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Business News of Thursday, 21 May 2015

Source: GNA

Tullow delegation calls on Veep

A five member delegation from Tullow Oil has called on Vice President Kwesi Amissah-Arthur at his office at the Flagstaff House.

Mr Armah Kofi Buah, Minister of Energy and Petroleum accompanied the delegation led by Mr Aidan Heavy, Chief Executive Officer (CEO) of Tullow Oil to the Flagstaff House.

The meeting which was held behind closed doors is believed to centred on the investor forum held in Accra for the Ghanaian shareholders of the company.

Mr Heavy told the media after the meeting that the TEN project is more than 55 per cent complete with all the 10 wells expected to be online at first oil already drilled.

He said the project remains within budget and on scheduled with first oil expected in mid-2016.

He said the special chamber of the International Tribunal of the Law of the Sea rejected Cote Ivoire’s request that Ghana should be ordered to suspend all oil exploration in the disputed area meaning the TEN projects continues unencumbered.

Mr Heavy stated that the Jubilee field is performing well with production averaging more than 100,000 barrel of oil per day for the first quarter of 2015.

He said the commissioning period for the onshore gas processing facility in Ghana was completed on March 31, and the Jubilee FPSO is exporting 80million cubic feet of gas per-day.