Anadarko Petroleum, the Texas-based independent oil and natural gas producer, said Ghana's Jubilee field remains on track to reach peak production of 120,000 barrels per day this summer. Along with U.K.-based Tullow Oil, Anadarko is a major stakeholder in Jubilee.
Vice President of Operations Doug Lawler also said Anadarko is optimistic about its ability to develop recent discoveries near Jubilee into large-scale producing assets in the next few years, MarketWatch reported. Jubilee is viewed as critical to Ghana's hopes of becoming one of Africa's major oil producers.
Anadarko (APC) holds a stake of almost 23.4% in Jubilee, which is believed to have potential reserves of up to 1.5 billion barrels of oil equivalent. Tullow is the field's primary operator with an interest of 34.7%.
Newly public Kosmos Energy (KOS) also holds an interest of 23.4% in Jubilee and that stake made the company the target of some takeover attempts in the past two years, none of which resulted in a deal. Kosmos sold shares to the public for the first time two weeks ago.