The Chief Executive Officer (CEO) of Tullow Oil Plc, Mr Rahul Dhir, has stated that the company is focused on building a better future through responsible oil and gas development.
This would be achieved through drilling of more than 50 new wells over a 10-year period, as part of a multi-year and multi-well campaign and the installation of additional subsea infrastructure.
This year marked the beginning of the implementation of the plan which includes the drilling and completion of four wells across the Jubilee and TEN fields.
So far, three wells have been drilled and completed.
The 2021 drilling campaign is expected to offset a near-term production decline, and further wells in 2022 will see production materially recovered and sustained for the long term.
When completed, the plan is expected to benefit the government of Ghana in terms of revenue from petroleum estimated to be over $10 billion.
Mr Dhir explained that the move was part of a renewed strategy of the company to remain committed to supporting the efforts of the government to deliver its economic development.
Mr Dhir said this when he led a Senior Leadership Team (SLT) of Tullow Oil Plc to pay a courtesy call on the Vice-President, Dr Mahamudu Bawumia, at the Jubilee House in Accra on Monday, September 27, 2021.
Mr Dhir said Tullow Oil Plc was committed to a long-term plan of working with the government of Ghana and other African countries in the recovery of oil and gas resources that enabled the company to support efforts of the government to deliver economic development.
The Tullow team also provided an update on the Jubilee Partners’ progress on the Ghana Value Maximisation Plan.
Over the last year, Tullow and its partners have had the opportunity to deepen their understanding of the Ghana assets.
Given the quality of the Jubilee and TEN fields, the potential for a highly profitable investment opportunity through a combination of measures, the JV partners are investing in the next 10 years over $4 billion through the ‘Value Maximisation Plan’ that would deliver consistent revenue to the government of Ghana and value to the nation.
The Tullow delegation included the Chief Finance Officer, Mr Les Wood; the General Counsel, Mr Mike Walsh, and the Director, People and Sustainability, Ms Julia Ross.
The others were the leadership of Tullow Ghana, represented by the Managing Director, Mr Wissam Al Monthiry.
“Tullow has made a firm commitment to become a net zero company by 2030 on its scope one and two emissions through a combination of decarbonising its operated assets in Ghana and pursuing a nature-based carbon removal programme to offset our hard to abate emissions,”Mr Dhir added and said Tullow planned to partner the Environmental Protection Agency (EPA), the Forestry Commission and other government of Ghana agencies in the next decade to pursue carbon offset projects such as reforestation, afforestation and conservation in order to reduce carbon emissions.
On the performance of the company, the Tullow CEO, on behalf of the SLT, said a strong operational performance and the completion of a transformational debt refinancing programme had put the company on a firm footing to deliver its business plan.
He said the company was therefore witnessing good operational progress in Ghana with rising gross production from the Jubilee, TEN fields and stable uptime on the two FPSOs at an average of 98 per cent.