- Ghana drilling campaign on track, with three of the four wells planned in 2021 now onstream.
- Significant improvement in operating performance sustained: combined uptime on both FPSOs is averaging c.97%; gas offtake from the Government of Ghana is averaging c.110 mmscfd; water injection rates on Jubilee are in excess of 200 kbwpd.
- Tullow has exercised its right of pre-emption related to the sale of Occidental Petroleum’s interests in the Jubilee and TEN fields in Ghana to Kosmos Energy. As a result, Tullow’s equity interests are expected to increase to 38.9% in the Jubilee field and 54.8% in the TEN fields. Completion of the transaction remains subject to finalising definitive agreements with Kosmos Energy/Anadarko WCTP Company and gaining approval from the Government of Ghana. (See release). Jubilee
- Jubilee is currently producing c.28,700 bopd net to Tullow (gross c.81,000 bopd).
- Two new wells have been brought onstream this year (producer J56-P in July and water injector J55-WI in September). A third Jubilee well (producer J57-P) is due onstream in December 2021, ahead of schedule, and is expected to increase gross production from the Jubilee field to over 85,000 bopd.
- The Jubilee FPSO maintenance shutdown originally scheduled for September 2021 is now forecast to take place in April 2022. The shift allows the work scope to be optimised and gas enhancement works previously planned for a 2023 shutdown to be accelerated. An expected easing in COVID-19 restrictions should support a more efficient work programme. TEN
- TEN is currently producing c.13,200 bopd net to Tullow (gross c.28,000 bopd).
- A gas injector (Nt06-GI) came onstream in October 2021 and is providing pressure support to existing Ntomme wells. Nt06-GI also encountered oil at the base of the well, de-risking the development potential of areas further to the north of Ntomme. Non-operated
- Production guidance for the non-operated portfolio is c.17,000 bopd net to Tullow for the full year, in line with expectations.
Wednesday, May 18, 2022