Tullow Oil plc has released a new operational and business update on its Ghana assets, offering a detailed look into production performance, drilling activity and ongoing negotiations with the Government of Ghana to extend key field licences through 2040.
The update reflects both the challenges experienced earlier in the year and the company’s continued efforts to strengthen long-term performance across the Jubilee and TEN fields.
“Jubilee oil production in 2025 has averaged c.61 kbopd (c.23.9 kbopd net) to end-October.”
Tullow Oil plc
The operator noted that current output “continues to reflect the issues experienced in the first half of the year,” though recent additions to the field have helped stabilise performance.
“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.”
Tullow Oil plc
Drilling activity resumed at the start of November, with the second well, J73-P, expected to be brought online around the end of the year.
The combination of new wells and enhanced reservoir insights is expected to offer a stronger production base entering 2026.
Looking ahead, the Jubilee partnership has approved a five-well drilling programme for 2026. This includes four committed wells, three producers and one water injector, and an additional optional production well that is currently under review.
The forward work plan underscores the operator’s intention to maintain momentum in field development after a challenging start to 2025.
Seismic Interpretation Unlocking Subsurface Insights
A significant portion of Tullow’s update focused on seismic interpretation efforts aimed at improving the accuracy and cost-efficiency of future drilling decisions.
The company said its interpretation of the 4D seismic data acquired in early 2025 “continues to deliver informative reservoir visualisation insights,” which are already guiding well-design optimisation for the current drilling 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.”
Tullow Oil plc
Tullow also confirmed that production from the TEN fields has surpassed expectations this year. As of the end of October, TEN output averaged roughly 16 kbopd, or about 8.9 kbopd net.
The operator attributed this performance to “continued strong Ntomme and Enyenra” reservoir behaviour, which has helped offset broader sector pressures and earlier production constraints.
Across both Jubilee and TEN, operational reliability has remained a bright spot. Tullow reported that FPSO uptime at the two fields averaged 97% through the end of October, a level of stability that has supported consistent production and revenue generation.
Beyond production performance, one of the most significant developments in the update is the progress made on securing long-term licence extensions.
“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.”
Tullow Oil plc
The process includes establishing payment security for gas sales and completing an updated Plan of Development for the Jubilee field.
Tullow also confirmed a new Jubilee Gas Sales Agreement, which locks in the current gas price until the end of the licence period, offering greater predictability for both the operator and the Government of Ghana.
Focus on Financial Stability and Efficiency
Since taking office in September, Tullow’s new Chief Executive Officer, Ian Perks, has emphasised operational stability and financial resilience as key priorities.
Reflecting on his initial months with the company, Perks said, “Since joining as CEO in September I have been impressed by the calibre of our team and the quality of our assets.”
He noted that Tullow’s near-term focus is to place the company on a stable, long-term financial footing.
“To achieve this, we are focused on maximising operational efficiency in Ghana, cost optimisation, and refinancing the Group’s capital structure.”
Ian Perks, Tullow’s new Chief Executive Officer
Tullow’s update paints a picture of cautious optimism: steady production, improving subsurface understanding, high asset reliability and encouraging progress toward securing long-term licences in Ghana.
While the first half of 2025 presented operational challenges, the operator’s renewed drilling activity and seismic interpretation efforts aim to position the Jubilee and TEN fields for a stronger performance trajectory into 2026 and beyond.
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