Tullow Oil has raised its production outlook for Ghana in 2019 to 180,000 barrels of oil a day.
This forecast is based on plans to drill and complete new wells across the TEN and Jubilee fields allowing gross oil production from Ghana to rise.
For now, oil production forecast is pegged at between 93,000 and 101,000 barrels a day, up from 88,200 recorded in 2018.
JUBILEE
Gross production from Jubilee in 2018 averaged 78,000 barrels a day, slightly below the group’s forecast. Tullow blames this on some operational issues in December which it says has been resolved.
Tullow expects average gross oil production from the Jubilee Field to increase to around 96,000 barrels a day.
TEN
The TEN fields performed well in 2018 as expected with gross production averaging 64,500 barrels of oil a day.
Tullow is projecting production from the field in 2019 to step up significantly to around 83,000 barrels a day.
“Tullow is well-placed to deliver on its growth ambitions. In 2019, we will increase oil production in West Africa, target Final Investment Decisions in East Africa and drill the first wells in an exciting exploration campaign in Guyana”, CEO Paul McDade said.
East Africa
In Kenya, Tullow says it continues to target FID in late 2019 and First Oil in 2022. This is after substantial progress made in 2018.
Negotiation is still ongoing in Uganda between the oil giant, its partners in Uganda, Total and CNOOC Ltd and Government of Uganda on the farm-down which is now expected to be completed in the first half of 2019.
New ventures
In 2018, Tullow acquired new licences in Côte d’Ivoire, Suriname, Comoros and Peru – the latter two are subject to Government approval. Tullow in 2019 will undertake geophysical surveys in Côte d’Ivoire, Comoros and around its current assets in West Africa.
It has also indicated Guyana drilling will commence in mid-2019 with three wells planned to test this high potential acreage.
Latest Stories
-
Bright Simons: DBG, Ghana’s top development bank, goes for the jugular
33 mins -
Governance and Entrepreneurship consultant demands global support for Africa’s young farmers
34 mins -
Ghanaians reminded to prioritise regular health check-ups
35 mins -
Salah brace sends Liverpool 8 points clear
45 mins -
Leicester City sack manager Steve Cooper
48 mins -
Akwasi Sarpong wins AIBs 2024 Award for BBC OS coverage of Israeli hostage release
59 mins -
Gospel musician Adeline Baidoo shares inspiring story of triumph over adversity
59 mins -
Kwesi Yankah: Escape from Ghana
2 hours -
Musician DeThompson DDT drops new single Happiness
2 hours -
Ukraine’s Grain Initiative raises over $200m, provides lifeline amid global food crisis
3 hours -
Dancehall queen Spice donates to students of 3 basic schools in Accra through MYO Global Foundation
3 hours -
Kamal-Deen Abdulai urges Nanton to help NPP break the 8
3 hours -
TVET is not a dumping ground for underperforming students – C/R Minister
3 hours -
BoG Governor calls for increased preparedness to respond to emerging financial sector challenges
3 hours -
IGP calls on public to aid Police in ensuring peace during 2024 election
4 hours