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Tullow Oil to resume drilling in Ghana after resolving dispute
Border disagreement with Ivory Coast had halted expansion of key field for two years
According to a statement released by the oil giant it will resume drilling at the end of the year.
Tullow oil had to put plans for exploration on hold for two years due to the maritime border dispute between Ghana and Ivory Coast.
The company says the ruling will them to increase production towards the full capacity of the floating production, storage and offloading vessel of 80,000 barrels per day (bpd) from around 50,000 bpd currently.
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Tullow’s TEN field currently produces about 40,000 barrel of oil per day, it noted.
"Itwill now work with the Government of Ghana to put in place the necessary permits to allow the restart of development drilling in the TEN fields”, the oil giant added.
According to the CEO of Tullow Pail Mcdade the company “looks forward to continuing to work constructively with the Governments of both Ghana and Côte d’Ivoire following the conclusion of this process. While the TEN fields have performed well during the period of the drilling moratorium, we can now restart work on the additional drilling planned as part of the TEN fields’ plan of development and take the fields towards their full potential.”
Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW).
The Group has interests in over 85 exploration and production licences across 17 countries which are managed as three Business Delivery Teams: West Africa, East Africa and New Ventures.
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The company pioneered the opening of Ghana’s oil and gas reserves with development of the Jubilee field, 20km east of Ten, which came onstream in 2010.
Jubilee has also experienced production setbacks after suffering damage last year to the floating production vessel that serves the field. A permanent fix to the problem is not due to be completed until 2019.
Kosmos Energy, Anadarko Petroleum Corporation, the Ghana National Petroleum Corporation (GNPC) and PetroSA also have stakes in the TEN project.
The ruling comes as a huge relief for Ghana which is counting on oil revenues to boost its economic growth back to the levels hit before a 2014 fiscal crisis.
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