Tullow Oil: Jubilee Development Plan At Jubilee Field Approved
July 15 2009 - 2:37AM
Dow Jones News
Tullow Oil PLC (TLW.LN), an independent oil & gas,
exploration and production company, said Wednesday the Minister of
Energy in Ghana has formally approved the Jubilee field Phase 1
Development Plan and Unitisation Agreement on behalf of the
Government of Ghana.
MAIN FACTS:
-The Jubilee field will be developed via a Floating, Production,
Storage and Offtake vessel (FPSO) and will deliver a plateau oil
rate of 120,000 bopd, water injection capacity of 230,000 bwpd and
gas export and injection capacity of up to 160 mmscfd.
-Work on the FPSO and subsea facilities was initiated in July
2008 and is on track to deliver first oil in the second half of
2010.
-The Unitisation Agreement has determined the partners' initial
equity interests in the Jubilee field and provides for modification
of these interests as further field data becomes available.
-Tullow's initial equity interest in the Jubilee Unit Area,
which Tullow will operate, is 34.70%. Other partner interests are
Kosmos Energy (23.49%), Anadarko Petroleum (23.49%), Sabre Oil
& Gas (2.81%), EO Group (1.75%) and the Ghana National
Petroleum Corporation (GNPC) (13.75% of which 10% is carried
interest).
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com