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Business News of Monday, 5 October 2020

Source: Class FM

Ghana’s Jubilee Field hits 300-million-barrels of oil production mark

Tullow Ghana Limited (TGL), operator of the Jubilee and Tweneboa, Enyenra and Ntomme (TEN) fields, is proud to announce a significant milestone of 300 million barrels of oil production from the Jubilee field.

Tullow and its partners; GNPC, Kosmos, Anadarko and Petro SA, in a statement, said they “are proud to be part of Ghana’s remarkable Jubilee story”.

“With the support of the government of Ghana, the Jubilee Field went from discovery to First Oil in just 40 months.

“Tullow and its partners have invested US$10.8 billion from 2007 to 2019 in the Jubilee Field and continue to invest in Ghana’s hydrocarbon resources”, the statement said.

It noted that: “In the first half of 2020, Jubilee production averaged 84,700 bopd, and TEN production averaged 50,900 bopd with facility uptime on both FPSOs in excess of 95%”.

The Chief Executive Officer of Tullow Oil Plc, Mr Rahul Dhir, said: “Reaching 300 million barrels of oil produced from the Jubilee field is a significant moment for Ghana and for Tullow Oil”.

“This could not have been achieved without the hard work and dedication of our employees and contractors and support from and close co-operation with the government of Ghana and our partners”, he noted.

Tullow Ghana said it thanks all stakeholders, including the government of Ghana, its joint venture partners, contractors and suppliers, its host communities, its staff and the people of Ghana for their collaboration and support in reaching this important milestone.

Tullow is a leading independent oil and gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW).

The Group has interests in over 70 exploration and production licences across 15 countries.

In Ghana, Tullow Ghana Limited (TGL) holds licences in the Deepwater Tano and West Cape Three Points blocks.

It operates both the Jubilee Field, Ghana’s first producing oil field, and the TEN fields, which first produced oil in 2010 and 2016, respectively.

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