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Tullow Jubilee Oil Field Off Ghana May Double Output

  • SOURCE: | Editor
  • Tullow Oil Plc and partners may double production at the Jubilee field off Ghana by 2015, the head of country’s state-owned oil company said.

    The field will start production this year and may pump 240,000 barrels of oil equivalent a day in 2014-2015, Nana Boakye Asafu-Adjaye, chief executive officer of Ghana National Petroleum Corp., said today in Moscow.

    Tullow, Anadarko Petroleum Corp., Kosmos Energy LLC and Ghana National, or GNPC, are investing about $3.35 billion to develop the field. The first phase is expected to pump 120,000 barrels of oil a day in the first half of next year.

    The partners are designing Phases 1a and 1b that together with Phase 1 will target 500 million to 700 million barrels in estimated oil reserves, Tullow Chief Financial Officer Ian Springett said yesterday.

    Asafu-Adjaye said Ghana’s overall output by 2015 may be larger than that as other companies including OAO Lukoil, Russia’s largest non-state oil producer, move through the appraisal phase on exploration drilling.

    Lukoil, Vanco Energy Co. and GNPC found gas and oil in a well completed this February at the Dzata structure off Ghana.

    “We’re practically sure that it will be a commercial discovery,” Dmitry Timoshenko, a vice president at Lukoil, told journalists in Moscow today.

    The Lukoil-led group said on Oct. 5 it plans to invest $200 million next year and in 2012 on exploring and proving resources.

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