Tullow plans for 40 wells this year

Exploration group Tullow expects production to be between 86,000 and 92,000 barrels of oil a day this year.

The group has released a trading statement saying it plans to drill more than 40 exploration and appraisal wells this year, an investment of $900 million.

It share of production wells in Africa, the North Sea and elsewhere is likely to yield an average of between 86,000 and 92,000 barrels of oil or its equivalent a day. The figures include gas production wells in Asia and the North Sea which the Irish company said last month that it intended selling.

Ghana, where Tullow has a 36.5 per cent interest in the offshore Jubilee Field, is its most productive area. Currently it delivers 93,000 barrels a day and is on track to reach full production of 120,000 barrels a day this year. Tullow has a near 50 per cent share in the nearby Tano Deepwater Licence.

The group is continuing with exploration in Kenya and Ethiopia, where it is planning to drill 11 wells this year.

Tullow and partners Cnooc and Total plan further drilling and testing in Uganda, where it has targeted 16 wells.