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Ghana Oil Company Ltd. (GOIL) is investing US$10 million to develop marine fuel storage tanks at the port of Takoradi, Bloomberg reports.

Managing Director, Patrick Akorli, is cited as saying that the company has begun procuring materials for the project and will complete it in a year. However, he declined to provide the capacity of the storage facility until construction is finished.

According to Akorli, GOIL currently has a 31 percent share of the local market. Takoradi harbour serves as the main export port for Ghana and was estimated to handle around 65 percent of the country's exports in 2011.

"We want to increase our market share of the bunkering industry. Opportunities have grown at the port because of the oil pumping activities in the region," Akorli is quoted as saying.

Ghana's Jubilee field, which straddles the Deepwater Tano and West Cape Three Points licences, was discovered via the Mahogany-1 and Hyedua-1 exploration wells in 2007. Tullow Oil Plc. began producing crude oil at the Jubilee field in December 2010.

According to Tullow Oil, since the beginning of 2013, Jubilee field production has steadily increased and is currently producing at a rate of around 110,000 barrels per day.