ACCRA– Tullow Oil, the international independent oil and gas company headquartered in London, says it is focusing on growing its production in Ghana after the International Law of the Sea (ITLOS) ruling in late 2017 and Ghana’s approval of its Greater Jubilee Full Field Development Plan.
The company is also interested in making further investments in new oil blocks off Ghana’s coast as part of plans to consolidate its operations, Tullow Oil Chief Executive Paul McDade told a media conference here Thursday, adding that its joint venture partners operating the offshore Jubilee field were expecting to spend more than 500 million US dollars in Ghana this year.
In order to boost production from its Ghana operation, two wells had already been drilled and drilling of a third well was on-going, he said, adding that production from the first well at the TEN field was expected to commence early in the second half of the year.
A second rig is currently being considered by the partnership to further accelerate production and cash flow, McDade said. We want to consolidate our presence in Ghana after our investments in Jubilee and TEN (Tweneboa, Enyenra, Ntomme). We don’t want to stop there but to keep growing, he added.
McDade said a combination of a strong financial and operational performance and the rising oil price had enabled Tullow to reduce its overall debt by around a third, placing the company on a robust financial footing for growing the business going forward.
He expressed the hope that the strong operational and financial performance in 2017 would continue this year.
Kweku Awotwi, the Managing Director of Tullow Ghana, said the company had so far spent 12.5 billion USD on the development of its Jubilee and TEN flagship assets and was also embarking on a flexible programme to optimise production and reserves recovery.
Source: NAM NEWS NETWORK