Tullow Oil plc has announced the start of a multi-year, multi-well drilling campaign offshore Ghana with the commencement of drilling of the first well at the Jubilee Field
As previously announced, the Maersk Venturer, which has been contracted for four years, is expected to drill four wells in total in 2021, consisting of two Jubilee production wells, one Jubilee water injector well and one TEN gas injector well.
The 2021 drilling campaign is the first part of Tullow’s 10-year Business Plan which was presented at Tullow’s Capital Markets Day in November 2020. The Ghana portfolio has a large resource base with extensive infrastructure already in place. Through a rigorous focus on costs and capital discipline, Tullow believes that these assets have the potential to generate material cash flow over the next decade and deliver significant value for Ghana and investors.
Throughout this campaign, Tullow will continue to implement its Shared Prosperity strategy through a strong local content programme with suppliers in Ghana, the professional and technical development of Ghanaian nationals and continued investment in STEM education, enterprise development and shared infrastructure.
Rahul Dhir, CEO, Tullow Oil plc, commented, “Working closely with the government of Ghana and our joint venture partners in Ghana, I am confident that we will unlock the full potential from the Jubilee and TEN fields through this multi-year, multi-well drilling programme.”
Kenya ultimatum
Meanwhile, Tullow Oil has received an ultimatum by Kenyan government to present a comprehensive investment plan for the oil production in Turkana County or risk losing concession on two exploration fields in the area. As reported in the Business Daily Kenya, Tullow is still to develop the field for commercial production. The company has attributed the delay to several factors including unfavourable oil prices worldwide, approval delays for land and water rights, dispute in tax and COVID-19 disruptions.
