Two of Tullow Oil Plc’s Board Members, Mr. Martin Greenslade and Mr. Mitchell Ingram are undertaking a four-day working visit to Ghana from 8th to 11th November 2022. The visit comes on the back of the Group’s renewed focus to prioritise investments in its producing assets.
The visiting Board Members, together with the leadership of Tullow Ghana, paid a courtesy call on the Vice President of Ghana, H.E. Dr Mahamudu Bawumia. The Board Members reaffirmed the importance of the Ghana asset to the Group’s portfolio, and the Group’s commitment to continue investing in the Ghana operations. The Board Members assured the Vice President of the Group’s resolve to continue supporting the delivery of the Ghana Value Maximisation Plan, which is in its second year. The Tullow delegation provided an update on the progress of the plan which has since 2021, delivered eight (8) new wells across the Jubilee and TEN fields and is expected to deliver an investment of $1 billion by the end of 2022. This investment by Tullow and its partners, will continue to be delivered under the 10-year plan.
The two officials also reiterated the Group’s commitment to achieving its 2030 Net Zero plans. The Vice President, H.E. Dr Bawumia acknowledged Tullow’s continued investment and expansion of its operations in Ghana, and recognised Tullow for its contribution to economic development by these efforts at a time of challenging global energy crisis. He assured the visiting officials, of government’s commitment to protecting investments into the country. The Vice President further mentioned that government will be keenly looking forward to the realisation of Tullow’s investment decisions on ongoing projects including the execution of post-foundation commercial gas agreements, exploration interests and other projects being considered by Tullow and its partners in Ghana.
Messrs. Greenslade and Ingram also paid a courtesy call on the British High Commissioner to Ghana, H.E. Harriet Thompson during which they shared the planned investments for the realisation of Tullow’s Net Zero plans.
Under Tullow Oil Plc’s renewed focus, the Group plans to invest its capital principally in the large resources underpinning its producing assets, with a goal to pursue cost discipline, responsible and safe operations, and efficient production. In 2021, Tullow Oil and the Jubilee and TEN Partners announced the ‘Ghana Value Maximisation Plan’ which is an over $4 billion, 10-year investment plan, to unlock significant value in the Jubilee and TEN Fields, through a multi-year, multi-well drilling campaign and expansion projects. Under the plan, 50 new wells are estimated to be delivered in the Jubilee and TEN fields, over the 10-year period, with expansion works in the Jubilee North-East and South-East areas of the field. Cumulatively, the plan is expected to deliver over $10 billion worth of value to the government of Ghana at maturation.
As part of the country visit, the Board Members visited the FPSO Kwame Nkrumah in the Jubilee Field and the Noble Venturer, which is currently conducting drilling activities, to get a first-hand appreciation of the transformation of operations on the Jubilee asset and the ongoing investment in the drilling programme. The offshore visit provided real time updates on the performance of the Ghana Value Maximisation Plan to the visiting Board Members.
While in Takoradi, the two officials were pleased to see some of Tullow Ghana’s local content development and socio-economic investment activities. They took a tour of Orsam Oil and Gas Limited, an indigenous company and one of Tullow Ghana’s sub-contractors supporting the Jubilee South-East Expansion Project with the design, fabrication, and assembly of offshore equipment. Currently, more than 1000 tonnes of steel are being fabricated in Ghana. These include the fabrication of manifolds, suction piles, rigid jumpers, and umbilical termination assembly (UTAs) at the Orsam yard, for the Jubilee South-East Project. Significant progress has been made on the Jubilee South-East project with installations scheduled to be completed by the first half of 2023. The JSE project, once online in the first year, is expected to bump up average daily oil production rates to c.100,000 bbl./d in the Jubilee field. The JSE project is an expansion of development of the Jubilee field being undertaken by the Jubilee Partners. The Board Members also visited Tullow Ghana’s socio-economic investment projects including the ongoing Free SHS project at Bompeh Senior High School, and the Early Childhood Education Project at Nkotompo, both in the Sekondi-Takoradi Metropolitan area.