Tullow Oil says it will continue operations in Africa despite plans by other operators to shift from the continent.
Irish-listed oil and gas explorer Tullow Oil expects to maintain 2022 production at 59,000 to 65,000 barrels of oil per day as it concentrates on assets in Ghana.
The upstream petroleum industry in Ghana was energised with the commercial discovery of oil in the Jubilee Field in 2007.
Gas is cheaper than crude when used for a generation, but free Gas from jubilee had always been preferred due to the impact on pricing.
Executive Director for the Center for Natural Resources andEnvironmental Management (CNREM), Solomon Kwawukume, has stated that after ten years of oil production in the country, Ghana ha sbeen shortchanged over $5 billion in revenue, an amount that hesays is more than five years of E-Levy revenue expected to begenerated for the development of the country.
Workers of the Tema Oil Refinery (TOR) are calling on the government to make available crude from the jubilee oil fields in the Western Region, for the refinery to process into finished petroleum products, for the local market.
According to Tullow Oil, the cash consideration paid on completion was $118 million reflecting closing adjustments and was funded from cash on the balance sheet.
Tullow will spend most of its US$350 million investment programme this year on Ghana, where Jubilee produced around 75,000 boe/d in 2021 and TEN 33,000 boe/d
The Managing Director of Tullow Oil Ghana, Mr Wissam Al-Monthiry, has said the county has the capability to satisfy its domestic gas needs to guarantee its energy security and accelerate national development.
The Public Interest Accountability Committee (PIAC) has issued an assessment report on Ghana’s petroleum revenue management spanning a 10-