Tullow Oil Plc has unveiled its ambitious drilling programme in Ghana, set to commence in May 2025 in collaboration with the Noble Venturer drillship.
This initiative will focus on the Jubilee field, with plans to drill two new wells—one producer and one water injector. Production from these wells is anticipated to come online in the third quarter of 2025, marking a significant milestone in Tullow’s operations in the region.
“Ghana drilling programme with Noble Venturer to commence in May 2025, with two Jubilee wells (one producer and one water injector) expected to come onstream in the third quarter of 2025.
“Completed 4D seismic survey in first quarter of 2025 to support future well locations and drive reserves growth.”
Tullow 2025 Outlook and Guidance Report
In its 2025 Outlook and Guidance Report, Tullow highlighted the successful completion of its previous Jubilee drilling programme, which concluded six months ahead of schedule.
This achievement not only underscored the company’s commitment to operational efficiency but also resulted in cost savings exceeding $88 million compared to the initial budget. Remarkably, the programme was completed without any safety incidents, a testament to Tullow’s stringent safety protocols.
“Ghana continues to be the cornerstone of our operations. During the year, operational efficiency remained high, with average facility uptime across the FPSOs reaching 97%, and a combined average production rate of approximately 44.1 kbopd net.
“The completion of the Jubilee drilling programme was ahead of schedule, reinforcing our commitment to operational excellence.”
Tullow 2025 Outlook and Guidance Report
The Jubilee field, a flagship asset for Tullow, recorded gross oil production averaging approximately 87,000 barrels per day (kbopd) in 2024, with net production at around 33,900 kbopd.
However, the field faced challenges, including suboptimal performance of the J69 producer well, water injection inefficiencies, and increased water cut in certain wells.
To address these issues, Tullow has scheduled planned maintenance for the Jubilee FPSO in the first quarter of 2025.
This maintenance will include key upgrades aimed at enhancing power supply reliability and improving water injection consistency, thereby optimizing production performance.
Strategic Financial Initiatives
Richard Miller, Chief Executive Officer of Tullow Oil Plc, emphasized the company’s focus on financial resilience in 2025. A key priority is the refinancing of upcoming debt maturities, a move aimed at strengthening Tullow’s financial position.
“The process to further accelerate our deleveraging pathway continues with strong progress towards realizing the accretive cash sale of our Gabonese assets, which is expected to close around the middle of the year.”
Richard Miller, Chief Executive Officer of Tullow Oil Plc
He further emphasized the company’s focus on optimizing production at the Jubilee and TEN fields, reducing costs, and driving reserve growth.
“I am clear on the levers required to unlock Tullow’s full potential. The team remains fully focused on our near-term priorities: advancing our refinancing plan, reducing costs, optimising production activities at Jubilee and TEN, and driving reserve growth.
“We will continue to maintain our financial discipline and prioritise investments that add value and deliver high returns.”
Richard Miller, Chief Executive Officer of Tullow Oil Plc
In a significant development, Tullow successfully resolved its dispute with the Ghana Revenue Authority (GRA) regarding the Branch Profits Remittance Tax (BPRT) assessment.
A ruling in January 2025 determined that Tullow Ghana was not liable to pay the $320 million BPRT assessment previously issued by the GRA.
This resolution eliminates a substantial financial risk and reaffirms Tullow’s confidence in the contractual framework governing its operations in Ghana.
“We are delighted with the outcome and decision of the Tribunal, which affirms our assessment and removes a material overhang from our business.
“This resolution allows us to focus on maximizing value from our Ghanaian operations.”
Richard Miller, Chief Executive Officer of Tullow Oil Plc
Tullow Oil’s ongoing commitment to Ghana’s oil and gas sector positions it as a key player in the country’s energy landscape.
By addressing operational challenges, securing financial stability, and enhancing production capacity, the company aims to drive long-term growth while contributing to Ghana’s economic development.
With its upcoming drilling programme and planned infrastructure upgrades, Tullow remains well-positioned to maintain its leadership in Ghana’s upstream petroleum industry.
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