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Tullow Oil to invest 50% of $1.5b global expenditure in Ghana

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British oil producer, Tullow Oil, will invest about half of it’s capital expenditure for the year 2011 in Ghana, an official has disclosed.

Tullow Oil has indicated that it will spend about $1.5 billion in all its operations globally, according to its Interim Management Statement (IMS) which was copied to ghanabusinssnews.com on May 12, 2011.

In an exclusive interview with Dr Anthony Aubynn, the Head of Corporate Affairs at Tullow Ghana, he told ghanabusinessnews.com that about half of the amount will be spent in Ghana’s oilfields.

“Fifty percent of the Group’s capital expenditure of $1.5 billion will be spent in Ghana”, Dr Aubynn disclosed on the sidelines of a meeting organised by the Rotaract Club of Accra-Adentan on May 12, 2011 to discuss on the topic “Auxiliary existing opportunities in the newly discovered oil industry”.

This means that Tullow will invest over $500 million in the oilfields in Ghana. Kosmos has also announced that it will be spending about $400 million on the oilfields.

Dr Aubynn explained that the capital investment will be used to develop some projects in the Jubilee Phase 1A such as the Mahogany wells, Enyenra/Tweneboa wells among others.

According to Tullow’s IMS “Major development decisions are to be made for Enyenra/Tweneboa and Jubilee and a number of significant wells with basin opening potential in West Africa.”

It added: “The forward programme includes well tests on both fields and two additional Enyenra appraisal wells.”

Strong production growth is forecast as production significantly ramps up at Jubilee, it added.

Plateau production of 120,000 barrels of oil per day (bopd) is expected to be reached in July 2011 as the remaining four production wells are completed and brought on line, said Tullow, as gross production from the Jubilee field has increased to over 70,000 bopd from five wells following first oil production at the end of 2010.

 

By Ekow Quandzie

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