Tullow Oil Plc’s says its Ghana drilling programme with Noble Venturer will commence in May 2025, with two Jubilee wells (one producer and one water injector).
The production is also expected to come onstream in the third quarter of 2025.
In its 2025 Outlook and Guidance Report, the oil giant said five new Jubilee wells (three producers and two water injectors) have been brought onstream, bringing the drill programme to an end approximately six months ahead of schedule with no recordable safety incidents, and saving over $88 million (gross) compared to the initial budget.
“Ghana continues to be the cornerstone of our operations. During the year, operational efficiency remained high with average facility uptime across the FPSOs averaging 97% and a combined average production rate of c.44.1 kbopd net. Five new Jubilee wells (three producers and two water injectors) were brought onstream during the first half of 2024, completing the Ghana drilling programme safely, and approximately six months ahead of schedule”, it said.
Gross oil production from the Jubilee field averaged c.87 kbopd (c.33.9 kbopd net).
It said production was impacted primarily by the performance of the J69 producer well, a lack of pressure communication from water injection, water injection performance and increased water cut in certain wells.
It continued that the FPSO will undergo planned maintenance in the first quarter of 2025, during which it plans to implement upgrades to improve the reliability of the power supply and water injection consistency.
Richard Miller, Chief Executive Officer of Tullow Oil Plc said the key plan for this year is the refinancing of upcoming debt maturities to strengthen its balance sheet.
“The process to further accelerate our deleveraging pathway continues with the strong progress towards realising the accretive cash sale of our Gabonese assets which is expected to close around the middle of the year.”
In January 2025, Tullow successfully resolved its claim in relation to the assessment of Ghana Branch Profits Remittance Tax (BPRT).
The firm said this outcome, which determined that Tullow Ghana was not liable to pay the $320 million BPRT assessment previously issued by the Ghana Revenue Authority (GRA) and will have no future exposure to BPRT in respect of its operations under its Petroleum Agreements (PAs), affirmed its long held assessment and confidence in the PAs and removed a material overhang from its business.
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