UK oil and gas company is interested in taking up stake in Ghana's new oil blocks - here is why

Tullow says it is interested in taking up stake in the new oil blocks that would be sold by government later this year.

Government earlier this year announced that it is working to start auctioning blocks on the country’s new oil fields in the last quarter of this year.

It has subsequently; establish a committee to work out the modalities that would guide the auction process.

Mr. Mcdade said “both fields are doing well with significant deposits and we are even looking at bringing in another rig to deal with this development” he added.

Finalizing work on Jubilee Turret bearing

The oil exploration firm over the years has struggled to complete works on the machine used to extract oil from the seabed.

This has forced to postpone it on several occasions, with the latest projections pegged at end of 2018.

Chief Executive, Paul Madade says they are sure about finalizing on the turret bearing this time round.

Production on the jubilee has currently down. This is the help with works on the Jubilee field which would last for three weeks. The frequent shutdown had impacted negatively on power production.

But for the latest shutdown, Volta River Authority and Electricity Company of Ghana has assured that there would not be any challenge with power supply.