Vitol SA To Market Jubilee Oil
Commodities trading house, Vitol SA has announced it has been awarded an exclusive contract to market Tullow Oil PLC's share of oil production from the Jubilee field offshore Ghana, which will start on December 15, 2010. This comes against the backdrop that Jubilee crude will be “highly attractive to refiners around the world, including in North America, Far East and Europe," Vitol said in a statement Monday. First oil from Jubilee is expected on Dec. 15, with initial production of 55 thousand barrels of oil a day, rising to 120,000 barrels a day within three-to-six months. Tullow has a 34.7 percent share of Jubilee, meaning Vitol will initially be selling 19 thousand barrels a day of crude, rising to over 41,000 barrels a day later. According to the president and chief executive of Vitol Group, Ian Taylor their global network, knowledge of the West African crude oil market and close relationships with the refining sector gives them a strong base from which to market this crude and maximize its value.