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Business News of Monday, 26 October 2015


Ghana is heartbeat of our operations in Africa – Tullow

Tullow Ghana Tullow Ghana

Tullow Oil Plc has reiterated its commitment to using Ghana as the heartbeat of its business operations in Africa.

“Ghana remains at the heart of our businesses,” Mr. Aidan Heavey, the Chief Executive Officer told a cross-section of the media in Accra.

Aidan Heavey is optimistic that the industry’s downturn will not last forever.

“We have been here before, and surely the industry will bounce back strongly,” he said, assuring a rebound of the oil industry and fortune for its investors.

Ghana rode on a wave of optimism after London-based Tullow Oil Plc discovered a large offshore reserve.

Five years down the line, the economy is suffering from serious setbacks — leading to government seeking an IMF bailout to correct imbalances in the economy.

But Aidan Heavey, after attending a board meeting last week, told journalists that based on its commitment to contribute to development of the country’s oil and gas industry, the company has invested heavily in the TEN Project despite the prevailing not-too-interesting conditions in the industry.

“We are confident the turnaround will come soon, and that is the more reason why we are not relenting on our investments in the country. We will do all that it takes to make the country an attractive investment destination.”

The TEN Project is on track to achieve its first oil by August next year with a gross daily operation capacity of 80,000 barrels (bopd).