Kosmos Energy Ltd. (KOS:US) expects to spend as much as $1 billion in two years to develop oilfields in Ghana as the country seeks to double its production of the fuel by 2021.
“This year’s net investment will be $400 million but next year will be up to $600 million to develop both Jubilee and new fields,” Kosmos’s Chief Executive Officer Brian Maxted said today in an interview in the Ghanaian capital of Accra.
Ghana, which discovered oil at commercial levels in 2007, has added finds at different stages of appraisal and development at the Tullow Oil Plc-run Jubilee field 60 kilometers (37 miles) off the western coast, Ghana National Petroleum Corp. says.
About $20 billion will be spent over “five to eight years to develop Jubilee and the other fields,” GNPC CEO Nana Asafu- Adjaye said in April. Jubilee started in December 2010 and is Ghana’s lone exporting oilfield. Output averages 110,000 barrels a day. In comparison Nigeria, the biggest oil producer on the continent, pumped 1.8 million barrels a day in March.
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