Tullow Oil has announced that it has commenced its multi-year, multi-well drilling campaign offshore Ghana with the commencement of drilling of the first well at the Jubilee Field on April 5. According to the company, Maersk Venturer, which has been contracted for four years, is expected to drill four wells in total in 2021, consisting of two Jubilee production wells – one Jubilee water injector well and one TEN gas injector well.
The Drilling campaign and Tullow Oil turnaround strategy
The 2021 drilling campaign is the first part of Tullow’s 10-year Business Plan which was presented at Tullow’s Capital Markets Day in November 2020.
The Ghana portfolio has a large resource base with extensive infrastructure already in place.
Through a rigorous focus on costs and capital discipline, Tullow believes that these assets have the potential to generate material cash flow over the next decade and deliver significant value for Ghana and investors.
The Oil exploration firm maintained that this it will continue to implement its Shared Prosperity strategy through a strong local content program with suppliers in Ghana. He added, “the professional and technical development of Ghanaian nationals and continued investment in STEM education, enterprise development and shared infrastructure.”
According to the Chief Executive of Tullow Oil, Rahul Dhir said the development signifies an important milestone in implementing its long-term business plan. He noted that they are committed to working with the government on their joint partnership project in Ghana. Dhir added, “I am confident that we will unlock the full potential from the Jubilee and TEN fields through this multi-year, multi-well drilling program.”