The Ghana government has approved the next phase of development of the Jubilee Phase 1A, according to British oil explorer Tullow Oil Plc January 18, 2012.
The approval was made January 9, 2012.
In its trading statement today January 18, 2012, the Jubilee operator said “Government of Ghana approval for the next phase of development, Phase 1A, was received on January 9, 2012.”
The total cost of Phase 1A is expected to be approximately $1.1 billion and drilling of wells are expected to commence in February 2012, the company said.
According to Tullow, the development will consist of “eight new wells; five producers and three additional water injectors and the expansion of the subsea network” adding “it will be conducted over an 18 month period.”
After drilling, Tullow said it is expected that production of oil from the phase will be “brought on stream from the second quarter”.