Tullow reports US$270 million capex in Ghana

Tullow Oil Plc, which works the Tweneboa Enyenra Ntomme (TEN) and Jubilee oil fields, has reported a capital consumption (capex) of US$270million for its Ghana tasks.

This follows a leap in the gathering’s net benefit to US$634million from the US$403million in 2020, driven by its Ghana portfolio.

Taking all things together, its capex financial plan for 2022 is US$350million across its worldwide portfolios including US$30million for non-worked portfolio; US$5million in Kenya; and investigation spend of US$45million. Decommissioning spend is relied upon to be US$100million.

“Following a groundbreaking 2021, in which Tullow effectively renegotiated its monetary record, penetrated profoundly useful wells in Ghana, and exhibited functional greatness and monetary discipline across the Group, we are currently focusing on the fruitful conveyance of our drawn out marketable strategy,” its Chief Executive Officer, Rahul Dhir, said in the organization’s full report for 2021.

Tullow announces US$270 million capex in Ghana
Tullow announces US$270 million capex in Ghana

He said for the current year will see a lot of movement at the lead Jubilee field, with interest in new foundation and new wells to develop creation in the close to term.

At TEN, he said, the arrangement is to bore two significant, key wells that will “assist with characterizing our tentative arrangements for the fields and will keep on building creation in Gabon.

“I likewise anticipate that we should gain unmistakable headway toward our aggressive objective of accomplishing Net Zero by 2030. With extra chances to convey esteem across our portfolio, remembering gas commercialisation for Ghana, our overhauled Kenya advancement project, and an intriguing great in a demonstrated play in Guyana, we are all around put to convey esteem from our resources and to develop our business,” he added.

Standpoint for 2022

The organization’s oil creation direction stays 55 to 61 boepd in view of Tullow’s current value interests in TEN and Jubilee.

Tullow said the figure will, nonetheless, be changed following the fruition of the offer of Occidental Petroleum’s advantage in Ghana to Kosmos Energy.

It appraises the entire year effect of the finished deal will be an expansion of 5 kboepd (net) to the gathering’s 2022 creation estimate, adapted to the end timing.

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Its entire year hidden working income direction, in the meantime, remains US$750million, expecting US$75/bbl for the rest of the year.

Aside from adding three new wells at Jubilee and the two vital wells at TEN, Tullow plans to put resources into foundation for the lacking Jubilee South East and North East regions – and furthermore self-work the Jubilee FPSO from mid-2022 onwards after the booked finish of the agreement with MODEC.

One more key arrangement for 2022 is to get a gas commercialisation understanding in Ghana, which will become effective once all establishment gas volumes have been conveyed; this is estimate to happen before year-end, the assertion added.

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In Kenya, it said, conversations are advancing with expected vital accomplices while it is likewise planning to partake in the Repsol worked Beebei-Potaro well, which is a development to the Carapa light oil disclosure made in 2020 in the Kanuku permit, seaward Guyana.

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