The Ghana National Petroleum Corporation (GNPC) acting on behalf of the Government of Ghana last month successfully lifted close to a million barrels of crude oil from the Jubilee Field for sale in the international market. This is Ghana's first share of the production of crude oil, which began in December last year.

The value of the 995,259 barrels of crude oil lifted was estimated at US$110 million and it comes after three previous consignments had been taken by Tullow Oil and the other partners in the venture. The chief executive of the GNPC Nana Boakye Asafu-Adjaye explained that GNPC's lifting brings to more than 3.6 million barrels, the amount of Jubilee crude sold so far since production began.

"Over the months to come, as the daily oil production increases, government and GNPC can expect more frequent liftings from the Jubilee Field," he said.

Proceeds from the sale are expected to hit GNPC's accounts with the Ghana International Bank in London on the 8th of April, after which the government's share will be transferred to the Bank of Ghana.