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.