Ghana this morning effectively joined the league of oil producing countries, even if as one of the minor players. Joy Business sources say full production began after test-runs over the weekend proved successful. It marks a three-year journey which began with the announcement in June 2007 that crude had been discovered in commercial quantities offshore. The Jubilee Field is estimated to hold 1.8 billion barrels of crude, but there have since been other discoveries which would boost the reserves significantly once appraisal works are complete. The symbolic date for the celebration of first oil by the President is set for December 15. The Government has meanwhile stressed the need for public expectations to be managed. The Chairman of the Ghana National Petroleum Corporation, Ato Ahwoi maintains that the country is not producing enough at the moment. “Jubilee field is supposed to produce at its peak 120,000 barrels a day. Nigeria with all their fields produce about 2.5 million barrels a day, so we are nowhere near being a major oil producer and we should not delude ourselves that we have made it. So those who think that we are now an oil producing country should think again,” he cautioned. It is expected that some 50,000 barrels of the high quality light sweet crude would flow a day into the Floating, Production, Storage and Offloading, (FPSO) facility named after Ghana's founding president, Kwame Nkrumah. It has a storage capacity of 1.6 million barrels. Meanwhile the Jubilee partners are expected to formally announce the commencement of production in the next few hours. In a related development, the Ghana Revenue Authority has designated the FPSO Kwame Nkrumah terminal as a customs area. A public notice signed by the GRA Commissioner General George Blankson sighted by Joy Business says the designation is with immediate effect. According to the notice all activities conducted within the area of the FPSO will be done under the supervision of the Customs Division of the GRA. The division will also have direct supervision over handling, exportation and receipts of supplies among others. The notice further adds that the same supervisory role shall apply to all activities connected with any present and future oil and gas operations in Ghana either offshore or onshore. Source: Joy News/Ghana