As Tullow Oil works to execute its merger with Capricorn Energy, the company is focusing on growth projects.
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.
According to Tullow Oil, the cash consideration paid on completion was $118 million reflecting closing adjustments and was funded from cash on the balance sheet.
Tullow Oil Plc, which operates the Tweneboa Enyenra Ntomme (TEN) and Jubilee oil fields, has announced a capital expenditure (capex) of US$270million for its Ghana operations.
Amid higher oil prices, Tullow Oil is beginning to scale up its growth plans once more, raising near term possibilities for drilling around TEN and further out plans for gas and Kenya.
Tullow Oil plc, the independent oil and gas exploration, and production group has announced its full-year results for the year ended 31 December
Tullow will spend most of its US$350 million investment programme this year on Ghana, where Jubilee produced around 75,000 boe/d in 2021 and TEN 33,000 boe/d
The Managing Director of Tullow Oil Ghana, Mr Wissam Al-Monthiry, has said the county has the capability to satisfy its domestic gas needs to guarantee its energy security and accelerate national development.