Tullow Oil plc. has announced drilling about six new wells in Ghana’s offshore oilfield this year.
Per its 2022 outlook, Tullow said it plans to drill three new wells at the Jubilee and three new wells including two strategic wells, at the TEN fields to further define future development plans, as well as investment in infrastructure for the undeveloped Jubilee South-East and North-East areas.
Tullow said it expects to secure a gas commercialisation agreement in Ghana which will come into effect once all foundation gas volumes have been delivered.
Although Tullow did not give a specific month to achieve this, it is anticipated that it would occur before the end of the year.
The oil firm has pegged $350 million for capital expenditure for the year 2022.
Out of this figure, it has allocated $270 million for development in Ghana, $30 million for non-operated portfolios, $5 million in Kenya and $45 million for exploration activities.
Tullow is also aiming to self-operate the Jubilee FPSO from mid-2022 onwards, following the scheduled end of the contract with MODEC.
It is hoped that this would enable the Group to realise further efficiency improvements and cost savings.
“Work plan is in place to progress towards Net Zero target, focusing on gas compression facilities on the Jubilee FPSO,” it said.
The company recently signed an MOU with the Ghana Forestry Commission to identify and develop nature-based carbon offset projects in Ghana to offset hard to abate residual emissions.