Tullow PLC has commended the Government for the outstanding leadership demonstrated, which has facilitated the pouring of its first oil from the Jubilee South East Area of the Greater Jubilee Field.
Oil company, Tullow said that production from its Jubilee oil field offshore Ghana had surpassed 100,000 barrels of oil per day, following the recent start-up of the Jubilee South East (JSE) Project.
Tullow and the Jubilee Partners are working to increase daily average production to over 100,000 barrels of oil per day (bopd) from the Greater Jubilee Field during the second half of 2023, when the Jubilee South-East (JSE) Area development is up and running.
According to the Public Interest and Accountability Committee (PIAC)
2022 Annual Report (p. 25), oil production from the Jubilee Field witnessed an increase in production from 27,335,481 barrels at year’s end in 2021 to 30,523,813 barrels at year’s end in 2022.
Tullow Oil has forecast a capital expenditure (CAPEX) of c.$400Million in three African countries 2023.
Tullow Oil says it will continue operations in Africa despite plans by other operators to shift from the continent.
Irish-listed oil and gas explorer Tullow Oil expects to maintain 2022 production at 59,000 to 65,000 barrels of oil per day as it concentrates on assets in Ghana.
The upstream petroleum industry in Ghana was energised with the commercial discovery of oil in the Jubilee Field in 2007.
Gas is cheaper than crude when used for a generation, but free Gas from jubilee had always been preferred due to the impact on pricing.
Executive Director for the Center for Natural Resources andEnvironmental Management (CNREM), Solomon Kwawukume, has stated that after ten years of oil production in the country, Ghana ha sbeen shortchanged over $5 billion in revenue, an amount that hesays is more than five years of E-Levy revenue expected to begenerated for the development of the country.