Tullow Updates Jubilee and Ten Ops Offshore Ghana

Thursday, July 13, 2023

In a statement in advance of its 2023 Half Year results, Tullow Oil updated its operations in Ghana on the TEN and Jubilee fields.

Rahul Dhir, Chief Executive Officer of Tullow, commented: “This is an exciting time for Tullow and a pivotal moment in 2023 as we are on the cusp of the start-up of Jubilee South East, a project that demonstrates our operational capability and continued investment in Ghana’s world class Jubilee field. Gross production from the field is expected to exceed 100,000 bopd which will mark the outset of increased cash flow generation to materially deleverage our business.

“Our tender offer for the 2025 Notes marked an important step in addressing our debt maturities and reiterates our confidence in our business plan and outlook. It has also accelerated our deleveraging trajectory and we expect to continue this positive momentum in the second half of 2023 and beyond.”

Operations update

First half 2023 Group production averaged c.53 kboepd. Net production in the first half of the year from the Jubilee and TEN fields averaged c.28 kbopd and c.11 kbopd, respectively, and net production from Gabon and Côte d’Ivoire averaged c.14 kboepd. Full year group guidance remains unchanged at 58-64 kboepd.
Jubilee South East (JSE) is due onstream imminently. Three JSE producers and one JSE water injector are expected onstream this year to help sustain gross Jubilee production over 100 kbopd. Tullow and its Partners plan to maintain this increased level of production at Jubilee over the next few years through an ongoing infill drilling program. Future drilling locations have been identified to further extend this plateau and realize the full potential of the significant Jubilee resource base.
Planned TEN shutdown is underway, seeking to improve gas handling and support reduced flaring. The amended TEN Plan of Development is being finalized following good engagement with the Government of Ghana.
Production efficiency across the TEN and Jubilee FPSOs has been high, averaging 97% uptime in the first half of 2023.
Commercial terms for the long-term gas sales agreement are under discussion with the Government of Ghana. The agreement will not only enhance energy security in Ghana but also add another revenue stream for Tullow and result in the addition of c.150-200 bcf of net gas reserves on TEN.
Approval has been received from the Government of Gabon for the cashless asset swap agreement announced in April. The asset swap with Perenco optimizes Tullow’s equity ownership and places the Tchatamba facilities as a core production hub for the Group.

The full statement including a financial update and decommissioning plans can be found here.

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Tullow Updates Jubilee and Ten Ops Offshore Ghana

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Tullow Updates Jubilee and Ten Ops Offshore Ghana

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