Last checked at (Sharecast News) - Tullow Oil has started a multi-year, multi-well drilling campaign offshore Ghana, drilling the first well at the Jubilee Field on Monday.
The company said on Tuesday that as previously announced, the Maersk Venturer, which has been contracted for four years, is expected to drill four wells in total this year, consisting of two Jubilee production wells, one Jubilee water injector well and one TEN gas injector well.
The 2021 drilling campaign is the first part of the 10-year business plan presented at Tullow's capital markets day in November last year. Tullow noted that the Ghana portfolio has a large resource base with extensive infrastructure already in place.
"Through a rigorous focus on costs and capital discipline, Tullow believes that these assets have the potential to generate material cash flow over the next decade and deliver significant value for Ghana and investors," it said.
Chief executive officer Rahul Dhir said: "Today is an important milestone in the implementation of our long-term business plan.
"Working closely with the Government of Ghana and our joint venture partners in Ghana, I am confident that we will unlock the full potential from the Jubilee and TEN fields through this multi-year, multi-well drilling programme."
16 Jul 2021 10:41
Jefferies upgrades Tullow Oil to 'hold', restarts coverage of Cairn Energy
(Sharecast News) - Analysts at Jefferies upgraded oil and gas exploration company Tullow Oil from 'underperform' to 'hold' on Friday following the group's successful debt refinancing.
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