Business News of Wednesday, 24 October 2018
Tullow Ghana has said it is confident of hitting the 180,000 barrels of crude target by the end of year as it hints at plans to drill new wells from next year.
The company has had to put on hold its drilling plans for the past three years due to the boundary issues between Ghana and neighbouring Ivory Coast.
The International Tribunal on the Law of the Sea (ITLOS) last year ruled in favour of Ghana paving the way for drilling and exploration to resume.
Speaking at the Facts Behind The Figures event on the Stock Exchange, the Managing Director of Tullow-Ghana, Kweku Awotwe, said: “We’re seeing a steady increase in production from 2016”.
“At the beginning of the TEN project when just between Jubilee, we were producing about 100,000 barrels a day, and now with the TEN FPSO on stream, and also building up, we’re seeing close to 170,000 as we mentioned, so, we expect to end the year at 180,000. So that has a lot more to do with improving efficiencies on the FPSO.
“We are fixing problems that we initially had and that’s really been the focus of the operation. How do we maximise, how do we optimise the operation? Obviously, we’ll do that whether the oil price is $50, $60 or $70.