Tullow says Jubilee Phase 1 production begins in Ghana, as company’s share value reaches £11.4b

British oil producer, Tullow Oil today, Tuesday December 11, 2012 announces that Jubilee Phase 1 production has started.

The company said in a press statement copied to ghanabusinessnews.com that the Okure-1 exploration well, drilled in the Deepwater Tano licence offshore Ghana, has reached its planned total depth of 4,511 metres.

“The well has encountered non-reservoir quality formations at the main objective levels below the TEN cluster and discovered a gross 17 metre interval of low net to gross oil bearing Turonian age sandstones within an overlying secondary objective,” it said.

According to Tullow, light oil with a 40 degree API was recovered from this interval. Integration of wireline logs and pressure data indicates that this oil accumulation is not connected to other hydrocarbon discoveries in the licence area.

It also indicated  that the next exploration activity to be carried out by the rig will be the drilling of Sapele-1, adjacent to the Jubilee field, also in the Deepwater Tano Licence and is expected to be spudded by the end of the year.

Tullow Oil which operates the Deepwater Tano licence and the Jubilee Field in partnership with Kosmos Energy, Anadarko Petroleum, PetroSA and the Ghana National Petroleum Corporation (GNPC), says the first Jubilee Phase 1A production well has been brought on stream and is now producing in excess of 16,500 bopd resulting in field production of over 90,000 bopd.

“This is the first of five Phase 1A producers which are planned to be completed before mid 2013. In addition, the rig is now carrying out acid stimulation work on two Jubilee Phase 1 wells to further enhance production before completing the second Phase 1A production around year-end 2012,” it added.

Meanwhile, at the London Stock Exchange, Tullow Oil’s shares closed Monday at 1,256 pence valuing the company at £11.4 billion.

By Emmanuel K. Dogbevi

Leave A Reply

Your email address will not be published.