TULLOW OIL, THE UK explorer that will produce its first oil in Ghana this year, plans to decide on the Jubilee field production expansion off the African country’s coast in next year and 2012.p style="margin-bottom: 0cm;">TULLOW OIL, THE UK explorer that will produce its first oil in Ghana this year, plans to decide on the Jubilee field production expansion off the African country’s coast in next year and 2012.
The company is targeting about 370mn barrels of reserves with the Jubilee phase 1 development, said Tullow exec Ian Springett.
The Jubilee total reserves are estimated between 500mn and 700mn barrels of oil.
Phase 1a will target about 80mn barrels and “we are working on that right now” with a possible investment decision to be made next year, Springett said today at RBC Capital Markets Oil and Gas Conference in London.
A more extended phase, 1b, will be sanctioned in late next year or early 2012, he said.
London-based Tullow together with Anadarko Petroleum, Kosmos Energy and Ghana National Petroleum Corporation are investing about $3.35bn to develop the Jubilee field.
The first phase is expected to start pumping 120,000 bpd in the first half of next year.
