Business News of 2013-12-05

Tullow to increase production 2014

The Vice-President in charge of African Business of Tullow Oil Plc, Mr Tim O'Hanlon, has stated that the oil giant would increase its production in Ghana in the coming year.

He said 80,000 barrels of oil a day would be added to the country's production level by next year, and lauded the Government of Ghana and the Ghana National Petroleum Corporation (GNPC) for their support and cooperation since the company started operations in the Jubilee Field.

Bright prospects for Ghana

Speaking at the Africa Oil Upstream conference in Cape Town last Wednesday, Mr O'Hanlon painted the bright prospects of Ghana's emerging oil and gas industry.

The Tullow boss for Africa noted that Ghana was poised to double its production in the next few years.

On Africa, he said Tullow had added 200 million barrels to its portfolio in its production areas, adding that it expended about 70 per cent of its revenue in Africa.

Mr O'Hanlon said the company also transferred skills, built the capacity of local staff and sponsored projects for the local communities.

20th Oil Week

The conference, which was the 20th edition (20th Africa Oil Week), is considered the largest gathering of oil and gas experts on the African continent.

It brought together about 1,500 delegates including government delegations and speakers from across the continent who addressed various issues pertaining to the oil and gas industry.

Over 135 exhibition booths showcased the products and services of various oil companies at the conference.

Organisers

The Africa Oil Upstream conference was organised by Global Pacific & Partner, a leading firm in the world’s upstream industry, which operates a global suite of annual management events on Africa, Asia, Latin America, the Middle East, Europe and national oil companies.