In its 2012 Full Year Results published Wednesday February 13, 2013, Tullow Oil says “Since the start-up of production at the end of 2010 to the end of January 2013, the Jubilee field had produced 55 million barrels of oil. Gross field production during 2012 averaged 72,000 barrels of oil per day (bopd). This was slightly lower than envisaged at the start of the year due to productivity issues with some of the wells.”
It however indicated that as a result of the Phase 1 remediation programme and Phase 1A production coming on stream at the end of 2012, gross production increased during the year, exiting 2012 at around 110,000 bopd.
“2013 average gross production is expected to be within the range of 100,000-110,000 bopd with a year end exit rate in excess of 120,000 bopd. The increase from current production levels will follow work scheduled to take place in the third quarter of the year to remove gas compression constraints on the FPSO,” it says.
The company added that a full field development plan that sets out future investment opportunities has been prepared and is being discussed with the Government of Ghana. “This work demonstrates the potential to significantly extend the Jubilee production plateau,” it says.
Tullow plans to extend the Jubilee field westwards into offshore wells in Liberia and Sierra Leone. “Tullow has four contiguous deepwater licences offshore Liberia and Sierra Leone where the Group is looking to extend the Ghana Jubilee-play westwards,” it says.
Commenting on the results, Aidan Heavey, Chief Executive of Tullow, said: “2012 was a year of major progress for Tullow. We materially enhanced the business with a basin-opening oil discovery in Kenya, by adding highly prospective new licences in Africa and the Atlantic Margins, refinancing our debt and partially monetising our Ugandan assets. The Jubilee Field in Ghana is now approaching its full potential and provides the base for our production profile and operational cash flow. Our financial position underpins our highly ambitious 2013 exploration programme which has high-impact wells planned in Kenya, Ethiopia, Norway, Mauritania, Mozambique, Côte d’Ivoire and French Guiana. This focus on exploration-led growth, together with active portfolio management and Tullow’s strong balance sheet, provides an excellent platform for growth in 2013 and beyond.”
By Emmanuel K. Dogbevi