000 BPD.

“This is the result of successful acid simulation of some of the wells to ensure optimization of production,” Manu explained.

The process involves the injection of acid into wells to facilitate the Crude Oil flow to the surface or onto an Oil platform.

The GNPC and its partners late last year received authorization from government to do infill drilling in what has been named the Phase 1 Plan.

This program, according to the operations director, was on course to achieving the intended results.

“Barring any unforeseen circumstances, some of these wells would also go into the programmed production to bring production to over 90,000 BPD by December,” Mr. Manu stated.

The lower than expected oil production figures have been blamed for the lower Gross Domestic Product estimates of 7.1% done by the Ghana Statistical Service for this year.

Last year, Ghana’s economy grew at 14.4%, with the International Monetary Fund (IMF) touting it as one of the fastest growing economies in the world.

But analysts had predicted that the Y 2012 growth would not be able to match the prior year’s as the role of oil production in the unprecedented Y 2011 growth would have stabilized.

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.

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