Business News of Thursday, 24 October 2013
Oil giant Tullow Oil Plc has reaffirmed its long term commitment to the country as discussions are ongoing with government to expand its assets in the Jubilee Oil Field Investor Relations and Communications Officer, Chris Perry disclosed this at the Ghana Stock Exchange organized “Facts Behind Figures Programme” today.
The oil explorer and producer presently generate 50 percent of its cash flows from Ghana. It is now producing 110,000 barrels of crude oil in Ghana.
It interest in the West Cape Three Points is about 26.4 percent while that of the Jubilee field is 36.5 percent.
Mr. Perry said Tullow’s operations have been significant in Ghana and hope to replicate it in Ivory Coast and Sierra Leone where it has concessions.
Every year, the company spends about one billion dollars on exploration activities across the globe which has generated 200 million barrels of crude oil for the next six years.
Mr. Perry added the future is bright with respect to Kenya and Uganda as it hopes to produce more crude from these two countries
Tullow Oil listed on the Ghana Stock Exchange in July 2011. It presently has about 20,000 shareholders.