Ghana President Nana Akufo-Addo has officially launched Tullow Oil’s (LON:TLW) Jubilee South East project.
The company announced the start of production from the Jubilee extension in mid-July. Within three days, the addition of the two extra wells had propelled Jubilee over the 100,000 barrel per day mark.
Akufo-Addo paid tribute on September 8 to the companies involved in the work.
It demonstrated “exceptional commitment in making this achievement possible. It is truly a moment of joy for us all, a testament to what collaboration and strategic partnerships can do.”
The president put the project price tag at $1 billion, with the aim of maintaining production from Jubilee at 100,000 bpd by the end of the year.
“This triumph augments our confidence in other prospects across the nation,” he said. He singled out the potential of further investments in Tullow’s TEN project.
“The TEN field, rich with substantial natural gas reserves, is pivotal to our nation’s gas production and the stability of our power sector in the coming years.”
Ghana is committed to making progress on the gas sales agreement between Tullow, partners and government.
Akufo-Addo highlighted the role of local content in the energy sector. The aim, he said, was that local Ghanaians would be able to “participate fully in the industry”.
In order to do this, Ghana will “strengthen all training vehicles”, he said, such as the Accelerated Oil and Gas Capacity Building Programme.
Ghanaians must have “the relevant certification to become competitive, and play a fuller role in the industry. That fuller role will be most effectively anchored when we ensure Ghanaian equity participation in the upstream development of our oil and gas resources.”
Ghana passed a local content law in 2013 and amended the rules in 2022.
Other partners in the Jubilee project include Ghana National Petroleum Co. (GNPC), Kosmos Energy (LON:KOS), Jubilee Oil Holdings and PetroSA.
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