Jubilee Fields Oil Production Hits 300 Million Barrels

Tweneboa, Enyenra and Ntomme (TEN), operated by Tullow Ghana Limited (TGL), has announced that the oil production from the Jubilee field has received a significant milestone of reaching 300 million barrels.

Tullow Ghana Limited partnering with the Ghana National Petroleum Corporation (GNPC), Kosmos Energy, Petroleum, Oil and Gas Corporation of South Africa (Petro SA) and Anadarko Petroleum Corporation, with the support of government went from discovering oil to achieving its first oil in 40 months.

From 2007 to 2019, Tullow Plc and its partners invested USD$10.8 billion in the Jubilee Field. In the first half of 2020, Jubilee production averaged 84,700 barrel of oil per day (bopd), and TEN production averaged 50,90 bodp with facility uptime on both FPSOs in excess of 95 percent.

Speaking on the achievement by Jubilee fields, the Chief Executive Officer of Tullow Plc, Rahul Dhir, intimated that “Reaching 300 million barrels of oil produced from the jubilee field is a significant moment for Ghana and for Tullow oil”

According to the CEO, the success of the oil production, wouldn’t have been achieved without the support of its stakeholders which included the Ghana government, Contractors, Suppliers, Joint Venture Partners, host communities, its staff and the people of Ghana for their collaboration and support in reaching this significant turning point.

“This could not have been achieved without the hard work and dedication of our employees and contractors and support from close co-operation with the Government of Ghana.”

Ghana discovered crude oil which was the offshore Jubilee field in 2007, with an estimated 700 million barrels of oil and 800 billion cubic feet (Bcf) of gas. The discovery of the oil, put Ghana on the map as a commercial oil and gas producer.

According to BBC news in 2010, Ghana begun to pump its first commercial oil after discovery of the offshore jubilee field, three years after it was discovered.

TEN fields with an estimated 240 bodp started production in August 2016, and the Sankofa, Gye, and Nyame fields hereafter Sankofa field with an estimated 500 million barrels of oil (MMbo).  Despite the low price of crude oil in 2014/2015 and a maritime border dispute which affected the Tano blocks, Ghana’s petroleum industry hoped to develop at a steady pace.

Tullow Oil hoped to produce 55, 000 barrels per day and was expected to earn USD$400 million in the first year.

In 2015, the Jubilee field averaged a 103,000 bodp daily production in 2015, but due to the sharp drop in global crude prices which started in mid-2014, caused government to revise downward its annual budget estimated for 2015. In 2016, oil production targeted for the year was 80,000 bopd but was decreased to 73, 000 bodp.

According to the Summary of Economic Financial Data, the total revenue for oil exports in Ghana as at July was USD$ 3707.9 and August 2020, was USD $4332.5. This means that since Jubilee Field’s oil production has reached 300 million barrels, there is going to be a substantial increase in the revenue for oil exports in Ghana.