Tullow Oil Plc’s says its Ghana drilling programme with Noble Venturer will start in Might 2025, with two Jubilee wells (one producer and one water injector).
The manufacturing can also be anticipated to return onstream within the third quarter of 2025.
In its 2025 Outlook and Steerage Report, the oil big mentioned 5 new Jubilee wells (three producers and two water injectors) have been introduced onstream, bringing the drill programme to an finish roughly six months forward of schedule with no recordable security incidents, and saving over $88 million (gross) in comparison with the preliminary funds.
“Ghana continues to be the cornerstone of our operations. Through the yr, operational effectivity remained excessive with common facility uptime throughout the FPSOs averaging 97% and a mixed common manufacturing fee of c.44.1 kbopd internet. 5 new Jubilee wells (three producers and two water injectors) had been introduced onstream in the course of the first half of 2024, finishing the Ghana drilling programme safely, and roughly six months forward of schedule”, it mentioned.
Gross oil manufacturing from the Jubilee subject averaged c.87 kbopd (c.33.9 kbopd internet).
It mentioned manufacturing was impacted primarily by the efficiency of the J69 producer effectively, an absence of strain communication from water injection, water injection efficiency and elevated water lower in sure wells.
It continued that the FPSO will bear deliberate upkeep within the first quarter of 2025, throughout which it plans to implement upgrades to enhance the reliability of the ability provide and water injection consistency.
Richard Miller, Chief Govt Officer of Tullow Oil Plc mentioned the important thing plan for this yr is the refinancing of upcoming debt maturities to strengthen its stability sheet.
“The method to additional speed up our deleveraging pathway continues with the robust progress in direction of realising the accretive money sale of our Gabonese belongings which is anticipated to shut across the center of the yr.”
In January 2025, Tullow efficiently resolved its declare in relation to the evaluation of Ghana Department Earnings Remittance Tax (BPRT).
The agency mentioned this final result, which decided that Tullow Ghana was not liable to pay the $320 million BPRT evaluation beforehand issued by the Ghana Income Authority (GRA) and could have no future publicity to BPRT in respect of its operations beneath its Petroleum Agreements (PAs), affirmed its lengthy held evaluation and confidence within the PAs and eliminated a cloth overhang from its enterprise.
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