• Tullow Oil CEO said data indicate that production at the two oil fields are in their early stages
• Tullow Oil is the lead operator in the Jubilee and TEN oil fields
Over US$4 billion dollars of investments is expected to be made by Tullow Oil and its partners into the Jubilee and TEN fields.
This will focus on new wells and infrastructure over the next 10 years as part of an ambitious ‘Value Maximization Plan’ aimed at delivering consistent revenue and value to Ghana.
The Chief Executive of Tullow Oil, Rahul Dhir disclosed the development to the media in Accra.
Tullow Oil being the lead operator in the Jubilee and TEN oil fields has been producing since 2010 and 2016 respectively.
According to Mr. Rahul Dhir, available data indicate that production at the two oil fields is in their early stages.
“You say you have a good field when you get 40% to 45% of the oil out. If you take the case of Jubilee, if we’ve produced 16% then we’re only about a 3rd of the way there. That’s not mature. If you take the case of TEN, if we’ve produced 8% (we have today defined projects that take us to 30%), we are only about a 4th of the way there.”
“So you can look at today as the first day in the life of these fields where you have 2.6 billion barrels of oil. And if you take the operational and cost improvements that I’ve talked about, and you superimpose them on the oil that’s left in the ground, you can see why we are well-placed to maximize value and that’s the basis that led us to think of what we call Ghana ‘Value Maximization Plan’,” he added.
Tullow and its partners have already delivered 150 billion cubic feet (bcf) of Foundation Gas at no cost, with a further 50 bcf left to be provided on the same basis. Furthermore, Tullow and its Partners have also submitted a 10-year Firm Gas supply proposal to deliver over 500 bcf of low cost and reliable gas to Ghana for the long term.
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Tullow Oil is the lead operator in the Jubilee and TEN oil fields