Tullow Eyes Ghana Offshore Expansion

Exploration firm Tullow Oil said it plans to drill additional wells at Ghana’s deepwater Tweneboa Enyenra Ntomme oil fields.

Tullow reported a set of strong results in Ghana for 2018 with its drilling program “successfully executed” and drilling that was “in line with, or exceeded, predrill expectations.”

“In 2019, Tullow expects to drill and complete seven new wells across the TEN and Jubilee fields allowing gross oil production from Ghana to rise to approximately 180,000 bopd in line with the 2019 production forecast,” the firm said in a statement.

If successful, these new wells are expected to significantly boost breakbulk activity in the region as expansion continues.

 

West African Production Growth in 2019

The new proposed wells are hoped to increase the company’s production in West Africa by as much as 10 percent in 2019.

“Tullow is well-placed to deliver on its growth ambitions. In 2019, we will increase oil production in West Africa, target final investment decisions in East Africa and drill the first wells in an exciting exploration campaign in Guyana,” said Paul Mcdade, CEO of Tullow.

The news follows successful drilling at two new producing wells and one water injection well last year. The firm noted that the first new producer well, NT05-P, is already “performing very well” while the second, EN10-P, is “being completed and is expected to be online in February.”

 

New Exploration for 2019

Registered in London, Tullow Oil has interests in more than 80 exploration and production licenses across 16 countries, which are managed via three business delivery teams: West Africa, East Africa and new ventures.

The firm also said it plans to develop recently acquired licenses in Côte d’Ivoire, Suriname, Comoros and Peru, and to further explore geophysical surveys recently completed in Mauritania, Jamaica and Côte d’Ivoire.

“Despite a volatile oil price, Tullow’s improved balance sheet, low-cost production and strong cash flow generation, even at lower oil prices, will allow us to both invest for growth and pay a sustainable dividend,” Mcdade said.

Photo: Offshore platform. Credit: Tullow Oil