Business News of Friday, 18 January 2019
Tullow Oil is gearing up to drill seven oil wells in the Jubilee and TEN Oil fields this year. Managing Director, Kweku Awotwi stated the new wells will fetch it more proceeds than the US$2bn secured last year.
With the activation of the new wells, Tullow expects to generate 180,000 barrels of oil a day raising its overall gross oil production per 2019 production forecast.
Gross production from Jubilee in 2018 averaged 78,000 bopd (net: 27,700 bopd) slightly below the Group’s November forecast due to minor operational issues in December, which Mr. Awotwi says have been resolved. Tullow’s net production from Jubilee in 2018, including estimated production-equivalent insurance payments of 8,600 bopd, was 36,300 bopd.
Tullow expects 2019 average gross oil production from the Jubilee field to increase to around 96,000 bopd (net: 34,000 bopd).