Tullow Ghana and the Ghana Navy have signed a Memorandum of Understanding for the contracting of Ghanaian Navy vessels worth $23.5million-dollars to provide security services in the Jubilee and TEN oil fields over the next five(5) years.
Speaking at the signing ceremony, Deputy Managing Director of Tullow Ghana, Cynthia Lumor said “the Jubilee and TEN partners’ commitment to supporting the retooling of the Ghana Navy is mutually beneficial to both parties because it will provide protection of the Ghanaian waters while supporting operations in the TEN and Jubilee fields.”
Chief of the Naval Staff, Rear Admiral Issah Yakubu acknowledged the support and commended the Jubilee and TEN Partners for the collaboration.
The Jubilee field is Tullow’s key asset and generates significant high-margin oil production for the Group while Ten field is the company’s second discovery. Tullow and its Partners plan to invest over $4 billion over this decade through an ambitious ‘Value Maximization Plan’ that will deliver over 50 wells and consistent revenue to Tullow and the Government of Ghana.
The Ghana Value Maximisation Plan is also focusing on a programme of operational turnaround which is targeting in excess of 95% uptime at both FPSOs. Tullow is also making sure that both fields continue to be consistent and reliable suppliers of natural gas. Gas from the Jubilee and TEN fields contributes significantly towards Ghana’s domestic energy supply.