Tullow, alongside its joint venture partners Kosmos Energy, Ghana National Petroleum Corporation, Petro SA and Jubilee Oil Holdings, has announced 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.
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Tullow and its partners have invested US$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. Tullow said 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.
Rahul Dhir, Chief Executive Officer, Tullow, commented: “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.”
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Dr Matthew Opoku Prempeh, Minister of Energy, Ghana, said the government will continue to work with strategic partners to leverage the country’s resources for the people’s benefit.
