GHANA: Tullow Oil announces November trading update
- Jubilee oil production in 2025 has averaged c.61 kbopd (c.23.9 kbopd net) to end-October.
- Jubilee production in 2025 continues to reflect the issues experienced in the first half of the year, but is supported by good performance from the first of the two 2025 Jubilee production wells (J72-P), which was brought onstream in July.
- Drilling on Jubilee recommenced at the start of November, with the second new production well (J73-P) to come onstream around the end of the year.
- The partnership has approved a five well 2026 drill programme, which includes four committed wells (three producers and one water injector) and the addition of one option well (a producer), currently being progressed.
- Interpretation of the 4D seismic data acquired in the first quarter continues to deliver informative reservoir visualisation insights and is supporting well design optimisation for the current campaign. The Ocean Bottom Node (OBN) seismic survey is underway and is expected to complete around the end of the year. Integrated processing of both OBN and towed streamer 4D datasets is expected to deliver an improved seismic velocity model in 2026, supporting enhanced subsurface imaging and fluid predictions.
- TEN oil production in 2025 has averaged c.16 kbopd (c.8.9 kbopd net) to end-October, above expectations through continued strong Ntomme and Enyenra performance.
- Overall FPSO uptime at Jubilee and TEN has remained high, averaging 97% to end-October.
- Following the signing of the Memorandum of Understanding (MoU) with the Government of Ghana, good progress has been made to finalise the agreements required to implement the licence extensions for Jubilee and TEN to the end of 2040, together with payment security for gas and an updated Plan of Development for Jubilee.
- In addition, a new Jubilee Gas Sales Agreement is now in place confirming the current gas price to the end of the licences.