Tullow Oil PLC Start-up of Jubilee South East Project (9858F)
July 14 2023 - 2:00AM
UK Regulatory
TIDMTLW
RNS Number : 9858F
Tullow Oil PLC
14 July 2023
TULLOW OIL PLC
Start-up of Jubilee South East Project
14 July 2023 - Tullow, alongside its joint venture partners
Kosmos Energy, Ghana National Petroleum Corporation, Petro SA and
Jubilee Oil Holdings, is pleased to announce the successful
start-up of the Jubilee South East (JSE) Project, offshore
Ghana.
The first JSE production well has been brought onstream and a
further two producers and one water injector are expected onstream
this year to help sustain gross Jubilee production over 100,000
bopd. Tullow and its partners plan to maintain this increased level
of production at Jubilee over the next few years through an ongoing
infill drilling programme. The partnership has identified multiple
future drilling locations and is focused on high-grading these
opportunities to further extend the plateau and realise the full
potential of the significant Jubilee resource base.
Tullow and its partners have invested c.$1 billion over the last
three years on the JSE Project to drill wells and install the
infrastructure needed to bring previously undeveloped reserves to
production. The project has advanced the use of local suppliers and
the majority of the complex offshore infrastructure has been
fabricated by local companies in Ghana, with more than 90% local
workforce. This demonstrates the evolution of the Ghanaian supplier
base that can now support substantial elements of its oil and gas
industry and is testament to Tullow and its partners' commitment to
developing local capacity.
A ceremony to celebrate First Oil will be held in Ghana during
the third quarter of 2023.
Rahul Dhir, Chief Executive Officer, Tullow, commented
today:
"Successful start-up at Jubilee South East is a significant
milestone for Tullow and for Ghana and I would like to thank all
those who have played a role in bringing this near-field Ghanaian
development into production. Through our strong project management
and operating capability, we have delivered a complex offshore
development which is one of the key catalysts to unlock value for
our business. We are well positioned for future growth with
production ramping up in the second half of 2023 that will generate
significant free cashflow. This marks the start of material
deleveraging as we continue our transition into a low-debt business
with the financial flexibility to pursue value accretive
opportunities."
Dr Matthew Opoku Prempeh, Minister of Energy, Ghana, commented
today:
"At the Ministry of Energy, we are delighted by this important
milestone and wish to congratulate Tullow and the Jubilee partners
who have contributed in diverse ways to this journey.
"The approval of the Greater Jubilee Full Field Development Plan
by the Ministry in October 2017 paved the way for investment in the
development of the JSE project, which has now culminated in the
delivery of the First Oil from the JSE area. The government of
President Nana Addo Dankwa Akufo-Addo will continue to work with
all our strategic partners with a view to leveraging our God-given
resources for the ultimate benefit of our people."
- ENDS -
CONTACTS
Tullow Oil plc (Investors) Camarco (Media)
(London) Tullow Ghana (London)
ir@tullowoil.com (Accra) (+44 20 3757 4986)
Nicola Rogers (+233) 302 742 200 Billy Clegg
Matthew Evans Cynthia Lumor Georgia Edmonds
David Amoah Rebecca Waterworth
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Notes to editors
Tullow is an independent oil & gas, exploration and
production group which is quoted on the London and Ghanaian stock
exchanges (symbol: TLW). The Group has interests in over 30
licences across eight countries. In March 2021, Tullow committed to
becoming Net Zero on its Scope 1 and 2 emissions by 2030. For
further information, please refer to our website at
www.tullowoil.com .
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