Possible Rewards

As an emerging oil economy it is difficult to estimate the exact oil reserves of Ghana, however the Jubilee partners believe that the Jubiliee Field alone contain between 800-3,000 barrels of proven oil reserves. Since the discouveryf of the Jubilee Field many other discoveries have been made by the Jubilee Partners and other international

An exact revenue prediction is impossible to make, an approximate prediction is difficult. Four uncertain factors are the main reasons:

1. The barrel price: long term predictions vary between US$60 and US$120.
2. The daily production rate and the total reserves: during the first years the daily production rate will not exceed 120,000 barrels, but with further investments it could be increased. The total field amount determines for how many years production will take place. Reserves are estimated around 1.5 billion barrels but only 30-50% can be easily produced.
3. The share for the government: despite promises the contracts between the state and the companies have not been published yet. Effective governmental share of the revenues are guessed to be between 40 and 55%.
4. The production costs: as it is a deep sea production, costs will be between 10 and 20 US$ per barrel.



The World Bank has predicted the 2011 government revenues to be 900 Million US$ and expects this sum to double until 2016. The Bank assumes a high government share but expects a relatively low barrel price.