Ghana gives Tullow approval
EXPLORER Tullow Oil said yesterday it had gained approval from the Ghanaian energy minister to start work on the Jubilee field Phase 1 Development Plan.
The Jubilee field will be developed using a rig, the company said, and will deliver a plateau oil rate of 120,000 barrels of oil per day.
The Unitisation Agreement has determined the partners’ initial equity interests in the Jubilee field and provides for modification of these interests as further field data becomes available, Tullow said.
“By securing rig capacity and commencing the construction and drilling phases in advance, Tullow is confident that it will deliver first oil from this deepwater project just over three years since the first discovery well was drilled,” chief operating officer Paul McDade said.
Tullow operates the Jubilee licence and has a 34.7 per cent interest in the programme. Shares in the firm rose 4.8 per cent to 935p.
Kosmos Energy, and Anadarko Petroleum are also partners.