Tullow Oil said today that Ghana’s energy minister has formally approved the phase one development plan for its Jubilee field.
The field will be developed with a Floating, Production, Storage and Offtake vessel (FPSO) and will reach a plateau crude rate of 120,000 barrels of oil a day, the London-based company said in a statement.
Tullow is operator of the Jubilee license with a 34.7 per cent interest, while other partners are Kosmos Energy with 23.49 per cent, Anadarko Petroleum with 23.49 per cent, Sabre Oil & Gas with 2.81 per cent, EO Group with 1.75 per cent and the Ghana National Petroleum Corp. with 13.75 per cent, of which 10 per cent is carried interest.
“By securing rig capacity and commencing the construction and drilling phases in advance, Tullow is confident that it will deliver first oil from this deepwater project just over three years since the first discovery well was drilled,” chief operating officer Paul McDade said in the statement.
Tullow shares were flat in Dublin at €9.84 at 8.30am in Dublin.
The stock is up 38 per cent this year. Production of crude at the Jubilee field has been scheduled to start in the second half of 2010.
Bloomberg