Africa focused oil and gas firm, Tullow Oil, is planning to invest a total of $1.6 billion to develop the Jubilee and TEN oilfields offshore the Republic of Ghana in the next five years spanning 2022 and 2026.
By 2022, Tullow is spending $350 million to develop new infrastructure and new wells to increase production at the Jubilee field.
At the TEN oilfield, the company plans to drill two important but strategic wells that will define its plan for the field.
However, beyond 2022, Tullow intends to spend $700 million to develop the Jubilee oilfield while the TEN oilfields will witness an investment of $550 million from 2023 to 2026.
Speaking to a section of journalists in Accra, the capital of Ghana, the CEO of Tullow Oil Plc, Rahul Dhur said these investments are aimed at increasing production at Jubilee and also repositioning TEN for the future growth.
According to him, Tullow is building subsea infrastructure such as pipelines to accelerate the development of the Jubilee and TEN oilfields.
“A lot of the spending we are doing this year is on infrastructure particularly Jubilee South-East Jubilee North-East. This will help us to sustain production,” he said
Source: https://energynewsafrica.com