Tullow Oil plc has started production from the first well at the $1 billion Jubilee South East (JSE) joint venture project in the Tano basin, offshore Ghana.
FUTURE DRILLING
In 2023, partners Kosmos Energy, Ghana National Petroleum Corporation, Petro SA and Jubilee Oil Holdings aim to bring on stream a further two producers and one water injector to sustain gross Jubilee production in excess of 100,000 bopd.
Production is expected to increase over the next few years through an ongoing infill drilling programme and exploration of identified “multiple future drilling locations”.
The JV has invested $1 billion over the past three years on JSE to drill wells and instal the infrastructure needed to bring undeveloped reserves to production.
Tullow added that the project now uses more local suppliers and that the majority of the complex offshore infrastructure is manufactured by Ghanaian companies with more than 90% local workforce.
“This demonstrates the evolution of the Ghanaian supplier base that can now support substantial elements of its oil and gas industry and is testament to Tullow and its partners’ commitment to developing local capacity.”
GROWTH
Chief executive officer Rahul Dhir said that strong project management and operating capability had delivered a complex offshore development.
“We are well positioned for future growth with production ramping up in the second half of 2023 that will generate significant free cashflow.
“This marks the start of material deleveraging as we continue our transition into a low-debt business with the financial flexibility to pursue value accretive opportunities.”
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