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
-
NAPO urges Ghanaians to support NPP’s vision for national development
4 mins -
About 95% of PWDs in Obuasi have source of livelihood – MCE
20 mins -
Immigration Service intercepts 54 gallons of fuel
22 mins -
Election 2024: Roman Fada selected as flagbearer for Ghana Freedom Party
31 mins -
Bawumia to launch Ghana’s credit scoring system on Nov. 7
34 mins -
Alan to combat galamsey with strategic youth-centred business model
38 mins -
Agona Swedru chiefs commit to ending child marriage within their jurisdiction
51 mins -
Sunyani Traditional Council endorses Bawumia – NAPO government
54 mins -
Adutwum defends double track in Free SHS, citing research and positive outcomes
59 mins -
‘Prevent and condemn illegal pressure on Judiciary’ – AG to GBA
1 hour -
Mahama alleges biased development allocation by NPP
1 hour -
Do not rely solely on foreign investments for your operations, business told
1 hour -
Boeing strike ends as workers accept new contract
2 hours -
GAF will not relent in its quest to counter external threats – GOC Southern Command
2 hours -
Election 2024: Bawumia reiterates commitment to promote sustainable mining practices
2 hours