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Thread: Ghana’s first oil sold below market price

  1. #1
    Super Moderator Pope Bitterz D'Alomo's Avatar
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    Default Ghana’s first oil sold below market price

    The first consignment of crude from the Jubilee Field was sold for less than the prevailing world crude price.

    Though sources at Tullow which was responsible for the first lift are unable to say the exact price the commodity was sold for, they confirm it went at a little discount.

    Joy Business checks suggest it was sold at around 66 dollars.

    Officials who would rather not be named explain the partners are not so keen about earning a premium price for the premium light sweet crude but wants to get the brand exposed on the international market.

    They add that the Jubilee crude is also disadvantaged because it is still a relatively unknown brand.

    Meanwhile the consignment could not have been sold for the current 98 dollars a barrel because the sale price was negotiated well ahead of first oil when the price was much lower.

    Bulk oil trading firm Vitol lifted the first cargo of 650 thousand barrels from the Jubilee Field last week.

    The Ghana National Petroleum Corporation is said to be the partner entitled to the next consignment of Jubilee crude due sometime next week.

    joyfm
    Beware lest you lose the substance by grasping at the shadow. ~Aesop

    Ignorance can be educated,drunkenness sobered,craziness medicated but there is no cure for STUPIDITY


  2. #2
    BBoy T
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    I wonder if Ghana will make any profits from this oil craziness.My fear is that we will mismanage this vital resource and end up penniless as a nation.

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    Godfather Fashion Yaa's Avatar
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    Quote Originally Posted by BBoy T View Post
    I wonder if Ghana will make any profits from this oil craziness.My fear is that we will mismanage this vital resource and end up penniless as a nation.
    my sentiments exactly "craziness", look if we don't have the smarts to set up decent toileting facillities for our own people and tourists, how the hell are we gonna jump into this oil game?

    smh, but any way who am i to talk, after all i was one of the people praising the GOG for finding he oil, this news just dashes any hopes i had in it.


    all go to the same place ;all come from dust and to the dust all return. who knows if the human spirit rises upward and if the spirit of the animal goes down into the earth?
    ecclesiastes 3:20-21 :-x

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    Super Moderator Pope Bitterz D'Alomo's Avatar
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    Will this find eventually turn into a curse ? Only time will tell.
    Beware lest you lose the substance by grasping at the shadow. ~Aesop

    Ignorance can be educated,drunkenness sobered,craziness medicated but there is no cure for STUPIDITY


  5. #5

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    hmmmm...everything done in this country is politicized and hence it is making it difficult for the right people to be put in places where they need to be for the system to work better.

    Until we get to the point where if I am an NPP member but I have the knowledge to help but the NDC is in power and yet I will still be given the opportunity........then I am sure things wont change much.

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