Friday 27 April 2018

Tullow in Ghana output plan

Tullow Oil and the Dublin-listed company's partners may double production at the Jubilee field off Ghana by 2015, the head of Ghana's state-owned oil company said yesterday.

The field will start production this year and may pump 240,000 barrels of oil equivalent a day in 2014-2015, Nana Boakye Asafu-Adjaye, chief executive officer of Ghana National Petroleum, said in Moscow.

Tullow, Anadarko Petroleum, Kosmos Energy and Ghana National are investing about $3.35bn (€2.41bn) to develop the field. The first phase is expected to pump 120,000 barrels of oil a day in the first half of next year.

The partners are designing Phases 1a and 1b that together with Phase 1 will target 500 to 700 million barrels in estimated oil reserves, Tullow chief financial officer Ian Springett said on Wednesday.

Mr Asafu-Adjaye said Ghana's overall output by 2015 may be larger than that, as other companies including OAO Lukoil, Russia's largest non-state oil producer develop prospects.

Lukoil, Vanco Energy and Ghana National found gas and oil in a well completed this February at the Dzata structure off Ghana.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business